First came the dire warnings from bankers and economists. The Wall Street Journal ratcheted up the anxiety in 1995, calling Canada "an honorary member of the Third World" and predicting it would "hit the wall" without radical cuts in government spending.
Then came the harsh medicine. Paul Martin, who was then finance minister, chopped health and education transfers, Employment Insurance benefits, agriculture assistance, business subsidies and dozens of federal programs. "It is crucial that government get its house in order," he told Canadians.
Next came the blandishments. The payoff for staying the course would be a favourable job creation climate, new resources to invest in health care, higher learning and technological innovation and eventually tax cuts, Martin promised.
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