So if you've listened to me for any length of time, you'll know I respect Liam Dann very much indeed.

Liam is the Herald's Business Editor at Large. He hosts podcasts and writes stories about the business world and he's been at the NZ Herald for 21 years.

He's at pains to stress he's not an economist. He's the guy who interviews economists and then translates their technical stuff into news we can all use and we need.

He's just written a book called Barbecue Economics, which explains all this stuff for the average man and woman on the street.

He also writes a column every Sunday, and yesterday he asked the question I've been asking myself for a long time.

"Is the Government’s shock about this 'worse than expected' economy political theatre or just ignorance?"

Last August, Nicola Willis stated the cupboard was bare, and we all knew that.

They then campaigned on fixing it all up. Killing inflation. Solving the cost of living crisis. Building the missing infrastructure. And then on top of it all, giving up on $14.5 billion worth of tax revenue by giving us a tax cut.

But some of us wondered that if the cupboard was indeed bare, was all this possible or was this exaggerated rhetoric to get votes based on some magical thinking that all will be fine in the end?

Now the Finance Minister is saying the economy is worse than expected and maybe some of the policies can't happen.

I'm not sure it is worse than expected, because the government's accounts have never been secret- thanks to the Fiscal Responsibility Act introduced in 1994 to stop nasty surprises. And people were warning National of this last year.

Liam Dann reckons: "To put it generously, it looks like National was using best-case economic scenarios to justify policy promises that were marginal at best."

The question that remains is whether National knew the promises they were making were unaffordable or whether they just don't know what's going on.

Or to put it more bluntly.

Are they stupid or were they lying? And if they were exaggerating their ability to afford their policies, did they think we'd be too stupid to realise?

We all got sick and tired of the last Government gaslighting us and making promises they can't keep. I'm not going to be happy if it happens again.

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