Thursday 23 May 2024

A milestone; "the latest in a long string of grim milestones.

"At 10 PM on Sunday 19th May, New Zealand reached the latest in a long string of grim milestones. For the first time ever, government debt will tick up past $90,000 for every household in the country. [And still rising rapidly]... At this rate, it won’t be long at all until $100k Debt Day.
    "To put the numbers into a little bit of perspective, [average annual household income from wages and salaries is only $83,410. And ]the average household is now paying almost $4,500 a year just to cover the interest on this debt.
    "That’s almost $4,500 that can’t be spent on food, or rent or heating. Or that can’t be used to pay down their own debts.
    "We’re paying more this year just maintaining the massive debt taken out on our behalf than we are on the total budgets for the defence force, police, corrections, and customs combined. ...
    "Government after Government, including this one, keeps spending well beyond their means. ...
    "But that’s not to say they don’t take enough of your money in taxes. Far from it, the average Kiwi is paying $49 a week more in income tax in real terms than they were in 2010.
    "The problem is that as a country, far too many of us have just come to accept getting less for more money.
    "The Budget comes at the end of the month, and it’ll be make or break for a New Zealand which is listing towards being a poor nation. ...
    "The time for half-measures is over."

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