Matt Gurney: Trudeau hasn\u0027t earned any benefit of doubt on deficits
Here’s the thing: for the most part, this is defensible. The prime minister’s legions of defenders are quick to claim that the choice was between deficits and either tens of thousands more dead Canadians or a cratered economy, or both. These boosters often get a bit carried away in their overenthusiastic defence of the PM, but there is some truth to what they say — the emergency was serious enough to warrant major spending.
There’s no way to actually measure what the limit of that tolerance is. But people will want to feel good about Canada’s response, and the obvious examples of other comparable countries that performed worse than us will buttress the Liberals, especially since one of those struggling countries is the U.S., and we all know how much Canadians love feeling superior to our southern siblings.
And the prime minister’s comment on Wednesday absolutely makes it harder. It’s embarrassing. It’s one thing to make the case that the pandemic made huge deficit spending necessary. It’s another thing to say that the government did it so that Canadians didn’t have to. Discussions about deficits and debt always eventually veer into debates about debt-to-GDP ratios and historically low interest rates and the ability of central banks to finance their own spending, but what these debates overlook or obscure is a simple but unavoidable truth: even sovereign federal governments, even those of rich countries like Canada, and even those who look good compared to their G7 peers, must contend with reality.
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.
Matt Gurney: What the prime minister doesn't get about the WE scandalThe speeches had happened. Those were a matter of record. The question was whether WE had paid for them — whether the prime minister\u0027s close relatives had personally benefited from their affiliation
Read more »
Matt Gurney: What the prime minister doesn't get about the WE scandalThe speeches had happened. Those were a matter of record. The question was whether WE had paid for them — whether the prime minister\u0027s close relatives had personally benefited from their affiliation
Read more »
David's Tea Plans To Close Stores As It Files For Bankruptcy ProtectionThe company says it plans to focus on online and retail sales as it restructures
Read more »
Evening Update: Ottawa projects $343.2-billion deficit, more than $1-trillion debt; Trudeau did not recuse himself from WE Charity decisionAlso: Watchdog critical of Crown corporation responsible for Saudi LAV deal
Read more »
Canada’s Deficit Is 1,000% Higher Than Projected At Start Of 2020The government believes the worst of the economic harm from the pandemic is behind the country.
Read more »
Border Agency Has Lost Track Of Thousands Of People Ordered Out Of Canada'The government will do a better job of ensuring the integrity of the system,' Trudeau said.
Read more »