Written By: - Date published: 3:30 pm, July 14th, 2009 - 31 comments
According to NZPA John Key is going to deliver a big speech tomorrow in which he will “detail the problems and solutions for New Zealand’s economy”. I’m not holding my breath. As I said two weeks ago when he indicated he would announce a plan to stop job losses (he still hasn’t, perhaps this will […]
Written By: - Date published: 9:51 am, July 14th, 2009 - 29 comments
The Herald’s ‘Mood of the Boardroom’ survey is predictable reading. Year after year, it’s the same ideologues with the same outdated ideas. The bosses are happy that their boy is in power. Can’t point to anything he’s actually done. But love him nontheless. Still hate Labour and the unions. As ever, their companies’ under-performance is […]
Written By: - Date published: 8:24 am, July 14th, 2009 - 47 comments
As you know, things are tough in the job market at the moment. The firm figures won’t be out until later this month but unemployment has grown by probably well over 50,000 so far this year. The number of the dole has shot from 37,000 in March to 50,000 now and is growing at 1200 a […]
Written By: - Date published: 11:52 am, July 7th, 2009 - 46 comments
Now days everybody wanna talk, like they got something to say, but nothing comes out when they move their lips, just a bunch of gibberish, and all of you act like you forgot about oil. Yup, just when you thought it was safe to go back into the dealer’s lot, oil is back and in […]
Written By: - Date published: 5:21 am, July 7th, 2009 - 15 comments
There’s a lot of empty, over-optimistic talk around at the moment about ‘green-shoots’ in the economy. Supposedly, these are little early signs of recovery which mean that soon everything will be back to normal and we can go back to getting rich selling each other houses with money we borrowed from the Japanese. Things will get […]
Written By: - Date published: 5:39 am, July 2nd, 2009 - 26 comments
National is overseeing the most dramatic rise in unemployment on record (yep, 2000 a week is more than the 1980s, more than the 1990s). They’ve got no answers, no ideas. All they can talk about is what Goff said 20 years ago and laugh. Like 2000 people a week losing their livelihoods is some kind […]
Written By: - Date published: 5:26 am, June 26th, 2009 - 69 comments
I remember just over a year ago, Helen Clark announcing that the number of people on the unemployment benefit had fallen below 18,000 for the first time in 30 years. The roomful of Labour supporters erupted into applause. Contrary to the crap you hear from righties, Labour top priority is making sure everyone who wants one […]
Written By: - Date published: 1:30 pm, June 25th, 2009 - 20 comments
John Key’s government has reacted to the thousands of job losses occurring each week in this country in much the same way a possum crossing a road reacts to headlights. Since over-promising and under-delivering with the Jobs Summit, they’ve been exposed as completely out of ideas. The dole queue is growing by 1100 each week, […]
Written By: - Date published: 11:13 am, June 25th, 2009 - 83 comments
John Key, 20 May 2007: My legacy will be a strong New Zealand economy with higher wages, lower taxes and greater competitiveness. My legacy will be a country that young New Zealanders want to stay and work in. The Press, 25 June 2009: Thousands of beneficiaries could soon be flipping burgers under a deal between […]
Written By: - Date published: 2:00 pm, June 24th, 2009 - 53 comments
Apparently, Minister for Unemployment Paula Bennett doesn’t like reading too much, She prefers to have things explained to her with whiteboards, charts, and graphs. Now, we’ve received one of those graphs with Bennett’s notes added. Seems she’s as relaxed about soaring unemployment as Key:
Written By: - Date published: 1:14 am, June 24th, 2009 - 25 comments
Yesterday, Goff asked Key for some evidence that his government is doing something to save jobs. Key squirmed and squirmed. Goff: What have the three main ideas that emerged from the Job Summit, and that he promised would save or create thousands of jobs, delivered in actual job numbers? Key: I would say that the […]
Written By: - Date published: 8:43 am, June 23rd, 2009 - 17 comments
So 1,001,880 Australians visited New Zealand in the year to May, up 3.7% over the last May year despite the recession Yay? Well don’t pop the bubbly just yet. The total number of visitors fell 2.6% from 2,482,881 to 2,418,647. The decrease from other countries wiped out the gain from Australia. And here’s the important […]
Written By: - Date published: 8:04 pm, May 29th, 2009 - 28 comments
The Budget is already costing jobs. AirNZ has announced that it will be cutting flights. 80 jobs will go. The EPMU has said it will fight hard for the jobs. It’ll be tough to save them all. Why is AirNZ cutting the flights? Not enough passengers. AirNZ was hoping for something for tourism […]
Written By: - Date published: 7:08 pm, May 28th, 2009 - 114 comments
I’ve had a dig into Treasury’s numbers and worked out that they expect the Superannuation Fund will make a 13% return next year, falling to 11% a year by 2012. Those figures seem pretty good, not too optimistic. It’s what the Fund made in ordinary years before the crunch and bear in mind the Fund […]
Written By: - Date published: 6:03 pm, May 28th, 2009 - 20 comments
John Key famously said “we would love to see wages drop“. It sure didn’t take him long in government to see his ambition achieved. Here are the wage hourly wages rates, adjusted for inflation, over the last decade and Treasury’s projections from today’s budget. After peaking this year (wages lag unemployment), wages will drop then stall. […]
Written By: - Date published: 9:00 am, May 28th, 2009 - 32 comments
Seems this op-ed was off-message for one of our larger media outlets, we’re happy to run it: _______________________________________ Alan Blinder, Professor of Public Affairs at Princeton recently warned Americans: ‘ Prematurely changing fiscal and monetary policies – from stepping hard on the accelerator to slamming on the brake – can be hazardous to the economy’s […]
Written By: - Date published: 1:11 pm, May 13th, 2009 - 6 comments
Most of us work for a living, and worry about money measured in tens, hundreds, or thousands of dollars. For myself, I find the numbers involved in the economic crash and the bailouts to be so insanely huge as to be meaningless. This article summarises some of the numbers involved in America, and actually manages […]
Written By: - Date published: 9:12 am, May 11th, 2009 - 10 comments
Well that didn’t take long. Bosses ‘using recession’ to squeeze staff: Bosses being accused of using the recession to exploit workers by driving down wages, forcing unrealistic productivity targets on staff and creating an environment where stressed staff will leave without waiting to collect redundancy pay. As evidence mounts of increasing employer pressure on staff, […]
Written By: - Date published: 10:10 am, May 9th, 2009 - 32 comments
Neoliberal economic policy has taken a bit of a beating lately. Unregulated financial markets have exploded spectacularly and the wreckage is dragging the real economy down with it. The whole edifice is being propped up with trillions of dollars worth of taxpayer bailouts – as ever big business likes to privatise the profits and socialise […]
Written By: - Date published: 11:00 am, May 8th, 2009 - 6 comments
A reader has spotted that Hide wasn’t the only minister telling porkies in Parliament yesterday. Fortunately for Bill English, he’s too smart to breach privilege: ‘The Government is concerned about anyone losing their jobs; that is why we will do anything we can to help people to keep secure the jobs they have or to […]
Written By: - Date published: 11:52 am, May 7th, 2009 - 24 comments
The latest unemployment figures look better than expected but appearances may be deceptive. The seasonally adjusted unemployment rate is up to 5.0%, lower than expected, but the unadjusted number is 5.6%. There is a seasonal adjustment unemployment usually climbs in the March quarter, then falls later in the year, whether that will happen this year […]
Written By: - Date published: 12:05 pm, April 27th, 2009 - 20 comments
The Government’s response to the recession so far has been to curl up in a ball and hope it will go away. Incredibly, while the economy is shrinking, the Government is destimulating it further by cutting public services. The excuse they give is that if the Government doesn’t reduce its borrowing, the credit ratings agencies […]
Written By: - Date published: 2:31 pm, April 24th, 2009 - 53 comments
The average house in New Zealand should be worth about 3.5 times the average household income. (3.5 * $48k = $168k) The historic long-term rental return on most residential property was about 10%. Current rents for a typical 120m2, three bedroomed home in an average suburb is somewhere in the range of $12-16,000 pa…. ie […]
Written By: - Date published: 2:00 pm, April 24th, 2009 - 38 comments
It seems that Zimbabwe is, after all, a world leader. Mugabe’s government which followed the IMF and World Bank’s neo liberal plan for their economy to the letter, has shown us all how these policies will finish up. The austerity medicine prescribed for Zimbabwe by the world Bank, Included oppressive and harsh debt repayment, and massive […]
Written By: - Date published: 8:44 am, April 24th, 2009 - 12 comments
If you’ve been watching your Fox News, you know that the US is turning socialist. It’s going to be Sweden any day apparently. The Daily Show went to Sweden to get a taste of the fate that awaits Americans. The tunes they play while visiting Robyn’s apartment… They’re great songs but do they suddenly […]
Written By: - Date published: 2:22 pm, April 23rd, 2009 - 37 comments
National cannot be blamed for the current financial crisis and recession of course. But they can be blamed for their short sighted and inadequate response. Stuck in old ways of thinking (cut spending, cut jobs, sell stuff) they have done nothing to stimulate the economy. All their talk of extra spending turned out to be […]
Written By: - Date published: 8:29 am, April 21st, 2009 - 4 comments
I suppose the Herald means for us to recoil in horror at the headline “$325,000 bill to save 57 jobs” but I’m fine with it. Look at the alternative – 57 families taking a major hit to their incomes, with all the consequences for health, education, crime, and family stability that we know unemployment brings. Think […]
Written By: - Date published: 12:32 pm, April 20th, 2009 - 12 comments
Cycling is a great way to travel, so it’s great that the government is going to back more cycleways around the country to make the experience safer and more enjoyable for cycle tourists. But the new plan will only see a national network completed in “10-20” years time. That’s not going to help the recession […]
Written By: - Date published: 7:51 am, April 19th, 2009 - 14 comments
The best news source in America, the Daily Show with Jon Stewart, interviews the woman responsible for making sure their bailout money is being spent well. Illuminating and a little scary. In the second part she puts this whole financial crisis in a historic and principled context. The crowd goes wild – they’ve never had the […]
Written By: - Date published: 2:50 pm, April 17th, 2009 - 38 comments
The current financial crisis originated in America with a wave of defaults in “sub prime” mortgages. The excellent presentation found here covers a lot of data in a lot of detail (step through the slides), and shows why there is more pain ahead in the American mortgage and housing markets. The companies making crazy loans […]
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