Dear Supporter,

We don't normally email our supporters on a Sunday, but today is a little different.

In just a few hours, Government debt – how much Grant Robertson, and now Nicola Willis have borrowed on behalf of New Zealanders – will hit $90,000 per household.

It's your household's official "$90k Day" 🎉 👀

When we launched our huge National Debt Clock outside Parliament during the election campaign last year, the debt was just (!?) $80,000 per household.

Eight months later, Wellington's extra borrowing means your household (and every other New Zealand household) owes lenders another $10,000!

Don't believe me? Head over to the New Zealand Government Debt Clock website. The website uses the official Government statistics and six-monthly updates put out by The Treasury.

At 9:58 tonight, your household's share will hit exactly $90k – the highest its ever been.

And it's not slowing down.

⏰ Watch it (and weep) in real time ⏰

If you needed convincing that Nicola Willis needs to cut Wellington's cloth to fit economic reality, this is surely it.

This year, the interest costs on the existing debt are $4,400 per household. That's three times what we spend on the Police.

That's why I'm asking you to join me in our fight to ensure Wellington cuts wasteful spending and 'Stops The Clock' before it is too late.

Soon the interest costs will exceed the amounts spent on the entire school and early childhood education systems. Treasury says that by 2028 interest costs will be near $6,000 per household.

In fact, the Government's spending is now so inflated, in December Treasury announced that we're now in a "structural deficit" situation (as opposed to just a "cyclical deficit" caused by the recession). That means that, unless major decisions are taken, even when the economy recovers, the Government will still be borrowing to cover day-to-day bills.

We need to get the books back in the black and 'Stop the Clock' before it's too late ⏰ 💣

Government debt is the national equivalent of kicking the can down the road, but eventually, you run out of road.

On the one hand, Nicola Willis needs to deliver tax relief in this month's Budget to deliver the much-needed income boost to struggling families. But unless major savings are taken on the spending side of the Budget deficits will continue to mean more debt. More debt means more tax (and economic pain) tomorrow.

Like living paycheck to paycheck – one unexpected expense, and you're in trouble. As Matthew Hooton recently put it in his NZ Herald column:

Without greater urgency, NZ is doomed to a downhill spiral from 2030, similar to Argentina’s collapse from one of the richest countries in the world to basket case in the 20th century.

As recently as the 1930s, the average Argentinian was better off than most people in Europe, North America or Australasia. Sophisticated Parisians aimed to be “aussi riche qu’un Argentin” – as rich as an Argentinian.

Confident that once a rich country always a rich country, Argentina failed in the following decades to respond to changing trading conditions and improve productivity. After World War II, like NZ in 2008, Argentina had almost no debt, so began borrowing to hide its declining competitiveness.

Initially modest, its debt tripled from 20 per cent of GDP to over 60 per cent from 1975 to 1985, prompting a major debt crisis after lenders lost confidence.

There's no mincing words. Right now we are on a path towards a similar fiscal cliff. Official advice to the Government could not be clearer. Tinkering isn't enough.

Even with the so-called 'cuts' we read so much about in the media, Nicola Willis is on track to deliver a budget that spends $30 billion more next year than Mr Robertson spent during the COVID lockdowns!

I am asking for your support now so that we can 'Stop The Clock' and avoid the your household's debt bill getting to $100,000, $150,000 or even $200,000.

We need to educate voters – so the politicians are forced to take the tough, but necessary decisions. Delay will mean the trade-offs become impossible 💣

It won't be the media who blow the whistle on this. They're too busy bemoaning the "cultural liaison officers" and "social media advisors" losing their jobs.

Leaving it to Maiki Sherman to force voters to think about the fiscal challenges ahead is not an option. Only the Taxpayers' Union can shift public opinion and ensure the decision makers (and the media) acknowledge the economic reality.

The Government will borrow $37.63 on behalf of your household just for today. Would you consider chipping in just that amount so we can stop them?

Or will you cover the amount borrowed on your household's behalf for just this weekend. Or if you agree that things are urgent, please consider the $263.41 share of new debt for the last week?

After all, we'll all eventually be paying it anyway (or our kids will be) with interest...

Your investment now means we can get the Debt Clock back on the road, raise public awareness, and force MPs to Stop the Clock!  

Are you with me?

As tens of thousands of Kiwis head overseas, I for one have not lost faith in New Zealand's prospects. I'm invested in New Zealand and want my kids to choose to stay here. But protecting our economic wellbeing is never a sure thing. That's why you and thousands of others support the work of the Taxpayers' Union. Can I count on your support us again today?

Thank you for your support.

David Farrar Co-founder New Zealand Taxpayers' Union

ps. Your support means that the Taxpayers' Union can be a strong voice for taxpayers to fix the mess left by the last Government and counter all of those in the media calling for even more debt, deficit spending, and borrow-and-hope economic vandalism. Together we have to fight for balanced budgets and Stop The Clock. Thank you for your support.