As Chinese engineer Zhang Peng told the BBC’s Joanna Jolly, quoting an old Chinese proverb: ‘To get rich, build roads first’.
We are massively indebted, and its rapidly getting worse :
The Auckland Council already has inherited debt of $2 billion from existing Councils, and has just acquired an additional $5 to $7 billion as its 25% share of leaky home liability, totalling over $10,000 debt for every income earner. Moreover, largely because Auckland is not paying its own way, our government is currently borrowing overseas at the rate of $250 million per week – ie $2,500 per year for every man woman and child, or $5000 per income earner per year, just to maintain our currently-excessive living standards. We are borrowing as if there will be no tomorrow, in which case it will be our children who pay back the loans we are incurring.