The economy
Sir,—Nowhere in my letter (July 28) did I say, or imply, that I agreed with J. F. Garvey's “deficit budgeting” argument, as he claims (July 3i). The only Minister of Finance to lower our overseas debt in recent history was Walter Nash (1935-49) who repaid 50 per cent of the debt he inherited, despite 6 years of a wasteful war which he financed with money borrowed in New Zealand. The two Labour Governments since his time had only a brief term each and both struck big and fortuitous export reverses. In contrast the three national administrations enjoyed the golden years of high and equally fortuitous export earnings, particularly in the first half of the 50s decade, the whole of the 60s (and now). This good fortune was frittered away with excessive importing and borrowing, and we have the vast overseas debt of today. Whoever we elect in November, will be loaded with debt and deficit financing. — Yours, etc.. M. T. MOORE. July 31, 1981.
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Press, 3 August 1981, Page 16
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166The economy Press, 3 August 1981, Page 16
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