The following is an excerpt from Frank Miniter | July 24, 2012 | Forbes.com |
With President Barack Obama claiming the government builds success, not individuals, Mitt Romney should look north to a story Obama would rather Americans didn’t notice. Canada is outperforming the U.S. on every economic front and they’re doing it with policies Republicans say they’d like to implement.
For the inside scoop I interviewed Tony Clement, Canada’s President of the Treasury Board (the COO for the Government of Canada who is responsible for managing spending among other duties) and a Member of Parliament with the Conservative Party of Canada.
He was enthusiastic. This is a story he wants to tell. A story that people south of the border should be paying attention to. According to senior Canadian officials who’ve had closed-door meetings with Obama administration officials, the White House has been curious about how Canada is growing. When Canadian’s told them how, they even toyed with implementing some of the same policies.
First, for context, we need to do a numbers comparison with the U.S.
Canada’s unemployment rate is now 7.3%, whereas the current U.S. unemployment rate is 8.2%. Canada’s combined federal and provincial debt to GDP ratio is 57.9%, while Canada’s federal debt to GDP ratio is 34%. Meanwhile, the U.S. debt to GDP ratio reached 101.5% in 2011.
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