Willis says final fiscal plan will be ready 'within a couple of weeks'; National still committed to tax cuts and rejects criticism of foreign buyers' tax; Says won't plan population growth; Eyes PPPs
Willis, like Robertson, won't talk about how a surplus can only be achieved by an increase in private sector borrowing (barring a sudden manifestation of a sustained current account surplus, which is a nice talking point for those who believe in unicorns). The dirty little secret of austerity is that households and SMEs have to extend themselves further so that they receive less in the form of public sector infrastructure and services.
Nice little racket. If you're in the finance sector, at least. We'll suck it up, make those bigger mortgage payments, watch the Aussie banks hoover record profits across the Tasman, and let our built and natural environments go to wrack and ruin. Catabolic capitalism at its finest.
Thank you Bernard for asking those questions and putting up with the bs being spouted back at you. Sadly Nicola Willis knows that if she keeps calm and maintains a clear tone and tells people what they want to hear “National will do the things” it won’t really matter if the things don’t make sense for NZ on a whole over the long term.
I thought the comment re Labour overspending every operating allowance was interesting and requires further analysis. Obviously Covid would have blown out one year but what else is to blame? Or simply not true like other statements Willis has made?
"Blow out" what exactly? Masks and vaxx serum production? The NZ government is not currency constrained, does not issue bonds for financing, and does not get tax receipts before it spends, it's the other way around. The constraint on the NZ government (and whole economy) is full employment of real resources.
Tsy bonds are purely an interest rate floor maintenance operation. Bond buyers cannot create the NZD, it'd be counterfeit. Nor can "tax payers". Private banks cannot legally issue NZD except by purchasing a promissory note to repay from the debtor. Only Parliament can vote to create NZD out of thin air (using accounting entries) and so are not currency constrained in NZD. They are constrained in say euro or USD, of which they are not monopoly issuers.
The NZ Parliament budget is morally and resource constrained. The currency constraint is entirely artificial and psychological (false psychology). The NZ Gov cannot hire people who are not willing to work, nor purchase goods that are not for sale. But can always hire and employ any resources for sale in NZD, including all idle willing labour - without inflation pressure (the private sector bid for unemployed labour is zero).
Agreed... It's incredible the National party doesn't have an ongoing long term strategic plan. It all just seems cobbled together each time there's a change of personnel and in the months before an election.
National's economic policy is based on such shonky premises and assumptions; and when this is pointed out the response is putting hands over the ears and going 'la la la'. A case of big time denial.
How rude to dodge question by requesting you read Nationals 'promises'. Please stay on target with environment questions. In Auckland 'small' but obvious changes, mold & lichen on fences & roofs. Take a look was not happening 6 years ago.
Excellent questioning Bernard. Willis just dodged the questions or contradicted your statements. Reminds me of a Monty Python argument sketch- "This isnt a debate, its just contradiction" Help.
Based on the latest polls, if there's a change of government, The NACTS will have a working majority of only 1 MP after they've elected a Speaker & yet they're promising us the most draconian, ruthless government since 1990, when Bolger, with a majority of 37 MP's unleased Shipley & Richardson on us. Bolger, (who's since resiled on what he did to us in 1990 - 1993) because of his huge majority, thought that he could survive politically if he instituted 3 years of slash & burn economics, but he effectively lost the 1993 election & then limped on as a minority government until Shipley, (of Mainzeal fame) rolled him.
Thank you, Bernard, for pressing the questions, none of which were answered. National think they've won and perhaps they have. Labour has let us down, but this shower will do the same, possibly more so in more cynical ways. Not a happy election. It's small comfort but thank heaven for some of the small parties.
Your questions were pertinent, clear and to the point. You did not allow Willis to get away with trite answers and so you repeated your question again. I am saddened that opinion polls show almost 50% of kiwis accept such weak fiscal planning by Willis and Co.
Willis, like Robertson, won't talk about how a surplus can only be achieved by an increase in private sector borrowing (barring a sudden manifestation of a sustained current account surplus, which is a nice talking point for those who believe in unicorns). The dirty little secret of austerity is that households and SMEs have to extend themselves further so that they receive less in the form of public sector infrastructure and services.
Nice little racket. If you're in the finance sector, at least. We'll suck it up, make those bigger mortgage payments, watch the Aussie banks hoover record profits across the Tasman, and let our built and natural environments go to wrack and ruin. Catabolic capitalism at its finest.
Sound is a bit dodgy but good questions. Shame about the guarded and evasive answers particularly concerning the ETS commitments.
Not to worry folks. She is a magician. Haven’t you seen tricks where they keep pulling rabbits out of the hat?
Thank you Bernard for asking those questions and putting up with the bs being spouted back at you. Sadly Nicola Willis knows that if she keeps calm and maintains a clear tone and tells people what they want to hear “National will do the things” it won’t really matter if the things don’t make sense for NZ on a whole over the long term.
Luke F, sadly, you couldn't be more right
I thought the comment re Labour overspending every operating allowance was interesting and requires further analysis. Obviously Covid would have blown out one year but what else is to blame? Or simply not true like other statements Willis has made?
This year there has been a couple of storm/flooding events that have screwed up spending plans.
Good point
"Blow out" what exactly? Masks and vaxx serum production? The NZ government is not currency constrained, does not issue bonds for financing, and does not get tax receipts before it spends, it's the other way around. The constraint on the NZ government (and whole economy) is full employment of real resources.
Tsy bonds are purely an interest rate floor maintenance operation. Bond buyers cannot create the NZD, it'd be counterfeit. Nor can "tax payers". Private banks cannot legally issue NZD except by purchasing a promissory note to repay from the debtor. Only Parliament can vote to create NZD out of thin air (using accounting entries) and so are not currency constrained in NZD. They are constrained in say euro or USD, of which they are not monopoly issuers.
The NZ Parliament budget is morally and resource constrained. The currency constraint is entirely artificial and psychological (false psychology). The NZ Gov cannot hire people who are not willing to work, nor purchase goods that are not for sale. But can always hire and employ any resources for sale in NZD, including all idle willing labour - without inflation pressure (the private sector bid for unemployed labour is zero).
So, they want people to vote for them, but aren’t prepared to tell people what they’re voting for.
I’m seriously disappointed in our crop of politicians.
How many year’s have they had to come up with a plan?
Agreed... It's incredible the National party doesn't have an ongoing long term strategic plan. It all just seems cobbled together each time there's a change of personnel and in the months before an election.
Unfortunately most of the parties seem to think long term refers to the next few weeks
Likely finance minister in 31 days (that is if Seymour allows it), but how soon till she takes the number 1 job?
National's economic policy is based on such shonky premises and assumptions; and when this is pointed out the response is putting hands over the ears and going 'la la la'. A case of big time denial.
I agree will the above comments. Put this out there for all to hear.
The propensity of Willis to not accept facts is stunning.
I believe the condition is now described as “Trumpism” which combines well with Seymour’s “Faragism” and eventually leads to a total Trussterfuckism.
How rude to dodge question by requesting you read Nationals 'promises'. Please stay on target with environment questions. In Auckland 'small' but obvious changes, mold & lichen on fences & roofs. Take a look was not happening 6 years ago.
Excellent questioning Bernard. Willis just dodged the questions or contradicted your statements. Reminds me of a Monty Python argument sketch- "This isnt a debate, its just contradiction" Help.
Based on the latest polls, if there's a change of government, The NACTS will have a working majority of only 1 MP after they've elected a Speaker & yet they're promising us the most draconian, ruthless government since 1990, when Bolger, with a majority of 37 MP's unleased Shipley & Richardson on us. Bolger, (who's since resiled on what he did to us in 1990 - 1993) because of his huge majority, thought that he could survive politically if he instituted 3 years of slash & burn economics, but he effectively lost the 1993 election & then limped on as a minority government until Shipley, (of Mainzeal fame) rolled him.
Thank you, Bernard, for pressing the questions, none of which were answered. National think they've won and perhaps they have. Labour has let us down, but this shower will do the same, possibly more so in more cynical ways. Not a happy election. It's small comfort but thank heaven for some of the small parties.
Your questions were pertinent, clear and to the point. You did not allow Willis to get away with trite answers and so you repeated your question again. I am saddened that opinion polls show almost 50% of kiwis accept such weak fiscal planning by Willis and Co.