"Imagine this scenario: a federal government runs a large deficit. The deficits are so large, in fact, that the ratio of federal debt to Gross Domestic Product approaches 70 percent. Meanwhile, voters have gotten used to large federal spending programs. Does that sound like the United States?
Well, yes. But it also describes Canada in 1993. Yet, just 16 years later, Canada’s federal debt has fallen from almost 70 percent to only 29 percent of GDP. Moreover, every year between 1997 and 2008, Canada’s federal government had a budget surplus. In one fiscal year, 2000-2001, its surplus was a whopping 1.8 percent of GDP. If the U.S. government had such a surplus today, that would amount to a cool $263 billion rather than the current deficit of over $1.5 trillion."
archer wrote: Wow...all that AND universal healthcare. I guess taking care of everyone doesn't bankrupt a country.
:thumbsup: But Canada has had a conservative PM for a long time unlike Bush, the free spending Republicrat. Also easy to get the budget back on track when you aren't the world's policeman.
Thomas Sowell: There are no solutions, just trade-offs.
