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Govt debt takes off

MEDIA RELEASE

Friday 23rd May 2014

Govt debt takes off

“Kiwis must not be fooled by the tiny budget surplus into believing the economy is back on track: it’s merely a face-saving sleight of hand by the Finance Minister who has promised much, but failed to deliver” according to Stephnie de Ruyter, leader of the Democrats for Social Credit Party.

“The uncomfortable reality is that Government debt has taken off under English’s stewardship, increasing from around $10b six years ago to $63b today. That’s an extra $53b borrowed over a few short years. And for what purpose?

“This year’s interest payments on the debt amount to a staggering $3.6b. That’s $3.6b to service debt to private financiers, money which could have been invested in New Zealand to back the real economy, to support the public service sector, to eradicate child poverty, to grow jobs.

“Had the Government exercised its right to borrow from our Reserve Bank, instead of from overseas money-lenders, there wouldn’t be any interest payable. And the debt would be owed to our own bank, not someone else’s.”

Ms de Ruyter noted that this option is recommended by the ‘Chicago Plan Revisited’ report to the IMF in 2012, and that the mechanism is clearly explained in the Bank of England’s Quarterly Bulletin Q1 2014.

“It’s bad enough that the nation’s future has been so heavily mortgaged, but it’s unforgivable to ignore the Reserve Bank’s interest free option when so many Kiwis are struggling.”

ENDS

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