OPINION: The previous government spent too much during the Covid-19 pandemic, despite warnings from officials, according to a briefing released by the Treasury.
It said debt had risen in recent decades, partly because responses to adverse shocks were not met by savings between those shocks.
The IMF and OECD estimated it was among the largest Covid-19 responses globally.
The higher debt meant less capacity to respond to future shocks, like natural hazards, weather-related risks and biosecurity risks.
The spending spree sent inflation and interest rates into orbit.
Excessive lockdown restrictions also set back the education of a generation, and deferred check-ups created more health issues downstream than they prevented.
We're all paying the price now.
So, the simple question to Ardern, Hipkins and Robertson vis-à-vis the Covid Inquiry is: "Where the bloody hell are you?"
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