Is Key's financial experience worth anything???

John Key when debating the kiwsaver scheme was vehemently opposed and he predicted that it would flop on 2 March 2006 he said in Parliament

if Michael Cullen thinks that 25 percent of New Zealanders will have a serious KiwiSaver account in 5 years’ time, he is deluded, in la-la land, dreaming—or probably all three.


Well Mr Key who is deluded? The take up for kiwisaver has been a phenomenal success 25% of kiwis took up the scheme, within 6 months and the numbers continue to grow rapidly.

A report on 13 March 2008 confirms this: "New Zealanders across income brackets, age groups, and ethnicities are embracing KiwiSaver according to an evaluation report released today by Finance Minister Michael Cullen and Revenue Minister Peter Dunne.
Inland Revenue’s first six-monthly evaluation report shows that the majority of KiwiSavers have been attracted to the scheme because it provides an opportunity to secure a greater income for retirement.
The figures in the evaluation are based on only the first six months of KiwiSaver – there has been a significant shift towards automatic enrolments since the report was completed – but the Ministers said it provided further evidence of KiwiSaver’s success.
“Nearly 500,000 people have joined KiwiSaver – a number that shatters initial expectations,” Dr Cullen said.

If Mr Key can be that wrong on such a successful and important piece of legislation and economic management why would we trust him to hold the countries purse strings?

Muldoon made the same mistake in 1975 and undid Labours Superannuation scheme which if allowed to continue would have had huge benefits for NZ up to the present day and beyond. Many of our retired citizens would be much better of now if Kirk's scheme had continued.

What now John Key are you going to rob another generation of their retirement income to protect the interests of you buddies in the financial industry?