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"The U.S. fiscal solution: Follow Canada’s lead"

Economist and Globe and Mail columnist David Rosenberg:

Former finance minister Paul Martin was so successful at turning the bloated deficit around and helping reverse Canada’s long-standing reliance on big government that he has since been hired as a consultant to the David Cameron-led coalition in the U.K. Note that Henry Paulson and Lawrence Summers weren’t offered any postings.

Ooooh, snap!

See also David R. Henerson, "Canada's Budget Triumph".

The main policy actions that the Canadian government took to shrink its budget deficit and turn deficits into surpluses were cuts in government spending. Moreover, the Canadian government didn’t just cut the growth rate of spending, a favorite trick of U.S. politicians who want to claim the mantle of fiscal conservatism. It also cut absolute spending on many programs in dollar terms. And because the inflation rate in Canada, though low, was greater than zero over the whole time period, these cuts in dollar terms were even larger in inflation-adjusted dollars.