Hiking taxes is the worst economic choice to achieve both growth and fiscal sustainability
, sapping private-sector confidence as it does. Instead, Canada would be better off constraining spending and letting growth reduce the debt burden over time.
Governments did have to engage in fiscal and monetary policy to help stem an even greater fallout from economic lockdowns. But could they have done it without spending quite so much? We don’t know but we — and the auditor general — should keep asking. The billion-dollar WE Charity volunteering program fiasco is not the main problem here — though it was completely unnecessary, given other student support in place.
Asking Canadians to pay higher taxes for unnecessary government spending will not sit well with voters. As we saw in the past decade, there is no reason for governments to sap growth with higher taxes. If political parties do try to raise taxes, voters may decide to throw them out with a tax revolt.
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