Ralston on Labour

Bill Ralston has the same suspicions as me:

I have the horrible feeling that Labour, had it still been in government, would have cancelled the tax cuts and thrashed the exhausted middle class for more revenue while continuing to spend big on its pet policies and boosting the bureaucracy to cope the effects of a recession. That would be a sure recipe for disaster.

2011 will be an interesting challenge for Labour. We will still be running deficits, so either Labour will have to promise increased debt or tax increases if it wants to spend more.

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