Opinion: We know where our tax dollars are being spent, but there is very little transparency when it comes to the returns, hscoffield writes.
In this age of federal deficits that surpass $100 billion, government revenues that soar past $400 billion, and debt that’s well over $1 trillion, millions don’t matter much any more.
But it’s all worth it, according to Innovation Minister Francois-Philippe Champagne, because Canadians are getting a return on their investments. That’s especially the case, he says, when it comes to the string of announcements he has made lately giving federal subsidies to multinational companies connected to electric vehicle production.
“While not easy to do politically, cutting unnecessary spending is not only good economics but also the right thing to do,” the Conference Board of Canada says in a paper released Friday about“Any additional spending should enhance the economy’s productivity and be a move away from supporting more consumption.”
Some — but not all — of that will be covered off by higher-than-expected revenues coming from inflation boosting corporate profits. And not all the new defence money can be spent at once because the military can’t absorb it. But there are billions sloshing around, and it’s clear the government means to spend them.
The rewards Canada will see in terms of economic growth, jobs, competitiveness and staking our ground in the green economy are ample returns on the money spent now, he argues.Champagne is giving profitable global companies a lot of money. He has billions at his disposal through the Strategic Innovation Fund, and its offshoot — the Net-Zero Accelerator. We’ve seen blockbuster announcements on new vehicle mandates, electric vehicle batteries and green steel.
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