I see that National Party apparatchiks are up to their usual disingenuous tricks, trying to suggest that Labour was a worse manager of the New Zealand economy than National;
As many are already aware, quite the opposite is true. I replied, presenting a few salient facts to the Tory fan-boi;
from: Frank Macskasy <email@example.com>
to: Dominion Post <firstname.lastname@example.org>
date: Thu, Feb 11, 2016
subject: Letter to the editor
I see that Roger Mitchell of Clive is parroting the right-wing myth that Helen Clark “must have wised up considerably since steering New Zealand on to the rocks, with Labour’s help, of course, and we have been going full astern ever since”. (Letters, 9 Feb)
In fact, during Labour’s administration, from 2000-08, their economic track record was enviable by today’s standards;
* paying down sovereign debt to around $15 billion, in the mid-2000s, to National’s debt-splurge of $54.7 billion as at June last year. (Much of it to pay for tax-cuts in 2009 and 2010)
* Government Debt-to-GDP was 14.5% in 2007, and is now at 38%,
* Labour’s Finance Minister Michael Cullen posted nine surpluses. Bill English has posted one, and even that was achieved by cutting state services.
* unemployment stood at 78,000 (3.5%) in 2007/08, compared to 133,000 (5.3%) today.
* GDP growth reached 5.5% in July 2004 – whilst reaching a temporary peak of 3.5% in January last year.
* According to Statistics NZ, home ownership fell from 54.5% in 2006, to 49.9% in 2013.
* Meanwhile, those renting increased from 33.1% in 2006 to 35.2% in 2013. Housing affordability has worsened in the last few years.
It may suit the agenda of National Party loyalists to indulge in fanciful Orwellian re-writing of recent history, but the facts speak for themselves; Labour was the more effective manager of this country’s economy.
[address and phone number supplied]
NZ Productivity Commission: Housing affordability
NZ Herald: Investment data shines spotlight on debt
Trading Economics: Unemployment Rate
Trading Economics: Unemployed persons
Trading Economics: New Zealand Government Debt to GDP
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