Friday, 11 September 2020

Labour borrowing $5.7m/hr, Seymour challenges leaders to show debt plans


ACT Leader David Seymour has challenged other party leaders to show New Zealanders their path to surplus.

“Labour is borrowing $5.7 million an hour to fund its spending splurge. That’s totally unsustainable. Party leaders need to front up with their plans for getting on top of out-of-control spending and debt.

“It’s the kids at intermediate school right now who’ll lose. By the time they start paying tax, we’ll be spending more on interest repayments than the entire education budget.

“They’ll be asking, ‘what the hell were you thinking?,’ about Jacinda Ardern’s decision give a multi-millionaire bungee jump operator $10 million, and the Greens’ $12 million for a school where students learned about the healing power of crystals.

“Every extra dollar of borrowing means higher taxes or fewer services tomorrow because of politicians’ irresponsibility today. Borrowing now and forgetting tomorrow is fiscal child abuse.

“It’s astonishing that no other party has any kind of serious plan to get back to surplus and begin repaying the debt.

“Labour won’t begin to pay down debt until at least 2028.

“National is promising to spend billions more, and many of its policies are uncosted.

“The Greens plan to introduce a $12 billion benefit for every person regardless of need.

“It’s time for all political leaders to step up and be transparent about their plans.

“Only ACT has a fully costed plan to get back to surplus by reducing wasteful spending and start repaying the debt now.”

ACT’s fully costed plan can be found here.

ACT’s Debt Destroyer can be found here.