The Globe and Mail did an interview with Bil Morneau , our new freshly minted Finance Minister to talk about the up coming Federal Budget.
Morneau said he was going to look at the long term. Ha! I guess he is. That short and medium term is full of self inflicted red ink. Can’t talk about that.
The old , tired talk of Government doing the research and development stuff , the skills stuff , the infrastructure and presto there’s jobs, prosperity. We have been doing the infrastructure in one form or another since at least 1957 with Diefenbaker’s winter works program . Now that dating me , for sure.
When will people learn you cannot spend your way to prosperity. The EU countries that have tried this have abysmal records , note Greece and France . Russia and China only prosper when they move to unleash the private sector. Look at the states in the US ; the ones that have reduced taxes , streamlines regulation etc have created the most jobs , thereby increasing revenue to the Government . Of course, left leaning people will never learn this ; it is not in their DNA.
Here is a Government putting more impediments in the way of our largest natural resource , oil and gas development and transmission , and then talking about doing something positive economically? Do they have some more humour to unleash?
What is most sad about the interview is that there is no talk of deficits and debt . I guess it is just too embarrassing .
Imagine if you told your family you were going to have a little deficit next year and then a few months later tell them that has increased two to three times?