Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Budget Will Not Address $4.5 Billion Wasted Spending

Budget Will Not Address $4.5 Billion Wasted Spending

The budget could have doubled the new funding allocated to health and education and provided $1 billion for social housing if Bill English had attacked the $4.5 Billion in annual wasted spending, according to Democrats for Social Credit Deputy Leader and Finance Spokesperson, Chris Leitch.

He could also have boosted funding for police and conservation and delivered a sizeable surplus.

Real tax cuts for low and middle income earners, not dangled promises, could have been put in place for next year too.

Currently the government pays 4.5 billion dollars annually - $12 million per day, seven days per week - in a direct line of corporate welfare to banks and financial institutions that create the money it borrows out of thin air.

Both the Bank of England and New Zealand’s Reserve Bank confirm that 97 percent of their nation’s money supply is computer-generated figures, created by private commercial banks and financial institutions out of thin air when they make loans.

The 4.5 billion in tax dollars shelled out to those corporates each year in interest payments on that thin air is totally unnecessary and could be fixed by a simple change in policy providing for borrowing from the central bank instead.

An International Monetary Fund report, and a report published last year by the Icelandic government both state that “Allowing the Government to issue money directly at zero interest (through the Reserve Bank), rather than borrowing that same money from banks at interest, would lead to a reduction in the interest burden on government finances and to a dramatic reduction of (net) government debt”

There is nothing wrong with banks creating money within sensible limits, but governments could finance their own operations without going into debt. By borrowing from their own central bank at no interest they could save taxpayers money that should go instead to fund investment in infrastructure, housing, environmental protection and clean-up, an efficient health system, and good education.

Instead the government funds corporate welfare, sells off prime land and important strategic assets, promotes the overseas takeover of New Zealand businesses, invites exploitation of our natural resources at the cost of our native flora and fauna, and puts out the welcome mat to any wealthy overseas individual willing to buy up more of the country.

It’s nonsensical, and its time they started looking after the future of New Zealanders.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Another Reason To Loathe HR Departments (And On The Teachers Strike)

This morning’s news item about Police emergency call centre staff turning up for work while they’re sick – because they’re afraid their sick leave statistics will be used against them, and their jobs put in jeopardy – is not an isolated case...

Obviously, sick people shouldn’t be being treated by doctors and nurses who are themselves sick and potentially infectious. Similarly, Police emergency calls also need to be fielded by people who’re feeling alert, and on top of their game. More>>

 
 

MPs' Computers To Be Searched: Inquiry Into Leak On Simon Bridges' Expenses

An inquiry has been launched to find out who leaked the National Party's expenses to the media... Parliament's speaker, Trevor Mallard, said a Queen's Counsel would lead the inquiry with the help of an employment lawyer and also someone with forensic IT skills. More>>

ALSO:

Teachers Strike: Nationwide Rallies And Marches

Teachers and principals voted for a full day strike to be held on 15 August to send a strong message to the Government that the current collective agreement offers from the Ministry of Education would not fix the crisis in teaching. More>>

ALSO:

Wellington.Scoop: City Council Ends Its Support For Jackson’s Movie Museum

The Wellington City Council and the Movie Museum Limited have today announced a mutually-agreed parting of the ways for a joint project between the Council’s Convention Centre and TMML’s Movie Museum... Both parties remain optimistic for the future of their respective projects. More>>

Pay Equity: Historic Settlement For Education Support Workers

The New Zealand Educational Institute (NZEI) and the Ministry of Education today signed Terms of Settlement to address a pay equity claim for 329 support workers who work with very young children in early childhood and primary schools. More>>

ALSO:

Gordon Campbell: On The Stereotypes About Jacinda Ardern

Routinely, female politicians get depicted as either show ponies or battle axes, with little room for anything else in between. .. More>>

Weekend Interviews: "Discriminatory And Racist" Aussie Deportations

The former president of Australia’s Human Rights Commission Gillian Triggs says deportations have risen dramatically in Australia since 2014 when ministers and ministerial delegates were given the power to cancel visas - and half of those being deported are New Zealanders. "These are massive numbers, actually escalating dramatically."... More>>

ALSO:

Legal Challenge: Prisoner Has 9 Boxes Of Documents Seized

Human rights organisation People Against Prisons Aotearoa says a prisoner they advocate for has had 9 boxes of legal documents seized from him just days before his case against the Department of Corrections was to be heard. More>>

Single-Use Plastic Bags: Govt To Phase Them Out

Single-use plastic shopping bags will be phased out over the next year, Prime Minister Jacinda Ardern and Associate Environment Minister Eugenie Sage announced today. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages