In the black

I shoudl have blogged on Thursday that Dr Cullen announced on Thursday that for the first time since records began in 1972, the NZ Government has no net debt.

This is a great achievement, considering how at one stage the interest of our debt was one of our larger items of expenditure.

So who should get the credit? Well the 4th Labour Govt did many good things but fiscally they were as bad as George W Bush and ran operating deficits.

The person who should take most of the credit is Ruth Richardson who reversed a 20 year trend of increasing deficits. But highly commended goes to both Bill Birch and Michael Cullen who have kept the surpluses up.