Coronavirus fallout: Policies forged in crisis tend to stick around longer than anticipated

Economic policy generally takes years to develop, but crises can speed up the process. That can be both good and bad.

It would take the better part of three decades to correct the mistake. In 1996, and facing a crisis of confidence among bond traders in Canadian debt, Jean Chrétien’s government made it significantly harder to qualify for jobless benefits, part of a strategy to erase a budget deficit that had exploded to five per cent of gross domestic product. The technocrat’s mantra for using the public’s money for economic rescues is “timely, temporary and targeted.” That’s easier to repeat than execute.

As for timely, the story of unemployment insurance shows that policies forged in crisis have a tendency to stick and then morph into something bigger than originally intended. That’s the last thing Harper, a rigid fiscal conservative, would have wanted. The Bank of Canada was open to learning from the financial crisis, however.

Supply management of oil is on the table. Alberta Premier Jason Kenney on March 27 said he was exploring the possibility of a “coordinated approach to curtailment of production across North America” as a way to support the oil industry.

Policies like investments in health services perhaps?

Judging from PMJTs past, we are in good hands... not worried in the slightest

Raising taxes in times of crises reeks of incompetence. Blackface needs to go ASAP

Article naive. Industrial policy in Canada will/has failed. We're unproductive /uncompetitive (high taxes, zero innovation). Unlike any other country, keeping resources in ground with regulations/climate change hysteria. Kenney making preemptive strike to counter feds inaction.

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Half of Canadians say they are on brink of insolvency as coronavirus threatens to burst country’s consumer debt bubbleThe coronavirus crisis is delivering an unprecedented financial shock to Canadians, survey finds Now get ready for carbon tax. All those that voted Liberal should rejoice. That is scary. Sadly Trudeau doesn’t care about Canadians Thanks again. Compliments of Justin the Traitor
Source: nationalpost - 🏆 10. / 80 Read more »

Scientist gets magnets stuck in his nose after coronavirus device mishapThe internet is awash with suggestions for keeping yourself occupied at home during the coronavirus outbreak, but one Australian scientist ended up in the hospital thanks to his choice of entertainment. Love this guy. Must work for CNN AND CTV CANADA'S BIGGEST EMBARRASSMENT That's hilarious
Source: CTVNews - 🏆 1. / 99 Read more »

This Canadian is stuck in Nepal after learning about the coronavirus too lateA Canadian who went on a two-week hike through the Himalayas is now stranded in Nepal, after returning from his trek and learning the country's under lockdown. Maybe this idiot should check the news once in a while. Bullshit This guy had two months and is finding out now he can’t come home. LivesInABox
Source: CTVNews - 🏆 1. / 99 Read more »

EU presses on with tighter 2030 climate target despite coronavirus pandemicThe new target, to be proposed in September, will guide the Commission’s revisions of a suite of EU policies even as it also focuses on a post-coronavirus economic recovery
Source: globeandmail - 🏆 5. / 92 Read more »

In a coronavirus crisis, Gairdner Awards honour eight explorers of how cells, genes and viruses work‘You never know what’s going to give you insight into disease,’ foundation’s chief says
Source: globeandmail - 🏆 5. / 92 Read more »