Just as I believe that the restructuring in our private sector in the 1990s was impressive, I also think that Canadian governments (federal and provincial) responded forcefully and effectively in the mid1990s to the need to cut fiscal deficits and slow down the accumulation of public sector debt.
The overall government sector moved from a total deficit of close to $ billion or 6 per cent of gross domestic product (GDP) in 1995, to a balanced position in 1997 and 1998, and to surpluses thereafter.