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Published on Sep 18, 2012
In the 1990s, Canada suffered from the same economic malaise that plagues the U.S. today: slow economic growth, heavy government spending and a rising national debt. Canada's remarkable turnaround relied relatively little on raising taxes; instead, federal program spending was cut by nearly 10 percent over a two-year period to restore its budget to balance. Its federal government also devolved greater responsibility to provincial governments, leading to a decade of strong growth in employment, gross domestic product and investments. Despite the political challenges of reform, the governments responsible were consistently re-elected both federally and provincially.
The video examines what lessons Americans and their political leaders might draw from Canada's economic turnaround. It is based on the Macdonald-Laurier Institute's book, Northern Light: Lessons for America from Canada's Fiscal Fix. www.macdonaldlaurier.ca. @MLInstitute