GDP CRASH! Government’s economic austerity experiment horrifically backfires

By
Martyn Bradbury
-
20
554

Jesus wept! It’s so much worse than we collectively feared…

Economy contracts sharply as GDP falls 0.9% in June quarter

  • Economy shrinks 0.9 pct in June quarter, -1.1 pct on year ago
  • Expectations were for a fall between 0.3-0.5 pct
  • Primary production, manufacturing, construction lead the decline
  • Telecommunications/media, public spending, rental sectors expand
  • Data over recent months show mixed and tepid activity, backs further Reserve Bank Rate cuts this year to 2.5 pct

…this Government’s austerity experiment has failed appallingly and YOU are all paying the price.

The steep cut backs in infrastructure embarked upon by Nicky No-Boats last year has  borne a terrible harvest.

NZ has always been 3 huge but sparsely populated Island’s, the free market dynamics that lower costs require population density that we don’t have and that is why the State has always stepped into be the 40% foundation stone in this country.

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This Government, led by a free market ideologue like Willis, believe that if you cut back the State, the market will step in and do it cheaper, well, they did that and it crashed our GDP – how dem apples for ya Kiwi?

Now right wing fuckwits will scream, “It’s not austerity because the Government are borrowing more than Labour”, and that is 1000% true, but what those right wing fuckwits never tell you is that borrowing includes $14billion for tax cuts and $3billion for rich landlords!

What those right wing fuckwits don’t tell you is that while National have put more total money into health, they haven’t put in enough to cover population growth or an aging population!

What those right wing fuckwits don’t tell you is that this Government has no policy other than deregulating industry for their donor mates while you pay the price!

Labour is good for Capitalism, National is good for the Capitalists.

These arseholes have crashed our economy using a right wing experiment, at some stage you are going to have to reflect on your post Covid bitterness towards Jacinda an d your culture war whipped up malice towards da Māori and da Trans and accept you got played by the Right.

You should be enraged!

 

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20 COMMENTS

  1. I may be wrong, but I don’t think that this is quite what the electorate understood by “Getting New Zealand back on track”

  4. Apparently, Argentina President Javier Gerardo Milei Atlas Network affiliate economic austerity measures aren’t doing well either he had bricks and bottles thrown at his motorcade when politically campaigning for their mid-term election.

  6. It would be great if the Daily Blog became the first NZ media to only publish GDP number per capita and never just raw GDP.
    GDP is a terrible measure as it is when measuring prosperity, but without adjusting for the impact of immigration it is meaningless.
    Remember John Key had a reported rock star economy when GDP per capita was near zero for 8 years.

    • HIS media reported that Rangi, particularly his friends at the NZ Herald Audrey Young, John Armstrong and Mike Hosking. The truth, along with Planet Key was that it wasn’t real.

  11. What were people here expecting from those parasites? Governance that was actually rational, reasonable, and principled?
    This is the national/fascist party we are talking about btw… What else was ever going to happen when we have a puppet regime beholden to, and dictated to by the likes of the great traitor John Key, and those whom he works for?
    The rank idiocy and incompetence that is rather obvious to everyone but far too many NZers is the reason this country has become a joke to the rest of the world.
    I went on a busking/gigging tour of France in 2016, and the first thing I had to do was pretend I was Australian as NZers weren’t regarded with any respect, or affection there.. They had seen what our country had descended to, and were less than impressed….
    Too bad that NZers, to this day, still revere the man who allowed NZ to be the proving ground for the globalist agenda…
    Look at the timelines.. NZ started importing what became a million strong horde of immigrants that we didn’t need, or could cope with… This preceded the European invasion from Africa and the middle east, and the US invasion through Mexico…. NZ was the Guinea pig…. Thanks uncle John, for nothing…
    And now we have the “camp followers” carrying out the orders of their future employers, which require a hollowing out of the economic base, which has resulted in a population under so much unnecessary pressure that they are unable to mount any real defense against the takeover by those who would mercilessly exploit NZ’s resources and turn this country into just another third world rape victim…
    The economy can’t be healthy if that is to happen…

    • “the first thing I had to do was pretend I was Australian as NZers weren’t regarded with any respect, or affection there.. They had seen what our country had descended to, and were less than impressed….”

      That’s not a new thing, remember Rainbow Warrior and the French letting our produce rot in their ports when we had the audacity to complain about it? Very respectful that.
      Most of the population in Europe know very little about us, and really don’t give a rats arse about us either way, I think you are over dramatising an imagined deterioration. NZ just means butter, Hobbits and some fantasy bullshit fed to them about clean green scenery.

  12. Don’t forget get this is largely self induced. All this bullshit about inheriting a mess is absolute crap. Again, if it was so bad why did they borrow money for tax cuts and suck money out of the economy ( a chunk of which was coming back in taxes). To please their donor class no doubt. Inflation is another bs excuse because so much of it was imported and tracking down when these sell outs took over. The opposition might not be much chop either but they would be a whole lot better for the majority than these wankers. If only because they are not acting on behalf of the 1%

  15. backfires! The lack of regulation where it should be adopted …
    https://www.rnz.co.nz/news/national/573364/lack-of-foam-furniture-rules-likely-led-to-teenager-lizzy-marvin-s-death-in-blaze-coroner-rules
    A Canterbury teenager likely died because the government has failed to protect against the unsafe furniture now common in New Zealand homes, a coroner has found.
    Lizzy Marvin, 16, died after inhaling the toxic fumes which spewed through her Burnham home after embers from a fireplace landed on a foam-filled sofa bed on 8 May last year.
    Coroner Mary-Anne Borrowdale has chastised the Ministry of Business, Innovation and Employment (MBIE), describing its hands-off approach to regulating foam-filled furniture as deplorable.,,

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