Imagine how weird it would be if the Cato Institute and Americans for Tax Reform praised Barack Obama for fiscal responsibility.
And think how inconceivable it would be for the Heritage Foundation and the National Taxpayers Union to applaud Tim “Turbotax” Geithner for economic stewardship.
But the Canadian version of that happened while I was at the conference of the World Taxpayers Association in Vancouver two weeks ago.
The event was organized by the Canadian Taxpayers Federation and the main speaker was Paul Martin of the Liberal Party, who served as Finance Minister from 1993-2002 and Prime Minister from 2003-2006.
And I should add, for context, that the Liberal Party in Canada is not a classical liberal party with a track record of free markets and small government.
But Paul Martin was honored because he was responsible, while Finance Minister, for one of the best records of fiscal restraint of any policy maker in recent history (click here for international comparisons).
I’ve pointed out that the burden of spending fell under Bill Clinton, and I’ve even acknowledged that the federal budget hasn’t grown much under Obama, at least once you get past his first couple of years.
But Paul Martin was far more frugal. And since Canada has a parliamentary system, there’s no ambiguity about who deserves credit. He restrained spending when his party had control.
What happened to generate the good results? For all intents and purposes, he imposed a spending freeze. And I’m talking a nominal spending freeze, not the kind of fake fiscal discipline you get when politicians make “cuts” off an inflated baseline.
And because the budget was successfully restrained, that addressed both the problem of too much spending and the symptom of red ink.
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