This reading carries on from here.
The third chapter in Own Your Future is ‘Superannuation and the Gold Card’. This essay starts with a dig at Winston Peters, who was once investigated by the Serious Fraud Office. Seymour doesn’t like the wasteful spending he sees in the Gold Card, especially as many of the recipients of the largesse of it are already millionaires.
Universal super is set to cost us around $20,000,000,000 per year by 2031, Seymour informs us. Here he makes a play for younger voters by having a go at the Baby Boomers. He references the suspicion of the younger generations that they aren’t going to get the same sweet pension deal that their parents got – after all, we didn’t get the same free tertiary education that they got.
He raises the spectre of a Greece-style economic apocalypse happening as a result of a debt spiral triggered by having to pay these lavish pension funds up to and past 2060. It’s hard to deny Seymour’s maths, as it appears to be true that we will soon reach a point where there are only two workers for every pensioner (as opposed to today’s four).
The options, as he sees it, are: raising taxes by about a quarter or raising the retirement age, neither likely to happen because young people don’t vote. Seymour here criticises both John Key and Bill English for lacking the courage to deal with the issue, and makes an entreaty to the young to not become disengaged from politics.
This seems baldly hypocritical, considering that ACT spent all of the last nine years voting alongside the National Party, who are the party that represents all the Baby Boomers. As Dan McGlashan showed in Understanding New Zealand, the vast majority of Baby Boomers vote for National, whose efforts to fuck over the young were eagerly supported, for nine years straight, by all ACT MPs including David Seymour.
National closed down rape crisis centres and gutted mental health funding, leading to New Zealand having the developed world’s highest youth suicide rate, and Seymour supported them all the way, despite that many young people voted ACT in 2014. He does not acknowledge that this may have contributed to the low turnout rate among the young.
True to neoliberal form, Seymour’s solution to this looming pension crisis is to squeeze some extra labour out of the working class, by raising the age of retirement to 67, and soon. No means testing, despite that 25% of people claiming the pension are also either claiming a salary or run their own business (as admitted by Seymour himself) and at that point the chapter abruptly ends.
One realises here that Seymour is primarily trying to win votes from people too young to know anything other than neoliberalism. Old people are too conservative to vote anything other than National or sometimes New Zealand first, and it’s the young and well-heeled (who don’t expect to be reliant on a public pension in old age) who are the most amenable to Seymour’s suggestions here.
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