This is frightening:
The official ‘New Zealand Government Debt Clock’ has been launched this morning to track in real time the money politicians are borrowing on taxpayers’ behalf at www.debtclock.nz.
“Based on official Treasury figures, just the speed of the debt clock is terrifying,” says Jordan Williams, a spokesman at the Taxpayers Union. “Every day the Government is piling on another $128 million dollars. By 2024, every kiwi household will effectively have another $112,000 on top of their mortgage.”
“One day all this money will need to be paid back – with interest. That’s why we need to ‘stop the clock’ and force politicians to balance the government budget.”
The development of the debt clock has been funded thanks to the generous donations from members and supporters of the Taxpayers’ Union. Join or support the Taxpayers’ Union at www.taxpayers.org.nz
It’s not just the amount of debt but the poor quality spending on which too much of the money is being spent that is so concerning.