Post by Crash Post by Rich80105
Was that because Judith Collins got a negative mention or because of
the rest of Easton's comments? Note that I see Easton's conclusions
Yes. However, never once does he mention that our current economic situation comes on the back of an economy that, in real-productivity terms, has been flatlining since 2010. One reason for this is neatly summed up in the first comment following his article:
"I often wonder when we will stop making work for ourselves. Most of what goes into GDP is completely unnecessary. We are encouraged to spend money to keep others employed and others do the same for us. It is very wasteful." The writer is referring to the zero-productivity "service" industries. New Zealand is drowning in them.
As one waggish economist put it years ago, "Any economy must ultimately founder when it comprises little more than people swapping the same coin betwen them for opening and closing doors for each other."
Over the past ten years the 'pie' has never grown in real-productivity terms, whereas increrased wealth for the already wealthy most certainly has (their funds diverted exclusively to zero-productivity asset growth), leading to the inexorable widening of the poverty gap and the inability of government - any government - to improve the lot of society's poorest without borrowing from third parties. We are living by the grace and favour of the international creditors we dutifully kneel to.