1 00:00:00,080 --> 00:00:03,800 Speaker 1: Well, ladies and gentlemen, we're broke. The half year the 2 00:00:03,800 --> 00:00:05,960 Speaker 1: government fiscal update shows we're still in debt and the 3 00:00:05,960 --> 00:00:09,520 Speaker 1: debt is getting bigger. So we're broke. Not enough money, 4 00:00:09,800 --> 00:00:12,080 Speaker 1: everything's more expensive, so it's off to the money lender 5 00:00:12,119 --> 00:00:14,680 Speaker 1: before the bailiffs come in and sell everything. Sounds like 6 00:00:14,720 --> 00:00:17,680 Speaker 1: a lot of households around me. Ideally, of course we'll 7 00:00:17,720 --> 00:00:19,880 Speaker 1: be in surplus. That would mean we have raised enough 8 00:00:19,880 --> 00:00:22,400 Speaker 1: money to actually pay our way. Then we'd have more 9 00:00:22,440 --> 00:00:25,279 Speaker 1: money than cost. But we aren't, and the possibility of 10 00:00:25,280 --> 00:00:27,560 Speaker 1: that happening has got further away. So make no mistake. 11 00:00:27,640 --> 00:00:32,479 Speaker 1: Deficit as bad, but surplus actually that's only just okay, 12 00:00:32,680 --> 00:00:34,680 Speaker 1: that's how bad we are, and we're getting more and 13 00:00:34,680 --> 00:00:37,040 Speaker 1: more into debt. The government has a debt to GDP 14 00:00:37,240 --> 00:00:39,640 Speaker 1: ratio of forty one point eight percent. It used to 15 00:00:39,680 --> 00:00:42,560 Speaker 1: be twenty nine and it's forecast to rise to over 16 00:00:42,640 --> 00:00:47,400 Speaker 1: forty six percent before it starts going down. But you 17 00:00:47,440 --> 00:00:50,280 Speaker 1: can just say we're broke, simple, easy, let's put another 18 00:00:50,360 --> 00:00:53,440 Speaker 1: lens on it. Though. The New Zealand government has posted 19 00:00:53,440 --> 00:00:57,640 Speaker 1: a surplus seventeen times since nineteen eighty. That's seventeen times 20 00:00:57,680 --> 00:01:01,120 Speaker 1: and forty five years. So the governments have, as being broken, 21 00:01:01,160 --> 00:01:03,480 Speaker 1: had to run off to the money lenders sixty two 22 00:01:03,560 --> 00:01:07,039 Speaker 1: percent of the time since nineteen eighty. Being broke is 23 00:01:07,040 --> 00:01:10,960 Speaker 1: our normal. And if I applied the surplus deficit debt 24 00:01:11,040 --> 00:01:13,119 Speaker 1: ratio to my own finances, then I've been broke most 25 00:01:13,120 --> 00:01:15,240 Speaker 1: of my adult life. I mean, hello, who hasn't had 26 00:01:15,240 --> 00:01:17,920 Speaker 1: a debt to equity ratio of ninety five percent in 27 00:01:17,959 --> 00:01:20,360 Speaker 1: their lives? So if you look at that at that way, 28 00:01:20,440 --> 00:01:23,360 Speaker 1: it start so bad. And we're still on the right 29 00:01:23,360 --> 00:01:28,880 Speaker 1: half of the indebted nations list because everyone's broke. I 30 00:01:28,920 --> 00:01:31,520 Speaker 1: think sometimes we're a bit naive when we demand surpluses 31 00:01:31,840 --> 00:01:33,600 Speaker 1: about just how hard it is to do. If you 32 00:01:33,640 --> 00:01:36,679 Speaker 1: listen to Stephen Joyce on Heather's show yesterday, he said 33 00:01:36,840 --> 00:01:39,760 Speaker 1: government books are hard to turn like a supertanker. As 34 00:01:39,760 --> 00:01:42,560 Speaker 1: he said yesterday, it can take up to a decade 35 00:01:42,600 --> 00:01:45,920 Speaker 1: to go from deficit to surplus. But some of us think, oh, 36 00:01:45,959 --> 00:01:48,080 Speaker 1: a few public service cuts and cuts to benefits and 37 00:01:48,080 --> 00:01:51,680 Speaker 1: we'll be tickety boot. Our fiscal crisis is far more 38 00:01:51,720 --> 00:01:55,840 Speaker 1: fundamental than that, and that the problem is we don't 39 00:01:55,840 --> 00:01:59,400 Speaker 1: make enough money in this world to fix it. We 40 00:01:59,440 --> 00:02:01,760 Speaker 1: need to make more money in the world, so we 41 00:02:01,800 --> 00:02:04,680 Speaker 1: have more tax revenue, so we can then afford the 42 00:02:04,720 --> 00:02:07,520 Speaker 1: good stuff and the necessary stuff, and so we don't 43 00:02:07,560 --> 00:02:10,200 Speaker 1: have to have debt. So my question to you is, 44 00:02:10,320 --> 00:02:13,120 Speaker 1: what are you doing there? Standing here listening to this. 45 00:02:14,080 --> 00:02:17,080 Speaker 1: Get to work, make more money for more from Early 46 00:02:17,200 --> 00:02:20,239 Speaker 1: Edition with Ryan Bridge. Listen live to News Talk Set 47 00:02:20,320 --> 00:02:24,320 Speaker 1: B from five am weekdays, or follow the podcast on iHeartRadio.