Canada's 80s Finance Minister Reflects on Deficit Battles

Michael Wilson, who served as Canada's finance minister from 1984 to 1991, reflected on his tenure in an interview. He acknowledged that balancing the budget was a significant challenge due to high interest rates and inflation.

The country was facing a 'national emergency,' according to Wilson. Despite efforts to reduce the deficit, it remained a persistent issue during his time as finance minister.

'It was as if we had to turn around an ocean liner,' he said. 'It would take a long time.' Wilson emphasized that getting the debt under control was crucial to avoid a potential run on the Canadian dollar.