Discussion about this post

User's avatar
Stephen Best's avatar

No, "if these trends progress, Canadians in 2025 will [NOT] be poorer, higher taxed, suffering from diminished economic growth, and have relatively less freedom than they did before this all started."

The notion that higher deficits and debt lead to these dire consequences, for a country like Canada which issues its own currency and assumes debt in that currency, has no merit, whatsoever.

Yes, there are limits on debt and deficits, but they are indicated by inflation and unemployment, nor the debt/GDP ratio. In Canada, the former is set low by the Bank of Canada and the latter is high, indicating the best fiscal and monetary approach is increasing debt, as the Bank of Canada and federal government are now doing. Increasing debt or 'quantitative easing' is actually printing money, which Canada can do up to a point. Money should be 'invested' in the economy as long as there is 'slack' in it as indicated by high unemployment.

The idea that for a country like Canada low debt and balanced federal budgets are 'good' is pure ideology not sound fiscal or monetary policy.

Canada's is far below where it can safely go (and should go) in the debt/GDP ratio. Canada's debt/GDP is about 50%, Japan's is over 200% and the fears Fraser Macdonald raises have not been seen in Japan.

The 'time to panic' or take fiscal and monetary economy-cooling measures is when inflation rises above 3% and unemployment is at 0%.

Lastly, I have no idea what "have relatively less freedom" means. Is the Charter of Rights and Freedoms in danger of being repealed?

Expand full comment
Akshay's avatar

I cannot imagine a major newspaper carrying this article in one of their columns - and that's a compliment. Thank you for providing a platform for those ideas and perspectives that will typically never be given a chance in the regular media - esp where the content is sensible.

This article may have a conservative "tilt", but it rightly points out O' Toole's lack of putting forward a policy platform that offers solutions to the very issues he (rightly) points out in Parliament. I hope he moves beyond the "interrogation" aspect of his position and starts proposing solutions instead. Otherwise the voters (and more likely the Liberal party) will simply brand him as the "guy who asks awesome questions, but doesn't seem to have any answers himself". There is definitely a void to fill in, and the sooner O' Toole jumps in, he will still be able to create his own brand and image. Else, someone else will do it for him.

Expand full comment
2 more comments...

No posts