Michael Cullen ran surpluses averaging nearly $5 billion for eight - TopicsExpress

Michael Cullen ran surpluses averaging nearly $5 billion for eight years. He did so to constant calls from National for tax cuts. Fortunately for the economy, Cullen ignored them. By the time the 2008 recession arrived, he had reduced the public debt to practically zero. Since then, six years of recession deficits have created a new debt of about $60 billion, 26 per cent of New Zealands GDP. Fiscal responsibility recommends it be reduced to less than 20 per cent before another economic shock occurs. The Government seems in no hurry.

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