26 July, 2004

Government responsible for Generation Debt

Green MP Nandor Tanczos today accused successive governments of fostering a mentality of debt dependency in New Zealand through the use of the student loan scheme.

Nandor, the Green Party's Tertiary Education spokesperson, was responding to reports released today by two agencies showing New Zealanders are continuing to spend more than they earn at dangerous levels.

The New Zealand Institute reported that 16 per cent of New Zealanders had more liabilities than assets and that the median household wealth in Australia was three times that of New Zealand's, while the Consumers' Institute revealed that total credit card debt now amounted to $4 billion.

"The level of at which people spend more than they earn has reached frightening proportions," said Nandor.

"Student loans have encouraged a generation of young New Zealanders to see debt as a valid way of financing their lifestyle.

"Eighteen year-olds are exposed to thousands of dollars of debt at an age where many of them cannot fully comprehend the long-term effect this debt will have on their lives.

"A debt mentality has developed now for a generation of New Zealanders. Debt is just a part of life for young people, many of whom will never pay off their debt during their lifetime.

"The only winners are the foreign-owned banks who are creaming the interest payments," said Nandor.

ENDS

© Scoop Media

Gordon Campbell: On the Sony cyber attack

Given the layers of meta-irony involved, the saga of the Sony cyber attack seemed at the outset more like a snarky European art film than a popcorn entry at the multiplex.

Yet now with (a) President Barack Obama weighing in on the side of artistic freedom and calling for the US to make a ‘proportionate response’quickly followed by (b) North Korea’s entire Internet service going down, and with both these events being followed by (c) Sony deciding to backtrack and release The Interview film that had made it a target for the dastardly North Koreans in the first place, then ay caramba…the whole world will now be watching how this affair pans out. More>>