The Liberals have indulged their taste for ‘investments’ ever since they came to office, but they have lately begun to gorge
Corporate subsidies are the potato chips of fiscal policy. Each one might seem like a fine enough idea. But once you start, it’s hard to stop. And then what started as a smallish snack turns into a habit. And a habit turns into a problem.
As alarming as those numbers are, Mr. Lester’s conclusion is even more shocking: The vast majority of those subsidies are not just wasted, they end up harming the economy. His analysis indicates that 65 per cent of subsidies could boost real income, either because they could raise productivity or they fill in a gap left by a private-market failure. Right off the top, more than a third of subsidies are ineffective.
Mr. Lester’s study, issued in March, doesn’t cover off the specifics of the Liberals’ April budget, but the pattern is the same. More subsidies, to more favoured sectors and firms, paid for by higher taxes on the profits of innovative and successful companies – or what the Liberals call “windfalls.” To further weaken the case for subsidies, the latest round of largesse, sent Honda’s way, is intended in part to simply maintain existing jobs.
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