What a fascinating admission from Finance Minister Michael Cullen.
This is the result of three terms of Liarbour.
After all the surpluses he gathered through higher taxation, Cullen has spent the lot, and some.
He credits Kiwisaver, 20 hours 'free' and those long-awaited Treaty settlements that coincidentally are being offered just as we approach an election when Liarbour faces losing support to the Maori Party.
And we have the international economic situation too, when of course, when the global scene was good, our economic record was all down to the worthy stewardship of Michael Cullen and Liarbour, wasn't it?
But doesn't such a comment from Cullen show how truly out of his depth he is. He is but a failed history teacher after all. He knows nothing or very little about the workings of the global economy, so unlike John Key.
Cullen has presided over good times which had nothing to do with him and Liabour. And now we face tougher times ahead, Culeen is out of his comfort zone. Seems like the poor lad needs to call it a day and let someone else take over.
Liarbour's economic incomeptence becomes ever more glaring by these remarks and the state of the finances Liarbour will leave behind, and thats before we consider how economic growth here continues to lag elsewhere.