The Standard have a nice slight of hand here.
The global financial crisis is not National/Act’s fault, just as it wasn’t the Labour-led government’s fault.
Get that, we’re being generous – it’s not the fault of (what was a week ago) the opposition the new government!
(Oh and it’s not the old government’s fault either.)
True, the the international situation is not Labour’s fault. But the fact that after years of plenty, we have so little left in the government accounts that we’re expecting 9 years of defects, most certainly is Labour’s fault.
Distract with a pretend generous statement, and slip in a near falsehood. Nice trick.