John Key last week rejected the Greens call for a three-year freeze on MPs’ salaries because the anecdotal evidence he is getting suggests the recession will not go beyond this year. So they settled on one year.
But were the Greens right? There is some reason to think they were.
Jobs are disappearing fast in the big rich economies. International trade slowed abruptly in the December quarter and is expected to contract through this year. And trade is jobs. The International Labour Organisation says 50 million could go worldwide by end-2009.