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It’s time the care bear economics of PM Justin Trudeau stopped.
Remember during the federal election when he had said he wanted to grow the economy outwards from the heart and that the budget was going to balance on its own?
Well, that was back then, and things aren’t the same anymore.
Over this weekend, Bill Morneau, the Federal Minister for Finance brought a chill to Trudeau’s sunny ways.
He spoke with the Ontario wing of the Liberal party and said Canadians needed to get used to job churns. This means they needed to get used to short-term contracts and temporary employment. He also said that jobs of receptionists and truck drivers were on the way out.
This came just days after the Bank of Canada’s economic forecast for the economy was downgraded and they predicted a slower growth than was previously expected till the end of next year.
He said that they weren’t going to blame the Liberals for the things which they couldn’t control like the fall in oil prices around the world. He also said that Canadian workers didn’t need anyone to tell them that full-time employment was uncertain right now.
The scary thing here though is that the Liberals believe we can get out of this by spending.
Trudeau has previously spoken about his pre-election promises regarding annual deficits of less than $10 billion with a low surplus in 2019-20. The reality post-election though was $30 billion with no end in sight.
Before the election, Trudeau said the middle-class tax was going to be revenue neutral and paid for with taxes on the wealthy. This was a myth too. Post-election, Trudeau needed to borrow money in order to deliver.
The problem here is that if spending helped, the streets of Ontario would have been paved in gold. Borrowing additional money only means public service cuts and higher taxes. Also, the budget certainly isn’t going to balance itself.