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Politics : Mainstream Politics and Economics

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To: Bearcatbob who wrote (6711)	1/11/2012 9:06:45 AM
From: Alastair McIntosh	Read Replies (2) of 85487

Can liberals govern without bankrupting a nation? The Liberal party in Canada was elected in 1993 after Conservative government since 1984. At the time, Canada had one of the highest annual deficits of the G7 countries. Standard & Poor's had lowered its rating on Canada's foreign-denominated government debt from AAA to AA-plus in 1992 and in 1994, Moody's lowered its rating on Canada's foreign currency debt from Aaa to Aa1, partly due to Canada's growing public debt. Paul Martin, the Liberal finance minister, made huge budget cuts, scaling down government to 1951 levels. In 1998, Martin introduced a balanced budget, an event that had only occurred twice in 36 years before 1997. In 2002, Moody's and Standard and Poor's restored Canada's domestic and foreign currency debt ratings to AAA. During his tenure as finance minister Martin was responsible for lowering Canada's debt-to-GDP ratio from a peak of seventy per cent to about fifty per cent in the mid-1990s. He also overhauled the Canada Pension Plan thereby averting a pension crisis if left unaddressed. So, to answer your question, yes, liberals can govern without bankrupting a nation.

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