Huh? Run that by me again, Helen…
(amended press release replacing previously moved)
Helen Clark and Michel Cullen should explain to the public how they plan to for Labour's superannuation scheme, said the Hon Roger Sowry, Minister of Social Services, Work and Income.
"Because at the moment the sums don't add up," he said.
Yesterday Helen Clark said 8c of every tax dollar people earn will go into a special bank account, which will somehow be able to pay for pensioners today and in the future.
"I just don't get it? That doesn't work."
Mr Sowry said 8% of income tax would be $1.3 billion a year. But at the moment we're spending $5.2 billion every year just paying for today's superannuitants.
"So where is the money coming from to build up an extra fund for the future?"
Plus, Labour are promising to spend an extra $280 million in the first year increasing the super floor.
"Is Ms Clark telling Greypower that super would be cut by 75% to make their 'fund' work? Or can't she make the numbers work either?"