Following on from yesterday, Andrew Coyne, writing in the Globe and Mail, says, “Okay, okay, we get it. For weeks, the Liberals have been signalling that a major shift in policy is in the works, starting with this month’s Speech from the Throne. Rather than the rapid increases in spending of their first years in government, or the truly massive increase in spending since the pandemic – at about $630-billion, it is nearly double what was forecast in the last budget – the government is planning … even more massive increases in spending … [and, he adds] … Quite how massive we can only guess at as yet, but based on the rhetoric from the Prime Minister (“this is our moment to change the future”), his new Finance Minister (who aims to turn the pandemic into “a fabulous opportunity for the country”) and a phalanx of “senior government officials,” Justin Trudeau is betting the country’s future on a quite extraordinary burst of federal activism. There will be more money for daycare, more money for senior care, more money for unemployed workers and part-time workers and low-paid full-time workers, more money for green infrastructure, for industrial subsidies and anti-racism initiatives and, well, you get the idea.“
But here’s the astounding bit, Mr Coyne says that, “no one, the Prime Minister vows, will have to pay a dollar more in taxes for any of it: It will all be chalked up to the national debt. This year’s deficit, already pegged at about $380-billion (it grew by $37-billion in a single day last month, an amount that would once have attracted some notice) or 18 per cent of GDP, is only the start. The deficit looks likely to remain well in excess of $100-billion for several years, even in the most optimistic of scenarios. The federal debt is on track to exceed 60 per cent of GDP, with further increases beyond.“
This is beyond stupid. It’s idi~bloody~otic. Justin Trudeau seems to “think” that we don’t need to pay off the national debt; he seems to “think” that we don’t need to pay the interest on the debt. He is, truly, “as dumb as a bag of hammers.” In fact I’m going to go as far as to say that he is even more economically illiterate than his father … who was the dumbest prime minister in Canadian history.
The appointment of the über–progressive Chrystia Freeland to the finance post means that there is no voice of reason left in any important financial portfolio at the cabinet table …
… the inmates are, truly, running the asylum.
Meanwhile, the Globe and Mail reports that Erin O’Toole has unveiled a sensible plan to pay down the existing debt and balance the budget in ten years.
Canadians have a choice a sensible Conservative fiscal plan that recognizes that we, taxpayers, must eventually, pay all our debts and the Beyond Stupid plans of a daydreaming man-child who doesn’t even understand that what the national debt is.