Those rising debt costs will arrive just as the need for investment – real investment, not the Liberals’ euphemism for new spending programs – will surge
. That will entail a shift by households, businesses and government from consumption to savings and investment.
For Ottawa, that means moving from spending on current consumption to expenditures that boost the productive capacity of the. Yet the Liberals look to be headed in exactly the wrong direction: expanding the new federal dental benefit, and moving toward a national pharmacare program. Add to that this government’s habit of larding on a few billion dollars in new spending at every fiscal update and budget.
There is no great complexity in what Ottawa needs to do: reduce barriers that discourage investment, contain spending on entitlements and shift the focus of taxation to consumption rather than income. The only problem is that list is a near-complete repudiation of the Liberal economic program of the past eight years, which has relentlessly focused on redistributing rather than creating wealth.
There is an old tale about the grasshopper and the ant. The grasshopper dances away during the summer while the ant toils, preparing for winter. When the snows arrive, the grasshopper begs for help but none comes. The moral of that fable: the cost of short-sighted indulgence is high and, when the bill comes due, it’s too late to do anything about it.
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.
Globe editorial: Bilingualism rule squeezes selection of a new Supreme Court justiceThe new language requirement has clearly limited the field of jurists Ottawa was able to consider for one of the most important jobs in the country
Read more »
Liberals' bail reforms will keep more Black, Indigenous people in jail, lawyers warnOTTAWA — An association representing Black lawyers in Canada says more Black people will be sent to jail if the Liberal government's bail-reform legislation passes as is.
Read more »
Liberals' bail reforms will keep more Black, Indigenous people in jail, lawyers warnOTTAWA — An association representing Black lawyers in Canada says more Black people will be sent to jail if the Liberal government's bail-reform legislation passes as is.
Read more »
Liberals' bail reforms will keep more Black, Indigenous people in jail, lawyers warnOTTAWA — An association representing Black lawyers in Canada says more Black people will be sent to jail if the Liberal government's bail-reform legislation passes as is.
Read more »
Liberals’ bail reforms will keep more Black, Indigenous people in jail, lawyers warnAn group representing Black lawyers says more Black people will be in jail if the Liberal government\u0027s bail\u002Dreform legislation passes as is.
Read more »
Liberals' bail reforms will keep more Black, Indigenous people in jail, lawyers warnOTTAWA — An association representing Black lawyers in Canada says more Black people will be sent to jail if the Liberal government's bail-reform legislation passes as is.
Read more »