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David @ Tokyo

Perspective from Japan on whaling and whale meat, a spot of gourmet news, and monthly updates of whale meat stockpile statistics



Michael Cullen

You can tell it's an election year. Michael Cullen isn't even trying to make sense anymore. Here he is on tvnz's finance spokesmens debate:

It’s like a household budget. When you cut your income – you’re income’s gonna be cut – you either borrow more or you spend less.

How is it that this man been doing the countries books for the past 6 years?

If your income is cut, but you are already saving stacks and stacks of cash, in fact, so much cash that you can't even dream of ways of spending it all, having your income cut doesn't mean that you have to cut your spending OR increase your borrowing...

It means you have to reduce the amount of money you are saving - the amount you are stuffing away in your sock

Of course, Cullen doesn't consider this an option. For him, if you have savings, your best option is always to blow it away on beer binges and TAB tickets (the little people's versions of dopey hiphop tours and twilight golf lessons).

Maybe this is why savings rates are so low in New Zealand - even people who can obtain the position of Minister of Finance in the New Zealand government have the idea that having an increased salary means you have to spend it all.

Furthermore, unlike a household, the government getting an income cut, that is letting taxpayers and wealth creating businesses keep more of the money they earn, gives them greater opportunity to invest wisely or improve their skills and education, and produce even more tax revenue.

God defend New Zealand on September 17!

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