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Has anyone noticed that Canada faced economic collapse in the mid 1990s and now is a model of economic strength? At its nadir in 1995, Canada’s collective governmental debt was 120% of GDP and had lost its coveted AAA credit ranking. Canada was on par with today’s weakest European Union countries like Ireland. After implementing numerous highly painful public policy reforms, Canada’s federal budget was balanced within three years, and all provincial governments were operating in the black within five years.

In contrast, the US “debt held by the public” is around 60% of GDP, and with state debt the aggregate amount is about 77% (not counting Social Security and Medicare obligations).  Despite the current global economic recession, Canada’s resurrection clearly shows that adopting tough deficit reduction measures can save health care and education priorities while fostering GDP growth.

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