Who’s to blame?

The ugly picture painted by Treasury’s latest figures  can’t all be blamed on the turmoil in world financial markets.

Treasury has painted a very ugly economic picture for the incoming National government with cash deficits increasing, growth shrinking, tax revenue diminishing and unemployment rising.

Surely some of the blame for this can be laid on the failed policies of the noughties, if only because if labour was in power they’d be sure to blame it on the “failed” policies of the 80s and 90s.

4 Responses to Who’s to blame?

  1. Gary says:

    Let’s face it – we have missed great opportunities to really grow the economy, and instead had increased expenditure by the Labour government. If people who actually created wealth had been allowed to keep more of their own money, we may not have had the big increase in personal debt levels we have had.

    Instead, we have had wasteful spending and huge growth in public sector employment with little to show in terms of increased productivity. The original goal of being in the top half of the OECD disappeared quietly out of sight as NZ slipped further down the table.

    For those who say how well the Labour government did during their 9 years: If we had such great management by Clark & Cullen, then WHY did we end up so much worse off compared to most other countries in the OECD?

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  2. homepaddock says:

    Gary – exactly – too many policies which divided the cake, not enough to allow it to get bigger.

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  3. Edwin Wigmore says:

    Economists have known for 30 years that the policies of Cullen will eventually always strangle the goose that lays the golden egg.

    A very telling blog post last year stated that NZ was living in a fantasy land where by 2008 things would be so bad it would be apparent to financial commentators, and even a few journalists.

    I have often said, this is THE most incompetent government in NZ’s history.

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  4. UK Voter says:

    In terms of the public finances, the government acted like a teenager receiving their very first credit card and went on a spending binge, the like of which has never been seen before, but they continued right up to the crisis. Labour policies are the primary reason why we are in the mess that we are, their attempt to blame it on outside influences, whilst understandable, will simply not wash. I think most of the electorate know the truth and Brown will, quite rightly, pay for these excesses with his job, rather than the taxpayers credit card.

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