The 1995 cutbacks had to deal with a public debt rising above 70% of the economy. That ratio of debt to the economy is now below 32%, the lowest in the G-7, so the fiscal crisis is long past. Federal taxes as a share of the economy are now less than 15%, the lowest they have ever been. Claiming that deficits are currently a threat to Canada's wellbeing are more an assertion of ideology than anything else.