Government deficit
Sir, — Your editorial regarding the Finance Minister was unusually kind. None of his economic forecasts came true when they were supposed to, nor has Mr Douglas shown any understanding what would happen after the devaluation and floating of the dollar and the freeing up of the financial world. The devaluation became a senseless exercise when the dollar rose so much in value and the dizzying heights the interest rates assumed
thanks to Government borrowing must have been unexpected, as must have been the influx of overseas money. On top of that Mr Douglas is using the same arguments for his indirect tax (GST) which before the turn of the century were advanced by the then Government for the introduction of income tax i.e., relief for the not so well-off. Before 1900 there were only indirect taxes which hit the poor harder than the rich. This argument is still valid so who is Mr Douglas fooling with his indirect tax? — Yours, etc., P. A. VAN DUGTEREN. December 11, 1985.
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Press, 16 December 1985, Page 12
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170Government deficit Press, 16 December 1985, Page 12
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