Winston hits a new level of economic stupidity

The Herald reports:

Trustees had been considering a Government offer to restore the cathedral, which involved most of the $104m cost being funded by the Anglican Church’s $42m insurance payout, a $10m government grant and $15m loan, and $15m from the Great Christchurch Buildings Trust.

Today, Peters said the Government’s offer was not nearly enough.

“There’s some economic debate, but the tax take from the Christchurch rebuild sits between $7 billion and $11 billion. A bonanza from your catastrophe. Don’t you think you should get some of it back?

“Here’s one project that just needs a tiny ounce of that quake gold.

This is a new level of stupid for Peters. He thinks an earthquake is an economic bonanza. Yes there is a boost from reconstruction but that is far smaller than the costs of the damage, the opportunity cost and the taxpayer contribution.

If Peters was right that an earthquake leads to an economic bonanza for the Government, then what we need is more of them clearly. An earthquake every year and we’ll all be rich.

That contribution would rule out asking Christchurch and the rest of New Zealand to fill the donation buckets.”

More economic literacy. He seems to think Government expenditure doesn’t come from NZ taxpayers. Peters is in fact demanding people in the provinces up and down New Zealand fund his election bribe to Christchurch.