Justin Trudeau has an untested plan to grow the economy. Will Canadians have the patience to see if it works? If a more compassionate approach to job creation is going to work, it will work ever so slowly. Opinion by hscoffield
The underlying idea guiding last week’s budget was to spend lots now in the hopes of building up our capacity for more solid, sustainable growth later.
The government will invest in enabling more people to work and more companies to expand, spending on both the social side of the economy as well as on the business side in an effort to lock in stable growth for the long term. The thing is, if this more compassionate approach to boosting supply is going to work, it will work ever so slowly — a difficult political calculation in a world where frequent elections reward immediate returns. And in fact, we may never know how well it worked because there’s no way to measure success.U.S. President Joe Biden’s administration was on the defensive on Tuesday after March consumer prices rose 8.5 per cent from a year earlier, the fastest pace of inflation in four decades.
Instead, the budget has a longer-term view that leans on immigration to expand the workforce and pushes on the housing stock to grow and become affordable for all the new workers, immigrants or not. It also puts billions towards the climate transition, pushing and pulling the auto and energy sectors alike to move in the direction of low-emissions production.
“It takes time before investment actually boosts economic supply. While investment may add to demand in the short term, improved prospects for future supply will help to keep inflation expectations in check,” it states.
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.
Opinion: Justin Trudeau should stand with Ukrainians by flying to UkrainePhysically appearing side-by-side with Volodomyr Zelensky, as Boris Johnson did this weekend, would offer more than just a powerful moment of symbolic solidarity
Read more »
PM Justin Trudeau talks electric vehicles, nuclear energy during stop in VictoriaTrudeau said his government will extend a program that offers EV buyers up to $5,000 to help with purchases and it will help fund additional charging stations
Read more »
Canadian watchdog asked to probe allegations that imports made with forced labour in ChinaComplaint filed with group set up by Prime Minister Justin Trudeau to investigate accusations of human-rights abuses arising from Canadian corporate activity abroad
Read more »
Politics Briefing: Feds open to providing more health care funding to provinces if effectively targetedPrime Minister Justin Trudeau says while there is a need for more spending on health care, extra money doesn’t always lead to better outcomes for Canadians
Read more »
Trudeau wants more electric vehicles across Canada; does not rule out nuclear powerPrime Minister Justin Trudeau says he wants to make it easier for more Canadians to drive electric vehicles and he isn't ruling out nuclear power as a cleaner source of energy.
Read more »
Charest, Brown say they would honour federal child-care agreements with provinces as Conservative leaderCandidates running to be Conservative leader must stake out a position on Prime Minister Justin Trudeau\u0027s promise to provide Canadians with $10\u002Da\u002Dday child care
Read more »