National’s 3 quarters of the way through its time at the crease now. And what has it achieved? A record debt pile. 300,000 jobless. 100,000 underemployed. Rising poverty. 1,000 a week fleeing to Australia. A new housing bubble. A record high dollar that’s killing our businesses. And falling household incomes. A list of articles on Stuff sums it up.
How the hell are we facing another housing bubble only five years after the previous one burst? How, because Key and English didn’t do anything to change the conditions that created the first housing bubble, in fact they strengthened them.
They should have got into a government-led programme of affordable house building while putting in a capital gains tax. Instead, they scoffed at the warnings that a housing bubble would be back and did precisely nothing. Even now, English talks like he’s a mildly interested observer in the economy, rather than the joker running it.
They needed to get the OCR down to stop the flood of hot money into the country that then goes into us selling houses to each other for more and more with the only winners being the foreigners we’re paying interest to.
Which brings us to that second article. The dollar is at a record in terms of the Trade-Weighted Index. It’s heading to over 86 cents against the US – which its previously only achieved for a handful of days. It’s a massacre for exporters and manufacturers who can’t compete aboard and get undercut at home. And the Right laughs! They have this fucked up 1980s belief that manufacturing is ‘so last century’ and it’s funny to watch it dying. Meanwhile, rich countries are adding manufacturing jobs because its only by making stuff and adding value to it that you really become wealthy as a country.
Finally, there’s confirmation that National’s trying to hock off our assets to foreigners. It makes a lie of all that talk about ‘mum and dad’ investors, eh? It’s hard to believe that this is their big policy. Taking companies that are making a profit and selling them overseas. Imagine if they had made full employment their cornerstone policy and put as much effort (and taxpayer money) into that as they have into the asset sales.