Budget 19th May and the state of the nation
May 14th 2011, 8:50 am
#1
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Budget 19th May and the state of the nation
The 2011 Budget is being hailed as the most important in over 50 years; it's an election year, we've still got an Earthquake and a Finance Company or two to pay for, we're borrowing millions per week from overseas and words like austerity are being bandied around. Already John Key has announced cuts in the Government contribution to Kiwisaver and I wonder do we even know the half of it.
Brian Fallow wrote in the Herald today:
Colour us red - how deep in debt is NZ really?
'We are up to our collective nostrils in debt.'
Who knew?
Brian Fallow wrote in the Herald today:
Colour us red - how deep in debt is NZ really?
'We are up to our collective nostrils in debt.'
Who knew?
Relative to the size of the economy, net debt is 82 per cent of gross domestic product.
Although down from a peak of 90 per cent two years ago, this level of foreign debt is still very high by international standards and puts us in the same neighbourhood as Portugal, Ireland, Greece and Spain
Although down from a peak of 90 per cent two years ago, this level of foreign debt is still very high by international standards and puts us in the same neighbourhood as Portugal, Ireland, Greece and Spain
May 14th 2011, 9:25 am
#2
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Re: Budget 19th May and the state of the nation
TV3′s Campbell Live has been doing some useful reporting lately, in the run up to the budget. Over the coming week they are highlighting the rising cost of living, falling wages, life on the pension, and so on.
The first in a series of programs can be seen here:
http://thestandard.org.nz/tv3-on-the-cost-of-living/
They're showing the results of an eight month study of cost of living and shopping prices for various lower wage families / pensioners etc over the past eight months and you lucky folks in the UK a tour around Pak n Save. Must say this one looks very posh compared to ours.
The first in a series of programs can be seen here:
http://thestandard.org.nz/tv3-on-the-cost-of-living/
They're showing the results of an eight month study of cost of living and shopping prices for various lower wage families / pensioners etc over the past eight months and you lucky folks in the UK a tour around Pak n Save. Must say this one looks very posh compared to ours.
May 14th 2011, 8:38 pm
#3
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Re: Budget 19th May and the state of the nation
We are "deep in debt" in Nz, but the UK and some of Europe is worse. A colleague went to Ireland last week, and his friends told him that all public sector people have been given a 20% pay CUT. Includes teachers, lecturers, councils, hospital workers, everyone. That's tough.
Back to the other conversation on here, if some of the students paid back their interest free student loans, that would be enormously helpful. Any country just cannot afford to give money away that it takes 20 years to get back.
Jan
Back to the other conversation on here, if some of the students paid back their interest free student loans, that would be enormously helpful. Any country just cannot afford to give money away that it takes 20 years to get back.
Jan
May 14th 2011, 10:11 pm
#4
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Re: Budget 19th May and the state of the nation
Yes indeed the UK 'seems' worse because that's all we're hearing is how deep in the doodoo the UK is, but it's not that easy here to get any sense of the real state we are in and as usual NZ just happily sits pointing the finger at other countries saying that we're fine because we're not as bad as xy or z. It's still bad is it not?
http://www.debtbombshell.com/
Says that the Uk presently owes GBP14,640 for every man woman and child.
I am not smart enough to know if we are comparing apples to apples because I am sure there will be different things include and excluded from these numbers, but from the Brian Fallow article:
Seems to me we're in deeper shite, no?
http://www.debtbombshell.com/
Says that the Uk presently owes GBP14,640 for every man woman and child.
I am not smart enough to know if we are comparing apples to apples because I am sure there will be different things include and excluded from these numbers, but from the Brian Fallow article:
So the country is a net debtor to the tune of $159 billion (or $36,000 per capita), of which the banks account for 73 per cent.
Last edited by Bo-Jangles; May 14th 2011 at 10:14 pm.
May 14th 2011, 11:24 pm
#5
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Re: Budget 19th May and the state of the nation
Yes indeed the UK 'seems' worse because that's all we're hearing is how deep in the doodoo the UK is, but it's not that easy here to get any sense of the real state we are in and as usual NZ just happily sits pointing the finger at other countries saying that we're fine because we're not as bad as xy or z. It's still bad is it not?
http://www.debtbombshell.com/
Says that the Uk presently owes GBP14,640 for every man woman and child.
I am not smart enough to know if we are comparing apples to apples because I am sure there will be different things include and excluded from these numbers, but from the Brian Fallow article:
Seems to me we're in deeper shite, no?
http://www.debtbombshell.com/
Says that the Uk presently owes GBP14,640 for every man woman and child.
I am not smart enough to know if we are comparing apples to apples because I am sure there will be different things include and excluded from these numbers, but from the Brian Fallow article:
Seems to me we're in deeper shite, no?
Semper in faecibus sumus, sole profundum variat!
Seems to me that we are in deep, deep shite. It's extremely worrying.
May 15th 2011, 1:55 am
#6
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May 15th 2011, 9:02 am
#7
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Re: Budget 19th May and the state of the nation
Shame I did not have the same insight about finance companies when said foresight would have saved me $80k
