March 3 2009: the day the Fiscal Fool was found to have committed the most disgraceful Fiscal Felony in this country’s history.
A Felony that would have made Bryers or Petricevic proud.
Yet there are still cries from the Left that this man will go down as one of our great finance ministers.
History may judge him as great at something. But finance it won’t be. If one looks closely we see that under Dr Cullen's watch the greatest destruction of this country's wealth ever took place.
We've had the Air NZ debacle which is costing us hundreds of millions. Then there was KiwiRail which cost us about 2 billion, and climbing. Then there is the ACC 1.5 billion monkey. We could also count interest free student loans (~$400 million) and Working for Families ($~750 million). But not only this public destruction, we've had private destruction also by way of failed finance companies and others such as Blue Chip. My estimate on these private failures (which Cullen's government failed to do anything about) is about 2 billion. My grand total, based on pulling these out of my arse, is somewhere between 6-8 billion dollars.
And people wonder why we slip down the OECD rankings and struggle to pay our way as a nation. It's because of utter failures like Dr Cullen.
Imagine what the poor, the infirm, businesses and families could have done with this money at this time of great recession.
He is a prize arsehole.
March 11 in history
1 hour ago