Monday, March 23, 2020

We are all socialists now

Last week, the government announced a $12 billion initial package to support people during the pandemic. Today, the Reserve Bank is buying government bonds - effectively printing money - to keep up the money supply during the crisis. Normally such moves would have the right apoplectic. Instead, the National Party is calling for more, as are the business lobby groups.

The change in mindset is astounding. I guess we really are all socialists now. And hopefully we'll remember this when the crisis is over, and not just go back to business as usual.