Canada was in such bad shape in the early 1990s that its dollar was called the "northern peso" and the Wall Street Journal sarcastically called Canada an honorary member of the Third World. Liberal Prime Minister Jean Chretien took office in 1993 and put Canada on a brutal austerity diet. Canada's economic growth rate accelerated from less than 3% in 1993 to more than 4% in 1998. An editorial in the Washington Times last December said the US ought to follow the example of responsible nations like Canada. But Canada's impressive achievement is not necessarily a good example for the US, where premature austerity is likely to harm growth. Canada benefited from special circumstances that don't apply south of the border.