From a passage in a speech Michael Bassett gave to the Institute of Economic Research last week;
"Then the grand daddy of them all in 1976, Robert Muldoon’s National Superannuation, payable initially to couples at 80% of the average ordinary wage at 60. Historian Sir Keith Sinclair called it “the biggest election bribe” in our history."
The DomPost has published private income figures from the Positive Ageing Report released on Friday.
The Social Development Ministry survey found the average private income of a single person aged over 65 had dropped 88 per cent from $2200 a year in 1989 to just $260 in 2004.
Private income is income that excludes public pensions or means-tested welfare benefits. Here is the graph;
Why bother saving when the government is doing it for you?
May 19 in history
10 minutes ago