surplus
The deficit-funded tax cuts that National gave the high income earners is still being paid for by borrowing.
When National won office at the end of 2008, they had a mandate to give median income earners a tax cut 'north of $50 a week'. At the time John Key made that promise he explicitly pledged not to increase GST to pay for it.
Read MoreThe economy, thank God, does not resemble my household budget.
Still, National will tell us they have the books in order because they’ve listened to our grandparents' voice of reason: ‘don’t spend more than you earn, and if you get into debt, spend less and save more. Batten down the hatches and wait for the recession to pass.’
One take out from today’s budget says it all.
Read More