Winston is stuck in the past over Super

act-new-zealand

Mon Mar 06 2017 13:00:00 GMT+1300 (New Zealand Daylight Time)

Winston is stuck in the past over Super

Monday, 6 March 2017, 12:55 pm
Press Release: ACT New Zealand

ACT Leader David Seymour says Winston Peters in a state of outdated denial over the rising cost of superannuation.

“Winston Peters’ argument might have stacked up in his ’80s heyday, but things are different now. People are living far longer, and retirement can last 30 years. Half of today’s newborns are expected to live to age 100.

“Winston’s favourite trick is to say we currently spend less on Super than other OECD countries. But again, he fails to look forward. The issue isn’t today’s cost, it’s the cost further down the line.

“We already spend about as much on Superannuation as we do on the education system. But if we don’t change our policy, government debt will reach 206 per cent of GDP in 2060 when current university students are retiring. That’s worse than the current debt of economic basket cases such as Zimbabwe (203 per cent) Greece (179 per cent), Italy (133 per cent) and Portugal (121 per cent).

“This debt means higher taxes, a stagnant economic, and ultimately, poverty and despair.

“Winston is happy to saddle today’s young people with a future of debt. Instead of looking forward, he’s looking back, protecting the interests of his current supporters, whatever the cost to future generations.”

ACT would gradually raise the age of eligibility from 65 to 67, starting in 2020.

ENDS

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