Canada's economy is suddenly the envy of the world
 

http://finance.yahoo.com/news/Canadas-economy-is-suddenly-apf-807130582.html?x=0

He recalled visiting China in 2007 and hearing suggestions "that the Canadian banks were perhaps boring and too risk-adverse. And when I was there two weeks ago some of my same counterparts were saying to me, 'You have a very solid, stable banking system in Canada,' and emphasizing that. There wasn't anything about being sufficiently risk-oriented."

The banks are stable because, in part, they're more regulated. As the U.S. and Europe loosened regulations on their financial industries over the last 15 years, Canada refused to do so. The banks also aren't as leveraged as their U.S. or European peers.

That's natural. When the new way works well, we like it. We will find all the reasons to dislike the old ways. When the new way has a problem, we look back longingly at the old ways. Obviously, we gloss over the problems of the old ways and why we disliked it.

From your article:

"It's a remarkable turnaround from 1993, when the Liberals took office facing a $30 billion deficit. Moody's downgraded Canada's credit rating twice. About 36 percent of the government's revenue went toward servicing debt.

"Our situation was dire. Canada was in a lot of trouble at that point," Martin said. "If we were going to preserve our health care and our education system we had to do it."

As finance minister, he slashed spending. A weak currency and a booming U.S. economy also helped Martin balance the books. In the 1998 budget the government estimated that about 55 percent of the deficit reduction came from economic growth and 35 percent from spending cuts."

That needs to be the idealogy of ANYONE trying to get into office in November - Dem or Repub.

Nov ever 4 years is not sufficient. After all, all the spending is practically decided by Congress. Prez sends his wish list, Congress decides what part of it he gets in return for something they want to pay off the voters with.

In a perfect world yes, in reality they are just going to keep spending.