Here is something to gladden your day. It's what we all wanted--gazillions of public debt, growing by the second.
There is only one target to blame: the New Zealand Government of 2020, headed by the Right Honourable Ms Ardern. Here is a piece published in Stuff.
Much More Debt
If there is not enough revenue to cover the increased spending, how will the Government cover year after year of deficits? Debt. Much more debt.
Just like cash ordinary New Zealanders borrow from a bank, the debt the Government takes on is real. It has to be paid back.
Although somewhat crude, it is possible to roughly show how quickly the debt is climbing.
The debt clock above is calculated by taking the known net debt value at July 1 2019, and the projected net debt value at June 30 2021. The debt clock shows how the debt would be rising between those two values if it increased at an even rate over that time.
It suggests that every second, $1137.64 is added to New Zealand’s public debt until it reaches $129.5 billion in June 2021.
Andy Fyers, Senior Data Journalist, Stuff
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