Prime Minister Justin Trudeau has said he “will continue to ensure that the economy does not become subject to a slowdown that would hurt Canadians.” That’s good, because central bankers, who repeatedly covered for indecisive and craven legislators during the Great Recession more than a decade ago, don’t have much to offer this time. Politicians will determine the extent to which COVID-19 chokes economic growth.
Fiscal policy can’t do those things either. But it can put money in the bank accounts of factory workers who are told to stay home and parents who suddenly have to take care of children ordered to stay away from school. It can make sure smaller companies have access to bridge capital to ensure they get through a temporary disruption in revenue.
Powell is the new sugar daddy, but investors may be starting to realize they need a balanced diet. The G7 finance ministers — representing the U.S., Japan, Germany, France, the United Kingdom, Italy and Canada — said they “are ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy during this phase.
Conservatives, now the Official Opposition, should match the non-partisan tone of the prime minister and the finance minister by setting aside their relentless campaign for a balanced budget. Canada has enough fiscal room to offset economic headwinds. The Parliamentary Budget Officer said last month the federal government could cut taxes or increase spending by some $40 billion and still maintain the debt’s percentage of gross domestic product at current levels.
Interesting to see EI brought up as a measure. It certainly makes sense given they already have a mechanism for illness coverage. If they provided coverage for 14 day quarantines it could take some of the sting away for people who don't have sick days.
Killing 170 billion in natural resource projects doesn't choke the economy ?
Coronavirus is low risk, remember? Nice blame game on Trudeau's lack of leadership. Maybe it's his reckless spending, recent barricades, and other nonsense? 🤔
Well when they run balanced budgets during the good time’s pay down debt with surplus, I guess that gives them the room to spend extra during down turns...it’s not like they’re running 20 billion dollar deficits just for the hell of it right?!?!
Does anyone else find it extremely annoying to constantly hear the vapid words “will continue to blah blah blah...” or “we have always blah blah blah...”? When will they stop the incessant, robotic, BS?
rexglacer Liberals, fiscally responsible?
If only the Liberals haven't chased billions of investment dollars away. But yeah....it's the virus that's the cause.
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Ontario reports three new coronavirus cases, bringing province’s total to 18A spate of new cases was reported over the weekend, all of them people who had recently travelled to Iran or Egypt, or family members of those who had visited the countries There are still flights coming into the country directly from Wuhan! covid19Canada Yes Iran is also still flying in? Italy? I hope they are really screening well!! Does anyone trust the fordnation government in being thoroughly educated about virus? This pathetic CPC_HQ provincial party? celliottability 🙄 Far more capable, educated & trustworthy people in federal government. Although I wish they were even more vigilant.
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