Cullen touches new low

Adam expects dirty tricks in an election year, but Michael Cullen touched a new low today. NZ Herald notes that :-

Finance Minister Michael Cullen expects National to offer larger personal tax cuts before the election than Labour.

However, he said that would risk eroding New Zealand’s economic platform.

Dr Cullen made the comments in a speech to the AUT business faculty this afternoon.

“In the budget I will announce a programme of personal tax cuts. I do realise that the package I announce is likely to be smaller than my political opponents will propose going into this year’s general election,” Dr Cullen said.

“But what I also realise is that my opponents will not be able to outspend the Government on tax cuts without eroding New Zealand’s economic platform in the process.”

The Government remained committed to its four tests for tax cuts; no borrowing to pay for them, no cuts in services, no impact on inflationary pressures and no contribution to greater inequality.

Cullen effectively said, I will spend up so large, National will not be able to outspend me.

After puffing Labour’s record he then said:-

Dr Cullen said if National had got into power in 2005 services would have been cut to fund the tax cut promises.

He said in that time Labour reduced the cost of doctors visits, built more schools and hospitals and made other progress.

Labour’s “commitment to investing in families, seniors and services during this challenging economic moment will emerge as one of the key dividing lines in the debate over the next few months”, Dr Cullen said.

He criticised National’s record in the 1990s and said it left the country vulnerable to the Asian economic crisis.

So much money has been spent to little tangible benefit.What really annoys Adam is the following comment:-

Dr Cullen also touched on the ethics that led to the sub-prime mortgage problem in the United States.

While New Zealand had not suffered the same situation, Dr Cullen said questions had to be asked about the culture of international elite financial institutions.

This comment is undoubtedly a coded attack on John Key who worked for Merrill Lynch, before going into politics.

Cullen yet again seeks to imply that Key has no ethics and is in part responsible for the current global credit crisis. This is ridiculous. Cullen is wrong. He is a malevolent little gnome.

Tags: Coded Attack, Cullen, Ethics, Key, Malevolent Gnomes, Rubbish, Tax Cuts