Some of those tax cuts probably have gone into paying down private debt as was hoped but they have not lead to more investment in industry and infrastructure, just more property speculation even with the depreciation tax loopholes closed.
When will the Nats finally come to see that a capital gains tax is really the only way to fix this problem properly.
One of the things I really like about Bernard Hickey is that he is unafraid to admit that he was wrong, such as in the great column he wrote last year stating the final nails have been driven into the coffin of free-market capitalism.
On the subject of the rich and their greed Radio New Zealand published a story this morning on the issue of the "super rich" not having contributed anything towards the Christchurch recovery.
It 's the same thing that has been happening for the last 30 or so years, you give the rich tax breaks and they just want more without giving anything back when the should be helping out.
Favouring the rich in such a way just furthers the growing plutocracy of New Zealand, when you cut taxes for those who don't need their taxes cut you have to cut spending, and the people who need the Government services the most are certainly not earning enough to qualify for a five percent tax cut given out last year.
Then of course out finance minister comes out this week and says our low wages are good for us, but I think that deserves a post all of its own, so more on that later.
If we are looking for services to cut my first suggestion would be to pull our troops out of Afghanistan and get them into Christchurch.
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