Chrystia Freeland finally gets serious with her second budget — via financialpost budget2022
The late Jim Flaherty’s fiscal update in November 2008 nearly triggered a constitutional crisis, before he got serious about the Great Recession and tabled aIf there is a group in Canada more averse to risk than the business elite, it’s the political class, which proves over and over again that it’s incapable of making a difference before first making things worse.
So, too, Chrystia Freeland, who, along with her boss, Prime Minister Justin Trudeau, appears to have needed a bloody war in Europe to appreciate the seriousness of the crisis at her door. The delay is frustrating, but not unusual. Martin needed a dressing down by Canada’s creditors to appreciate that the mismatch between spending and revenue had grown too wide to be fixed by promises and half-measures. A decade-and-a-half later, Flaherty rediscovered the hard way that austerity doesn’t spur economic growth when all the private money has fled out of fear of a depression.
Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland pose for a picture holding the 2022-23 budget.Freeland’s tendency has been to equate firefighting with reconstruction. She and her cabinet colleagues like to tweet and retweet statistical evidence of how much faster Canada’s labour market recovered from the pandemic compared with that of the United States.
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