Anybody’s guess how bad unemployment will get: English

Am I the only one or is this not something you don’t want to hear from the finance minister either?

Well let me tell you something Bill, it will get very bad. In fact if you really want to know how bad it will get I suggest you talk to your smarmy boss, he was there and made his money selling the crap that is now collapsing our world economic system. Think about that when the plebs drags you out of your limo to the guillotine in oh, the next year or so.

With some indicators pointing towards unemployment rates pushing 10 per cent, Finance Minister Bill English says “it is anyone’s guess” how bad it will get.

Treasury has warned that the recession, which started in January 2008, would last at least until March 2010.

The outlook, delivered yesterday, was more pessimistic than previously, with unemployment picked to be higher than the previous 7.2 per cent worst case scenario – leaving a further 60,000 out of work by next year.

A business opinion survey released today by New Zealand Institute of Economic Research (NZIER) made further grim reading.

The survey found that when seasonally adjusted the net balance of firms reporting a fall in their own activity worsened to 47 per cent in the March quarter.

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