NZIER warns of double dip, National's response is economic darwinism
Double dip recession still on horizon
A leading economic thinktank has again raised the question of a double dip recession for New Zealand.
The New Zealand Institute of Economic Research's latest quarterly report, published today, forecasts "wintry" economic conditions as the country heads into summer but spending remains muted.
"The economic recovery has reversed ... Critical indicators like house sales and QSBO (Quarterly Survey of Business Opinion) domestic trading activity point to a slow finish to the year, even without the destruction and disruption of the Canterbury earthquake," the report said.
NZIER, which has remained persistently downbeat in its forecasting this year, said a double dip recession cannot be ruled out, but "is not our central scenario".
So what is national's response to this global economic crises caused by neoliberal, deregulation, low tax, milton Friedman free market dogma?
National have decided to bash the filthy bennie, and those that can work, be put to work, those who aren't productive however are to be thrown onto the scrap heap of the underclass. The bullshit figures that the ideologically stacked Welfare Razor Gang are using to justify forcing the most vulnerable in NZ back to work or have their benefits cut should anger any fair minded NZer with a passion for social justice because we know as the equality in society falls, the worse that society becomes.
This recession is barely starting and if Christmas is as dreadful to retailers as it could be in NZ this year, we could have the next vast wave of lay offs early next year in retail.
This meltdown will continue right when public services and welfare are being cut. As the poor are asked to do with less because greedy corrupt Wall st. corporates pyramid-scheme-crashed the global economy, there will be a rising anger and that anger will be ripe for political expression