The deficit-funded tax cuts that National gave the high income earners is still being paid for by borrowing.

When National won office at the end of 2008, they had a mandate to give median income earners a tax cut 'north of $50 a week'. At the time John Key made that promise he explicitly pledged not to increase GST to pay for it.  

"National is not going to be raising GST," he fibbed. "What I am saying is if we do a half-decent job as a government at growing our economy I am confident that won't be happening."

Heh. "Half-decent."

The economy, thank God, does not resemble my household budget. 

Still, National will tell us they have the books in order because they’ve listened to our grandparents' voice of reason: ‘don’t spend more than you earn, and if you get into debt, spend less and save more. Batten down the hatches and wait for the recession to pass.’

Can we agree to ban the household budget metaphor from the election campaign? Probably not, because its a good story. It makes sense not to spend more than you earn, right? Who wouldn’t agree with that?

Except that if we ran the economy like a household budget we’d be a basket case.

Obama sets first budget; Pyongyang has launched more medium-range missiles; South Korean president loses popularity; Sri Lanka rejects Tamil Tiger cease-fire request; Somali terrorists vow further attacks on peacekeepers; and more

Top of the Agenda: Obama's Budget and the U.S. Deficit

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There’s nothing like being an inch away from political death to refocus a Prime Minister, and when last we met Canada’s Stephen Harper he was just a