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Posts Tagged ‘billions’

Capitalism, top heavy and toppling – Bernard Hickey

This is must-read stuff…

Full article here.

It is worth noting that, here in New Zealand, recent tax cuts gave $2.5 billion a year to the top 10 per cent of earners and “practically nothing to the bottom 20 per cent of earners, who got 3 per cent of those cuts”.

It is also worth noting that, as a country, we are having to borrow $380 million  per week to – in part – fund those tax cuts.  That’s $17.6 billion this year alone.

Far from being a “prudent fiscal manager”, National is being highly irresponsible as it continues to woo the  Middle Class for their votes.

Only thing is: eventually it all has to be paid back. Even selling all out SOEs won’t cover that debt mountain, as we simply don’t have enough state assets left after the 1980s and 1990s.

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