Michael Cullen has made NZ poor?

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Batman

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#19506 19-Feb-2008 21:10

I read somewhere that we have about $2.5 billion NZD in tax surplus (correct me if this figure is higher)

I read today that Michael Cullen lost NZD1.9 billion investing in the states.

That means he's lost all our tax surplus???

D1023319

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#111833 20-Feb-2008 12:37

dunno but will all the tax surpluses reported in recent years, I wonder what NZ's public debt is.
I.e. have we paid off our debts before inesting overseas?

DaggyBoyz

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#111879 20-Feb-2008 16:07

Its all about the bigger picture. You can never be sure what works best or we'd all be rich. Cullen is a miser by nature, he's not a risk taker. Having said that, the labour party are the biggest bunch of legalised theives in existance. The lower figure in unemployed is mainly due to the burgeoning public sector that has mega $$$ chucked at it. Thats not unemployedment, thats a way to win votes by keeping people in jobs that are not needed. And by the way, us taxpayers pay for that so its another tax that hidden away we forget exists.

bigqueez

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#111888 20-Feb-2008 16:37

The reduction in the surplus will be due to the movement in the value of the NZ Super Fund investment as a result of the recent downward trend in international equities.

Under accounting rules this reduction in value reduces the reported surplus, even though we haven't sold these investments (i.e. unrealised losses are taken to profit and loss) and there is no plan to sell them any time soon.

This is all out of Michael Cullen's hands for the most part, and has nothing to do with the cash surplus which is what is important when considering tax cuts.

munchkin

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#111950 20-Feb-2008 21:45

joker97: I read somewhere that we have about $2.5 billion NZD in tax surplus (correct me if this figure is higher)

I read today that Michael Cullen lost NZD1.9 billion investing in the states.

That means he's lost all our tax surplus???

Think of it as a drop in the value of your house [the investments] and your income [the tax surplus] not being affected by that.

weblordpepe

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#111983 21-Feb-2008 02:10

People moan if the country is in debt. People moan if the country is in surplus. The common theme is that people moan, even if they have no just cause to moan. People who aren't starving, aren't poor, and and aren't opressed will still find something to complain about.

Now a democratic party can be made to be tough; but it is very difficult to make a right-wing Mr Burns party ease up. Take your pick, but as far as I can see the world isn't falling apart around me.

Unless you can actually figure out why things are bad (or good), people will tell you to RTFM when you start up threads. At least with computers anyway. You'd think politics would be the same.

D1023319

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#112615 24-Feb-2008 10:22

weblordpep said "People moan if the country is in debt. People moan if the country is in surplus."

Yes but there is a difference between pubic debt and private sector debt.

I have yet to see a article talking about the interest rate Cullen is paying to service its government debt versus the rate of return on their off-shore investments + the risk factor.

Afterll most kiwi's try of pay off our mortgages before investing surplus money elsewhere.

Macfan

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#113208 26-Feb-2008 19:43

Besides Michael talking in his sleep during the day (is that guy actually alive lol)

The pie has not be shared amongst the grafters especially low to middle income earners,
the pathetic $11.15 min rate said's it all in 2008.
Like every greedy dog it has its day, the national economy has been starved and for one landlords like
I who have sacrificed for years have more years of sacrifice with rents being dependent on wages.

Granted had fantastic capital gains but in a lot of other western countries I would now have both after
investing in a time period between 12 and 19 years.

At least Mr Key has not been cocooned in the education system before entering the "Hive" like Helen.
Anyone who can make 55 million by their own hand has my vote over the status quo.

Always been a fan of act too - hand up not a hand out, and a 20% flat tax rate brilliant !

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D1023319

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#113236 26-Feb-2008 22:24

Nice Torana pic?

Macfan

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#113250 27-Feb-2008 00:07

Cheers, A mate that owns an XU-1 Torana would love you saying that D1023319 - Z28 Camaro 383 Big Block in the pic, does look similar in the wee avatar

Cullen needs a ride in a Big block shooed car to gather a pulse lolool

Bung

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#113253 27-Feb-2008 00:22

Macfan:
At least Mr Key has not been cocooned in the education system before entering the "Hive" like Helen.
Anyone who can make 55 million by their own hand has my vote over the status quo.

The only thing Key ever made was a profit for various banks during a short career as a money market gambler.

Macfan

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#113255 27-Feb-2008 00:38

So why have all media forms in New Zealand reported that Mr Key is worth 55 million ?

Bung

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#113258 27-Feb-2008 00:45

Obviously he was paid very well as a banker. Money market fluctuations are a curse on the people in NZ who actually do make something.

Macfan

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#113259 27-Feb-2008 00:51

Okie dokie Bung cheers, that sheds a different light on things - All the same know-one pays you money for nothing in this world - so no bank would be paying a total mug millions for nothing.