If you believed the government shills in the NZ media you’d think our economy was doing brilliantly despite the economically punishing lockdowns. If you believed the Finance Minister, the economy is just humming along, without him even pausing to say it is because of the billions of borrowed or printed dollars the fool is pumping into the economy.
It was storytime with Finance Minister Grant Robertson on Tuesday as the Government’s books were unveiled.
“Once upon a time in a land far, far away, the 30th of June feeling some considerable length of time ago now,” Robertson said with a laugh.
His fiscal fairytale was set not that far away, actually. It’s the story of New Zealand pre-Delta, when our books were looking good.
“I do think they tell a very relevant story because they show the resilience of the New Zealand economy,” he said of Treasury’s numbers.
Last year the Government’s bank balance was $23 billion in the red. Treasury had predicted that it would fall to $15 billion. That was blown out of the water, with the deficit now just $4 billion.
But boy have we taken out the mother of all loans to keep us afloat, with Government debt now over $100 billion.
“It’s what enabled New Zealand to get through,” Robertson said.
Newshub
All Grant Robertson has done is kick the can down the road, mortgaging the future of you, your children and grandchildren in order to save a few 80+ year olds from dying 6 months earlier than they would have.
This economic saboteur has spent billions and got nothing show for it. No increased ICU beds, no new emergency hospitals, no schools, no roads and now no oil refinery. This same economic vandal once crtiticised John Key for borrowing to repair Christchurch and those sums are tiny compared to what Robertson has printed; moreover, at least Christchurch was re-built, with new and hardened infrastructure, housing and civic facilities.
Even worse, he also criticised Steven Joyce for a fiscal hole that would these days look like a pot hole compared to Robertson’s Grand Canyon of debt.
But you have to look to overseas websites to get the real picture of the economic sabotage of Grant Robertson and Jacinda Ardern:
New Zealand’s finance minister Grant Robertson has unveiled a vastly improved set of government books than in May’s budget, bolstered by the country’s reaction to the Covid-19 pandemic.
Jacinda Ardern‘s government recorded a $NZ4.6 billion deficit for the year ending in June, according to the Treasury’s financial statements released on Tuesday.
That is closer to the black than in May’s budget, when Mr Robertson forecast a $NZ15.1 billion deficit.
Debt is also lower than forecast, at $NZ102 billion, or 30 per cent of GDP, rather than the predicted $NZ114 billion.
Treasury secretary Caralee McLiesh said she saw ‘economic resilience’ in the books, ‘reflecting a strong economic rebound from the initial shock of the Covid-19 pandemic’.
‘Across all main financial indicators results are stronger than forecast back in budget 2021,’ the Australian economist said.
Daily Mail
Let me put that into simple words that even Jacinda Ardern could understand.
The government spent more than it stole from the pockets of hard working Kiwis, to the tune of $4.6 billion dollars. That means they had to borrow that shortfall to just break even, and added that to the debt mountain which is now $102 billion.
In even simpler terms, the government is like your household, and they spent more than the income of the household, and paid for the difference by topping up the mortgage, which in banking terms is now far in excess of debt servicing ratios that would have a bank start to call in your mortgage.
This is voodoo economics and they can only get away with it because they can literally print money. Here is actually what they are doing:
If our media weren’t bought and paid for with plenty of that borrowed money then you’d be able to see this profligate government exposed for the economic vandals and saboteurs they are.
We will be paying for the panicked and amateur actions of this government for decades to come. Long after these economic vandals are hounded from office and probably after those who did this have died we will still be paying the debt.
Lockdowns may have a health benefit, but the evidence of that is scant, whereas they most certainly have a deleterious effect on the economy. While people may live, their business and jobs are killed, nay murdered by callous, unthinking socialists who think that they are doing socialism better.
As Margaret Thatcher once famously said, the problem with socialists is that eventually, they run out of other people’s money to spend.
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