Archive for August 2nd, 2010

New branding, but same old tories

Prime Minister John Key just squeezed himself into the New Zealand Rich list. With an entry requirement of NZ$50 million, John Key has just made it with $55 million personal worth. Compared with world standards, this can hardly be called very rich. However, among the world's leaders, he's ranking is quite high above - 18th.

What this reveals is that he must be quite clever to gain that amount of wealth, and succeed in both economic and political arena.  As a banker, you can also safely assume that he is highly financially literate. So lack of knowledge can hardly used to explained Key's comparison of wage gap between Australia and New Zealand:

Loyalty dictated John Key take the support option. To loud guffaws from the Labour benches, Key told Parliament that he had been advised that the gap between gross average weekly earnings in Australia and New Zealand, adjusted for purchasing power parity, was $160.25. "That is certainly a lot less than it was in 2005, when it was $187.60."

Indeed it is. But National did not win the 2005 election. It was elected in 2008 when - according to Key's own figures - the income gap had narrowed to $138.

There are two things that I definitely did not expect - 1. how did he become a millionaire? 2. I am actually very surprised to find out that the wage gap actually decreased - at a quite considerable rate, at the time when Labour was at the helm until the recession. I guess this is just another example of misconception that the right-wing biased media has created.  You thought you know the very essence of politics, but in fact you only know the facts as being digested and manipulated by others.