Presbyterian approach of Billonomics wins approval

In the July issue of North & South Guyon Espiner takes a look at the two top men in the government, those on the way up and those who may be at risk.

On Finance Minsiter Bill English he says:

. . . it’s a good bet the cautious approach will prove the right one and that highly indebted and far-flung New Zealand was poorly palced to spend its way out of poverty. To have unemployment well below rates in the US, Britain and Australia without indulging in their huge spending programmes is evidence at thsi stage Billonomics is working.

English is Catholic but his apporach to the economy has been Presbyterian: getting on to of debt and getting in control of spending without repating the slash-and-burn tactics we was in the early and late 1990s. . .

Without the luxury of surpluses to play with a Presbyterian approach is driven at least as much by necessity as philosophy but it seems to be working.

We may not be out of the woods yet but at least we’ve got a map and directions to help us on the way without saddling our children and grandchilren with debt which will put a rein on economic growth when the world recovery eventually rebounds.

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