Just like every other politician before him, more broken promises. But is it broken if there was no common sense that it could ever happen?
The answer is YES!!!
So much for the Care Bear economics of Prime Minister Justin Trudeau.
Remember during last year’s federal election when Trudeau said he was all about growing the economy “from the heart outwards” so “the budget will balance itself”?
Well, that was then, but this is now.
Over the weekend, Federal Finance Minister Bill Morneau put a definite chill on Trudeau’s “sunny ways”.
He told the Ontario wing of the federal Liberal party that Canadians had better get used to “job churn” — temporary employment and short-term contracts — and that the jobs of people like truck drivers and receptionists are on their way out.
That came days after the Bank of Canada downgraded its economic forecast for the national economy — again — predicting slower than previously expected growth to the end of 2017.
We aren’t going to blame the Liberals for things they can’t control like the collapse of world oil prices.
And no one has to tell Canadian workers that — save for unionized public sector employees — full-time employment is precarious these days. That preceded Trudeau as well.
But the scary thing is the Liberals’ prescription for all this, which is that we can somehow spend ourselves rich.
Predictably, Morneau praised Liberal initiatives like the new child care benefit and enhancement of the Canada Pension Plan as the answer to hard times.
What he didn’t mention was the cost.
Trudeau has already broken his pre-election promise of annual deficits of under $10 billion with a modest surplus in 2019-20, to a post-election reality of $30-billion annual deficits with no end to the red ink in sight.
Pre-election, Trudeau told us his middle class tax cut would be revenue neutral, paid for entirely by higher taxes on the wealthy.
That also turned out to be a myth. Post-election, Trudeau had to borrow more money to deliver it.
The problem is that if spending ourselves rich actually worked, the streets in Ontario — now the world’s most indebted sub-sovereign borrower under Liberal Premier Kathleen Wynne — would be paved with gold.
The reality is it won’t work and it’s never worked.
Borrowing more money just means higher taxes or public service cuts in the future.
And the budget won’t balance itself.