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Major Party economic policies risk recession

Press Release

Major Party economic policies risk driving New Zealand into a recession

From Hon Sir Roger Douglas - Immediate Release Monday, October 20, 2008

“ If Labour or National implement their election manifestoes,the 15% GST tax rate and the 45% personal top tax rate suggested as inevitable by tax expert, John Shewan, will be the least of our troubles” said Sir Roger Douglas

“The fact is that on present policy settings New Zealand is going to end up in the worst recession since the 1930s depression.”

“The two major political parties seem to think New Zealand can continue to try to spend its way to prosperity,” said Sir Roger Douglas.

“Big government deficit and spending policies are often non-productive at best and anti-productive at worst.”

“If we try to manipulate New Zealand’s finances by regulation, restricting immigration, mandating the investment allocations off the country’s superannuation fund, buying up businesses that business people don’t want or the banks won’t finance, then the country will drive itself of the economic cliff at 100 kilometres per hour.”

“We must deal with the economic crisis facing the country today.”

“We have to put in place measures that will reward productive work, cut wasteful public spending and keep political interference to a minimum.”

ENDS

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