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Treasury “smile and wave” update based on delusion

Press Release – Mana Party

MANA MEDIA RELEASE FOR IMMEDIATE RELEASE October 26, 2011 Treasury “smile and wave” update based on delusion MANA MEDIA RELEASE


October 26, 2011

Treasury “smile and wave” update based on delusion

MANA spokesperson on economic justice John Minto says the government and Treasury are still not coming to grips with reality of the economic quagmire which confronts New Zealand.

“The pre-election Treasury update out yesterday is an attempt to talk up the economy while ignoring the reality of the struggling 99% of New Zealanders.

“Treasury has a habit of deliberately trying to enthuse in the hope their words create the optimism needed for some kind of economic recovery. For example Treasury’s growth forecasts have been so far off they are almost meaningless. From 2008 Treasury claimed we would get 1.5% growth, 2.3% growth and then 3.2% growth. We actually got -1.1% growth, -.4% growth and -.1% growth.

“Meanwhile National continues its weekly borrowing for tax cuts for the wealthy so that the 99% are paying to provide National’s “brighter future” for the 1% (40% of National October 2010 tax cuts went to the top 10% of income earners),” Mr Minto says.

He says Labour offers nothing better than some tax tinkering at the income extremes and a hapless capital gains tax which will have only a minimal impact several years down the track.

“Most of the world is coming around to the idea of a Financial Transactions Tax as a key policy to deal with the crisis. MANA is leading the way in New Zealand in promoting this tax which would stabilize our dollar to benefit exporters while enabling the country to abolish GST entirely.”
Further details of MANA’s economic justice policy will be released and explained tomorrow (Thursday) morning at 10am in Aotea Square. All media encouraged to attend this briefing.

Note: The Adbusters organization – which started the hugely successful Occupy Wall Street movement – is calling for international action this Saturday to promote a Financial Transactions Tax. In Auckland a march has been organised from the Aotea Square occupation at 3pm and MANA will be there in support.

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