Former Budget Chief to Obama: New Zealand alone has managed the crisis right
A top former financial advisor to President Obama has given New Zealand a ringing endorsement for the way the National Government is handling the global financial crisis.
Peter Orszag, Obama’s Director of the Office of Management and Budget until 2010, singled out New Zealand as the model for a balanced response to the international debt crisis.
Mr Orszag observed the importance of combining long-term deficit reduction measures with additional support for the economy, and identified New Zealand as the only country which has got the balance right.
“If you look across all the developed countries, there is only one country… which has actually done that, which is New Zealand – who have coupled additional stimulus with medium-term fiscal consolidation. That’s the right combination.”