Roy Morgan have come out with a very different figure for unemployment last night. Instead of the 6.9% we officially have, Roy Morgan puts unemployment at a massive 9.1% with a further 9.6% under-employed looking for work. That's 18.6% of the workforce, or 467,000 New Zealanders who are either unemployed or under-employed.
These numbers are far more damning than the official ones and gives a glimpse of how bad it might actually be in NZ for the poor right now. The Government don't believe that it is their role to create jobs, they see their role as 'creating the environment' that creates jobs. With a 9.1% real unemployment rate and 9.6% under-employed rate, it is clear that strategy of creating the environment is not working.
We are all Keynesian now, and the sooner the Right appreciate that, the better.