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Cullen’s budget: another day, another million dollars in debt
20 May 2005
“Where are the solutions in this budget to student debt, household debt, local body debt, corporate debt, national debt?” asks John Pemberton, Democrats Finance Spokesman.
“Every man, woman, child and business in New Zealand is subject to the rising public and private debt that affects our housing, health services, education and jobs. Adequate funding for these things is long overdue, but the latest budget does not address the underlying problem – debt.
“Currently, the total debt burden New Zealanders cope with is approximately $310 billion, and growing. That’s an average family debt of about $300,000” notes Mr Pemberton.
Democrats are not surprised at Michael Cullen’s budget, which in six years continues to be ominously silent on this enormous problem. Cullen lacks imagination and has no new policies to advance which can have any real or lasting effect on economic and social justice issues. His cautious approach is to wait until the outcry from voters is too loud to ignore before he will bring out his sticking plaster remedies.
Under the current financial system, the Government must rob Peter to pay Paul. While some sectors of society are winners, others must necessarily miss out. The question might be: Who is missing out this time?
A Democrat economy would see a fully empowered Reserve Bank provide our nation with the life blood it needs – its money supply. New Zealand would very quickly be in a position to maintain and improve infrastructure, while protecting the environment. Essential services such as free health care and education for all will once again be possible - all of this without the burden of compounding interest and never-ending debt.
With Democrats for social credit, both Peter and Paul can be paid.
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