What has our finance minister been smoking?.On November 30, Chrystia Freeland unveiled the Liberals’ latest fiscal update – again not a budget – in the House of Commons. The 237-page document entitled “Supporting Canadians and Fighting COVID-19” contains some whoppers..Speaking about the plan, Freeland said, “Canada’s spending as outlined today is prudent. It is thoughtful. It is careful. And what we understand is that the job we have to do right now is to be sure that our economy is not scarred. To be sure that our economy is not wounded, so that we can come out of this crisis roaring back.”.The economy is not already scarred? It’s not already wounded? .If Freeland didn’t have a degree in Russian History and Literature, Canadians might suspect that she didn’t really grasp the severity of the economic devastation that COVID-19 has wrought. .Somehow – unsurprisingly perhaps – COVID-19 has apparently hit Trudeau’s favorite demographics hardest – the voters who keep him in Rideau Cottage – and Freeland has her eye on the ball..From the update, “This is a recession like no other. Women, young people, Indigenous people, and Black [sic] and racialized Canadians are among those disproportionately affected, accounting for much of the workforce in some of the hardest-hit industries, including tourism, hospitality and retail.” .This will be surprising news to most Canadians, who thought that seniors and their families had suffered most from COVID-19, representing 97 per cent of fatalities nationwide. Of course, seniors did get the $300 one-time OAS bone that Trudeau threw back in July… but it cost them a $10,000 per capita share of the national debt..Freeland’s update refers to a “She-cesssion”..“This is a feminist plan, to be sure,” said thefinance minister. .It was also interesting to learn that indigenous peoples are at higher risk to COVID-19. .“For Indigenous peoples, this pandemic poses unique risks.” .Freeland did not support her statement with any data..The focus of the update is on inclusivity and wealth redistribution; the great Trudeau “reset”..“As we build back, we have the choice to build back better and tackle the challenges that constrain far too many Canadians: Chronic homelessness. Systemic racism. Gender-based violence. Discrimination against LGBTQ2 communities. Barriers faced by people living with disabilities. The unfinished and essential work of reconciliation. Economic downturns are always particularly hard on young people.”.“In the absence of government transfers, single mothers, recent immigrants, individuals living in families headed by an urban or off-reserve Indigenous persons and individuals living in families where the main income earner has little education were highly vulnerable financially during temporary work interruption.”.Veterans however will be happy to learn that they aren’t being ignored. The Liberals plan to increase the Veterans Emergency Fund by $600,000. Of course, with an estimated veteran population of 639,900 as of March 2019, that works out to only ninety-four cents for every soldier, sailor, and airman. .But as it turns out, we are in good shape economically according to Justinomic theory..“But as our fiscal plan shows, there are brighter days ahead. And we can afford to do this. Canada entered this pandemic with the strongest fiscal position of any G7 country. We retain that position today. Federal debt-servicing costs, relative to the size of our economy, are at a 100-year low.”.Initial reactions slammed the Liberal plan..Conservative MP and Finance Critic Pierre Poilievre said, “What we are facing now is the prospect of a made-in-Canada recession. And you know, [when] we went into the last downturn in 2008, Canada led the pack. We were last into the recession and the first out. It looks like, this time, that Canada could be in the worst position.”.NDP MP Peter Julien said, “Canadian families are the worst, the most indebted of any families in the industrialized world. The Canadian family debt crisis is profound, and getting worse… the statistics are very clear, half of Canadian families are within $200 of insolvency on any given month. The full economic update today really provides no real relief for those families that are struggling to make ends meet.” .The NDP should have thought about this back in October, when they supported the Liberals in a vote of non-confidence over the WE corruption scandal. .Ken Grafton is the Ottawa Bureau Chief for the Western Standard
What has our finance minister been smoking?.On November 30, Chrystia Freeland unveiled the Liberals’ latest fiscal update – again not a budget – in the House of Commons. The 237-page document entitled “Supporting Canadians and Fighting COVID-19” contains some whoppers..Speaking about the plan, Freeland said, “Canada’s spending as outlined today is prudent. It is thoughtful. It is careful. And what we understand is that the job we have to do right now is to be sure that our economy is not scarred. To be sure that our economy is not wounded, so that we can come out of this crisis roaring back.”.The economy is not already scarred? It’s not already wounded? .If Freeland didn’t have a degree in Russian History and Literature, Canadians might suspect that she didn’t really grasp the severity of the economic devastation that COVID-19 has wrought. .Somehow – unsurprisingly perhaps – COVID-19 has apparently hit Trudeau’s favorite demographics hardest – the voters who keep him in Rideau Cottage – and Freeland has her eye on the ball..From the update, “This is a recession like no other. Women, young people, Indigenous people, and Black [sic] and racialized Canadians are among those disproportionately affected, accounting for much of the workforce in some of the hardest-hit industries, including tourism, hospitality and retail.” .This will be surprising news to most Canadians, who thought that seniors and their families had suffered most from COVID-19, representing 97 per cent of fatalities nationwide. Of course, seniors did get the $300 one-time OAS bone that Trudeau threw back in July… but it cost them a $10,000 per capita share of the national debt..Freeland’s update refers to a “She-cesssion”..“This is a feminist plan, to be sure,” said thefinance minister. .It was also interesting to learn that indigenous peoples are at higher risk to COVID-19. .“For Indigenous peoples, this pandemic poses unique risks.” .Freeland did not support her statement with any data..The focus of the update is on inclusivity and wealth redistribution; the great Trudeau “reset”..“As we build back, we have the choice to build back better and tackle the challenges that constrain far too many Canadians: Chronic homelessness. Systemic racism. Gender-based violence. Discrimination against LGBTQ2 communities. Barriers faced by people living with disabilities. The unfinished and essential work of reconciliation. Economic downturns are always particularly hard on young people.”.“In the absence of government transfers, single mothers, recent immigrants, individuals living in families headed by an urban or off-reserve Indigenous persons and individuals living in families where the main income earner has little education were highly vulnerable financially during temporary work interruption.”.Veterans however will be happy to learn that they aren’t being ignored. The Liberals plan to increase the Veterans Emergency Fund by $600,000. Of course, with an estimated veteran population of 639,900 as of March 2019, that works out to only ninety-four cents for every soldier, sailor, and airman. .But as it turns out, we are in good shape economically according to Justinomic theory..“But as our fiscal plan shows, there are brighter days ahead. And we can afford to do this. Canada entered this pandemic with the strongest fiscal position of any G7 country. We retain that position today. Federal debt-servicing costs, relative to the size of our economy, are at a 100-year low.”.Initial reactions slammed the Liberal plan..Conservative MP and Finance Critic Pierre Poilievre said, “What we are facing now is the prospect of a made-in-Canada recession. And you know, [when] we went into the last downturn in 2008, Canada led the pack. We were last into the recession and the first out. It looks like, this time, that Canada could be in the worst position.”.NDP MP Peter Julien said, “Canadian families are the worst, the most indebted of any families in the industrialized world. The Canadian family debt crisis is profound, and getting worse… the statistics are very clear, half of Canadian families are within $200 of insolvency on any given month. The full economic update today really provides no real relief for those families that are struggling to make ends meet.” .The NDP should have thought about this back in October, when they supported the Liberals in a vote of non-confidence over the WE corruption scandal. .Ken Grafton is the Ottawa Bureau Chief for the Western Standard
