It can be done via a wealth fund (singapore govt owns a huge amount).
Profits go to the people rather than tax cuts (singapore's approach) or an elite.
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Who owns and controls the means of production though?
To a large extent, the singapore govt.
Assuming it was a real democracy (it's not), the people would have voted in that govt. Hence one of the main aims of socialism would have been achieved in Singapore.
Ok, well GIC invest as follows -
'With a network of 10 offices in key financial capitals worldwide, GIC invests internationally in developed market equities, emerging market equities, nominal bonds and cash, inflation-linked bonds, private equity and real estate.'
Can you how that is 'owning the means of production'?
https://en.wikipedia.org/wiki/Economy_of_SingaporeQuote:
Economy of Singapore -
Alongside the business-friendly reputation for global and local privately held companies and public companies, various national state-owned enterprises play a substantial role in Singapore's economy. The sovereign wealth fund Temasek Holdings holds majority stakes in several of the nation's largest bellwether companies, such as Singapore Airlines, Singtel, ST Engineering and Mediacorp.
Continued government contributions into the NZ Superannuation Fund make no sense when the government holds so much debt. The fund should be wound up, with each person in New Zealand getting an equal contribution into their KiwiSaver account.
various national state-owned enterprises play a substantial role in Singapore's economy. The sovereign wealth fund Temasek Holdings holds majority stakes in several of the nation's largest bellwether companies, such as Singapore Airlines, Singtel, ST Engineering and Mediacorp.
Wow! So in that country there is ownership of assets by a state entity? 'Majority stakes' you say?
Like these (for a local example)?
State Owned Enterprises:
Airways Corporation of New Zealand Limited
Animal Control Products Limited
AsureQuality Limited
Electricity Corporation of New Zealand Limited (Residual)
KiwiRail Holdings Limited
Kordia Group Limited
Landcorp Farming Limited
Meteorological Service of New Zealand Limited
New Zealand Post Limited
New Zealand Railways Corporation
Quotable Value Limited
Transpower New Zealand Limited
PFA schedule organisations:
Crown Asset Management Limited (Schedule 4A)1
Crown Infrastructure Partners Limited (Schedule 4A)
Genesis Energy Limited (Schedule 5)
Mercury New Zealand Limited (Schedule 5)
Meridian Energy Limited (Schedule 5)
Other organisations:
Christchurch International Airport Limited
Dunedin International Airport Limited
Hawke's Bay Airport Limited
It makes sense to someone from the Left. It's like Robertson borrowing and then saying 'this is my COVID fund' and then talking about making 'savings'. There is no 'fund' and there are no savings, it's all borrowed money. And we will be paying over $9 billion in interest on it every year from 2027 onwards.
‘Print some money’….Print some inflation more like it. While debasing the currency and destroying its purchasing power.
‘I can raise taxes’….can you? In a democracy? Maybe in the totalitarian state you crave, but mostly people don’t vote to increase taxes - particularly not in periods of high inflation. The MMT numpties advocate raising taxes to deal with high inflation - only a dictator could get away with that.
We are going backwards on that score. The Cullen Fund cannot grow at the same pace as Robbo’s debt is growing. Net wealth is declining for that reason. Plus you have to add in the money being paid in interest to service the debt. Hopefully you are not an economist or financial advisor.
Inflation erodes debt doesn't it (hence printing money has a double bonus).
A Sword of damacles vs our "debt burden" which isn't that high internationally, currently.
Yeah good one. You’re advocating for high inflation now. Are you really Grant Robertson? Or Chris Hipkins? You seem to have the exact same mindset. We are looking at a series of enormous deficits in the coming years & all you can bray on about is “low debt”. That was a situation bequeathed to this rotten lot by all previous governments, it’s not for these fools to take that legacy and just put the pedal to the metal on borrowing to finance their socialistic daydreams.
Robertson is an absolute fool and Labour are a pack of idiotic clowns. Braying about ‘9 years of neglect’ and raving about a housing crisis, and they’ve come in and spent untold billions only to achieve worse outcomes & now have New Zealand committed to spending massively above our means. They haven’t created some great new society, they’ve created a nightmare.
$940 million per week.
https://www.nzherald.co.nz/business/...F2DSRDUFHDI44/
All benefits go up by CPI & so does the minimum wage.
The poor (and that includes the working poor which also includes workers earning more than minimum wage) have to buy food - what does inflation do to the price of food? What happens to the meagre savings of those in the lower income brackets, when inflation attacks those savings?
Money is destroyed by inflation. Who has less of it? The rich? Or the poor?
Phantom cycle bridges, phantom light rail, a phantom merger between RNZ and TVNZ, a nonsensical polytech mega-merger costing $500 million, billions spent on consultants and ‘working groups’…..what does any of that have to do with the pandemic?
Bill English would (should) have been the PM during the pandemic and it’s an unknown how he would have handled it.
The pandemic response by Labour (ie, the moronic "Zero Covid") was the same as the Communist Party's response in China which nearly resulted in their dictator Xi being removed by the population via massive unrest. Lucky for us, Ardern resigned. Lucky for us, we have an election coming up.
Labour lies a lot, and so do you. A paranoid Lefty freaked out that other parties might have the kind of hidden agendas that Labour do. But while ACT would be in no position to enact a secret programme of asset sales, devious Labour pushed ahead with He Puapua, 'co-governance', and 3 Waters but neglected to tell the public before any election. There is a backlash coming, believe me. All your howling about 'tax cuts' is not going to save the jobs of your red mates.
Income tax which is sourced by the gains from overseas investments, bringing new money into the economy.
Plenty of benefits from even using debt to fund NZ super contributions.
NZ benefits from google and microsoft's AI advances, rather than being left out in the cold... how good is that.
When the Left offer untold freebies and bribes - which are actually not 'free' at all - then they hope to box the Right into a corner by leaving them nothing to offer the electorate. The Right then have no option but to offer tax cuts. And pretty modest ones at that. You are a deeply cynical person because you know exactly how the Left plays the game, and you delight in it, but voters see very easily what is going on.
'Printing money' is not an answer and never will be.
But all that money forcibly taken from citizens in the way of tax could have instead been used for saving for their retirement.
Or:
"I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."--Winston S. Churchill
red panda is obsessed with tax, just being a smarta*se by saying National should run a campaign on raising taxes or proposing a bunch of freebies itself. red panda hates our system, hates private ownership, hates 'the rich', hates anyone that would vote for National or ACT, hates bald people....just a hater. All 'Progressives' are in truth haters and wreckers.
No, I don't think their campaign slogan is 'Economic Management' or anything like that. That's just your stupid spin. It wouldn't be hard to run the show better than Robertson is doing - massive wasteful spending and all that, free this, that, and the other. National have said they will address the waste. There are going to have to be cuts, and big cuts. We will be borrowing $940 million a week in 2024 thanks to Robertson, and the media and yourself are going nuts over a purported $540 million annual hole in Nationals tax plan.
The Left have gone far too far. They have wrecked the books.
Here another $238 million that will no doubt get written off. NZ has big, big problems. The PREFU was a tissue of lies.
https://www.stuff.co.nz/business/mon...-families-debt
More than 50,000 people with Working for Families debt
Susan Edmunds
05:00, Sep 14 2023
'More than 50,000 people owed a combined $238 million in Working for Families debt in August – and there are concerns that proposed changes to the system could leave the poorest families worse off.
Data from Inland Revenue shows that the median debt owed per person affected was $2300.
In July 2020, 44,000 people owed $162m, with a median of $1600.
Working for Families payments are made to households with children, when they earn under set income thresholds. But if a household’s income is assessed incorrectly, they can end up being paid more than they were due and have to repay it.'
The problem with all these wonderful ideas is it will drive down the NZ govt's net wealth.
Which will lead to credit rating downgrades moreso than a bit more debt (backed by strong quality assets).
Well the idea was to restart patments to the NZ Superannuation Fund once net debt was back at 20%. Labour said stuff that and have borrowed heavily to contribute to it, along with all their other borrowing. And now we are set to pay an eye-watering interest bill on all this debt. And you blithely just dismiss this as 'a bit more debt'. Unreal.
Ignoring it? What? No I'm not. That's the problem - universal super. It needs to go. And it needs a government to outline a plan as to how 'increased KiwiSaver + means-tested super' will, over time, replace it. The Super Fund only makes the situation worse, it's so much money sitting there while the government has so much debt, and also it allows the fantasy of keeping universal super in place.
Seymour said in a media release the update showed that within three years spending will be 11 billion higher than forecast last year which would lead to even more borrowing with net debt forecast to reach $100 billion by 2025.
"More debt means more interest. The interest bill is forecast to be $9.2 billion by 2026, exactly twice the $4.6 billion expected in BEFU 2022.
"New Zealand is now spending more as a country on interest than primary and secondary school education, and twice as much as is spent on police, courts and corrections combined. Kiwis' taxes aren't paying for public services, they're paying for Labour's mismanagement."
Here we go, deflecting on to something else entirely. How long until you bring up Luxon's time at Air New Zealand.
You said borrowing $940 million a week would be worth an instant credit downgrade; I sent you the news item & I haven't heard another peep out of you about it.
So we are four weeks out from an election and you think National would be wise to counter Labours giveaway of taking GST of off fruit and vegetables with *a proposal to raise taxes*. During a cost of living crisis.
If you are going to come here and act like a fool then you're doing it for your own amusement, though I can't see that it's very funny.
Never Wrestle with a Pig. You Both Get Dirty and the Pig Likes It
'
So you are saying they should run on a programme of putting on a CGT???? FFS!!
Why not have a decent debate, rather than posting such absolute hogwash?
What 'National voters'? You think the huge bunch of swingers that go flip-flopping between National and Labour 'belong' to any one party? Get off the grass.
It's an important question, and it's interesting you refuse to answer. Because you seem to think that increasing taxes always means increased revenue - but it doesn't. Higher taxes can actually mean LESS revenue comes in. And lower taxes can actually mean MORE revenue comes in.