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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.


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