"The big black mark against the document is the almost cavalier gutting of the Cullen superannuation fund and with it what was left of the shallow consensus on pension policy."
Sorry John, try and get it through your head that If Cullen had been delivering yesterday's budget he would have done the same thing AND he would have suffered a credit downgrade. (Just for being the perpetrator of the mess.) Yes, the English upgrade is a major political coup for National because now we will see the cost of overseas borrowing for trading banks decline and that decline flow on to borrowers - personal and business. That alone means hundreds of new jobs but Mr Armstrong seemed interested only in pessimism.
Remember it was Michael Cullen, who sold the fund to parliament AND the public on the basis that contributions would be made ONLY in years of fiscal surplus.
FFM, Steven Joyce was right. New Zealanders don't want and won't tolerate Roger Douglas's recipe for recovery. They don't want the forty or fifty farmer suicides which were the unreported legacy of his last turn at the economic oven.