The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth.
…the top 10% own half the wealth while the bottom 40% hold less than 3% of the wealth. How this horror story has been allowed to occur in a nation that once prided itself on its egalitarianism is the real issue here, this is the true legacy of 30 years of neoliberalism.
40 000 homeless, 40 000 hungry children every day, 800 000 living in poverty and hundreds of thousands living in over crowded conditions. Labour did little to stop this in their 9 year term and National has exacerbated it. Because we have a media that is asleep at the wheel, a corrupt Government that abuses power at the drop of a hat has been allowed to create a property bubble that benefits speculators and keeps those speculators voting National.
It’s easier to buy your third, fourth and fifth rental property under National than it is to buy your first home.
The simple reality for those being crushed in poverty is the need for a political revolution where their needs and their dreams are put first. Cradle to grave Boomers who have had their existence subsidised but removed those for everyone else and middle class speculators will always vote for National and it won’t be until after 2020 when Gen Xers and Millennials catch up in voting that the demographics change.
The world has just seen what happens in the UK when those who are failed are left behind, let’s hope speculators and boomers feel the same level of shock when NZs generations who have been denigrated are the electoral majority.