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  "description": "10 News Stories They Chose Not to Tell You",
  "path": "/your-daily-ten-10-2026-027/",
  "publishedAt": "2026-02-17T21:00:11.000Z",
  "site": "https://goodoil.news",
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  "textContent": "**This is edition 2026/027 of the _Ten@10_ newsletter.**\n\nHi all,\n\nThis is the Ten@10, where I collate and summarise ten news items you generally won't see in the mainstream media.\n\nEnjoy!\n\n* * *\n\n## Labour inherits surpluses and gives deficits, National inherits deficits and gives surpluses\n\nLiam Hehir\n\n  * 💰 **Fiscal History Trends** : Over time, there's a clear pattern in New Zealand politics: National typically inherits a deficit, tightens spending, and eventually leaves office with a surplus. Labour, on the other hand, often inherits a surplus, expands public services, and leaves office with a deficit.\n  * 🏛️ **National's Approach** : National governments focus on fiscal restraint, reducing spending, and managing deficits, even in tough economic times. This approach helps build a surplus over time.\n  * 💼 **Labour's Approach** : Labour governments increase public spending baselines, often defending this as necessary investment in services. However, without matching revenue, this leads to unsustainable fiscal positions in the long run.\n  * 🔄 **Political Cycle** : After National’s fiscal discipline creates surpluses, Labour typically inherits them and expands services, leading to fiscal strain and a downturn when the economy falters.\n  * 📉 **Muldoon Exception** : The 1984 handover was an outlier where National, under Muldoon, handed Labour a deficit due to high spending, price controls, and economic intervention, more in line with left-wing policies.\n  * ⚖️ **Shocks and Political Choices** : Shocks like the GFC or COVID don't erase the political choices made. The key is whether a government keeps fiscal discipline during recovery or builds permanent programs based on optimistic revenue assumptions.\n  * 📊 **Data Consistency** : Over the past 50 years, seven out of eight handovers show National leaving behind a healthier fiscal position, with Labour leaving weaker fiscal positions, reinforcing the pattern.\n  * 🤔 **Implications** : The consistent pattern highlights differing political instincts: National prioritizes fiscal sustainability to weather shocks, while Labour tends to focus on expanding services, which can lead to unsustainable fiscal policies.\n\n\n\nRead More\n\n### This post is for subscribers only\n\nBecome a member to get access to all content\n\nSubscribe now",
  "title": "Your Daily Ten@10 - 2026/027",
  "updatedAt": "2026-02-17T21:00:11.000Z"
}