Cullens thievery continues unabated

Economy growing unsustainably fast – Cullen – 12 Jul 2007 – NZ Herald: New Zealand Business and Personal Finance News

According to Michael Cullen the economy is growing too fast. too fast despite his continued thievery from taxpayers at record breaking levels.

His three pronged attack at dampening down the economy is to;
Firstly, taking into account contributions to the New Zealand Superannuation Fund, the Government was removing demand from the economy. i.e. Continue the over taxation of kiwi’s today to put aside money for Kiwi’s later.

Secondly, the expansion of KiwiSaver was increasing household saving and would take pressure off monetary policy. In other words giving people a hidden pay raise that they can’t access until they are 65.

Thirdly, steps had been taken to increase the so-called speed limit of the economy — the speed at which the economy could sustainably grow without building up unsustainable pressure. WTF is that supposed to mean, If other countries can happily grow at 5% or higher why do we have to smack down growth when it struggles above 1%?

All that tosh comes on top figures that revealed that the New Zealand government’s operating surplus for the 11 months to May 31 was $7.2 billion, $599 million or 9.1 per cent above forecast due to higher investment gains.

The operating balance before revaluations and accounting changes (oberac), which strips out unrealised investment gains, was $6.805 billion, $206 million higher than forecast.

The Government’s net cash position, the difference between all income and spending — operational and capital — was a surplus of $2.27 billion compared with a forecast surplus of $2.01 billion.

So we have to dampen down the economy all the while Cullen by any measure you care to use is stealing more money from the taxpayer than is required to run even the excesses of this government. Even by Cullen’s own favorite measure he has taken $2 billy more than he needs.

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