After he inherited a Republican deficit and a near-junk-bond credit rating there in 1994, he said he had produced surpluses, raised the credit rating, reduced staff, improved services, revitalized the depressed downtown and cleaned up the polluted waterfront.
The recent revelation in a letter from health minister Earl Howe to Lord Haskel that Circle shareholders will have first call of £2m annually on any surpluses raises serious questions about the terms of the contract.
Since then he has adopted a harsh policy of budget surpluses, raised taxes and sold off Greek banks to speculative funds, privatised airports and ports, and is about to slash pensions.
"So in the good times we stay in surplus - raising more money than we spend and using that to pay down our debts," Mr Osborne said.
Cable accepted the invitation from Clegg as he accused the chancellor of dishonesty for suggesting he could eliminate the structural budget deficit by 2017-18 and then run an overall budget surplus, without raising taxes.
"The dominant budget strategy is to return towards surplus by raising extra taxes... bracket creep is the tax increase you have when you don't want to legislate a tax increase," he said.
Their twin drive to reduce public spending to just over 36% of GDP in the last year of this parliament is because, as Macpherson declares more fervently than any Tory politician, the budget must be in surplus and raising tax rates is impossible.
Chen Xingdong, who follows China's economy for BNP Paribas Peregrine in Beijing, said about 45percentt of China's economic growth derives from exports, leaving the country's economic health increasingly vulnerable to pressure from the United States and Europe for China to stanch its trade surplus by raising the value of the yuan.
He also told the conference that he could run the government at a surplus without raising taxes, which analysts have said would mean making extensive spending cuts after the next general election.
This led to sustained outflows to rich people's overseas accounts and a persistent current account deficit even during periods of trade surplus, and raising interest rates to unprecedented levels.
Agricultural Adjustment Administration AAAA), in American history, major New Deal program to restore agricultural prosperity by curtailing farm production, reducing export surpluses, and raising prices.
