Quote of the day:
“We want to provide strong and stable Government … in my view it would not include Winston Peters …. He has a history of breaking up Governments and costing a lot of money.” John Key.
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fine words indeed…
and in line with the comment in the quote about costing lots of money, and also pertaining to keeping arguments about the election on matters that actually matter
I have to admit too that I got my butt handed to me in a comments section last night over at Keeping stock
here is the comment on keeping stock’s mea culpa thread
“It’s even worst than that Mort. Billy’s Budget May 2011 projected debt serving cost of $3,231,738,000.00 ($3.2 billion) for FY2011/12 with average interest rate of 5.6% for 10-year bonds, this being 4.0% of total spending (the fourth biggest Govt item after SW, Health & Education), total nett debt to be at $54.9 billion. Projected Total debt to reach $72.9 billion with service cost of $4.5 billion (5.8% of spending) by FY2015 with 10-year interest rate of 6.0% (and assumes GDP growth of 4.0%, inflation = 2.0% and unemployment down from 6.9% to 4.5%, I’ll leave the merit of these Treasury projections to your own imaginations).
Actuals from PREFU (Nov 2012 just six months after budget):
Nett debt to reach $59.5 billion for FY2011 (8% increase).
Debt servicing cost = $3.5 billion (9% increase).
10-year bond rate = 5.9% (6% increase).
At the current rate of increase we will spend more on debt servicing than Education by FY2016. And that’s assuming the global economy doesn’t go into “Financial Crisis-II the sequel: This time it’s serious”.
lets hope Bill keeps his own words at the forefront of his mind when addressing budget and actually does something a little more radical than sit on the toilet and hope with fingers crossed that the waste will ebb away
Strong and stable Government – Key, Brash, Banks, Sharples, Turia.
Got it.
It seems that slowly you are learning Robert. Congratulations….
These come to mind and there are many more
ETS Swindle
GST increase
Foreshore & Seabed travesty
Tax cuts that should not have happened in a recession
Am I right in believing that spending has increased under this Government ??.
The only stable they know is the one where the horse has already bolted from.
Of course there is plenty of horse pucky left in this stable to spread around..
Like all politicians HP..
They speak with forked tongue.