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$8 Billion Debt Educational & Social Failure

$8 Billion is a symbol of Educational and Social Failure

The milestone of $8 billion in student debt was reached today.

This figure is a staggering indictment of educational and social failure.

Heavy debt is being piled onto young New Zealanders to pay for economic policies which have transferred wealth to wealthy New Zealanders and foreigners over the past 20 years.

It is a case of “intergenerational theft”. The baby boomer generation of current politicians is stealing from its children. National’s proposed tax cuts for baby boomers underlines this in red. Fully funded tertiary education should be well ahead of increasing the incomes of wealthy New Zealanders.

Students from working class communities are the ones who suffer the most from having to borrow for tertiary education. They are already under-represented at the higher levels of tertiary education and the ever rising fees – well above the rate of inflation – are making it even more difficult year by year.

Labour’s policy of removing interest on student debt is a significant step in the right direction but there is a long way to go…

National’s policies which believe young New Zealanders should subsidise tax cuts for the already wealthy are morally indefensible.

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