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Fraser Institute calls Justinomics anything but “prudent”

Despite claims by Finance Minister Chrystia Freeland that Canada has a “hard-won and well deserved reputation” for fiscal prudence, the evidence suggests otherwise.

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The Fraser Institute has criticized Justinomics in a recent National Newswatch article, saying, “the Trudeau government has consistently demonstrated a lack of prudence in its approach to public finances.”

The article entitled “Trudeau government’s approach to federal finances anything but ‘prudent’”; was co-authored by Fraser Institute Executive Vice president Jason Clemens, Fraser Economist Jake Fuss, and Associate Director Addington Centre Milagros Palacios.

The Fraser Institute is the foremost think-tank in Canada, and is rated among leading think-tanks globally.

“At almost every turn during this recession, the Trudeau government has chosen expediency over effectiveness and prudence. Analyses of recession spending have consistently shown possible large-scale waste and poor targeting of assistance. An analysis of CERB, CESB and several other income stabilization initiatives concluded that up to $22.3 billion (27.4 per cent of the total spent) was likely wasted or poorly targeted to those in need. And remember, all of this was financed by borrowing,” says Fraser.

Despite claims by Finance Minister Chrystia Freeland that Canada has a “hard-won and well deserved reputation” for fiscal prudence, including the lowest-debt-to-output ratio in the Group of Seven, the evidence suggests otherwise.

Fraser points out, “The international evidence corroborates Canada’s poor performance during 2020. The IMF recently released its economic and financial analysis of industrialized countries and estimated that Canada will borrow more in 2020 than any other country (35 covered in total) but will suffer the 11th worst recession and 4th highest unemployment rate.”

The Liberal’s recent fiscal update is cause for concern.

“Despite mounting evidence that the status quo isn’t working, this week’s economic update shows no signs of change. While revenues are expected to be $6.6 billion higher than originally budgeted in the government’s fiscal “snapshot” released in July, the deficit has jumped from $343.2 billion to $366.2 billion… Total debt (adjusted for financial assets) is now expected to reach $1.2 trillion this year,” Fraser warns.

Unchecked debt-fueled spending will hinder post-COVID economic recovery.

Although the government forecasts a strong recovery in 2021 (4.8 per cent real GDP growth) and a revenue increase of $60.5 billion, it expects to borrow another $121.1 billion.

Fraser is concerned that the Liberals are ignoring available data to advance the Trudeau national economic agenda.

“None of this evidence and data has deterred the Trudeau government from its preference for yet more spending and an Ottawa-led transformation of the national economy. The latest economic update includes spending to lay the foundation for a national daycare program, substantial green initiatives and stimulus spending between $70 billion and $100 billion over three years, despite an expected economic recovery,” says Fraser.

The Liberals appear to have abandoned any pretext of balancing the budget in the foreseeable future, crippling future Canadians with generational debt.

Fraser highlights the grim fiscal reality of Justinomics, “The last long-term forecast released by the federal government (2018) indicated that the budget would not be balanced until at least 2040. A more recent long-term analysis indicated, without policy changes, no balanced budget would be achieved through to 2050. Despite repeated warnings about the deterioration of federal finances, this government has remained determined to spend more money.”

Ken Grafton is the Western Standards Ottawa Bureau Chief. He can be reached at kgrafton@westernstandardonline.com

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3 Comments

3 Comments

  1. ninetyninepct

    December 17, 2020 at 6:14 pm

    $1,200,000,000.000. With a balanced budget and paying down the debt at $1.000.000.000, it will take 1,200 years to pay off the Liberal debt. Canada will never be debt free. Try to imagine how much good could be done just with the interest, and the Liberals don’t care.

  2. Allen

    December 17, 2020 at 3:07 pm

    A paraplegic ape could run this country better than sockboy and his goons.

  3. Charles Martell III

    December 17, 2020 at 1:27 pm

    Justin & Christa . . . easily the two most corrupt people in Canada and proud of it !

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O’Toole adds voice to petition to award former Canadian soldier prestigious honour

“(Jess Larochelle) is worthy of consideration for Victorian class,” said O’Toole.

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Conservative leader Erin O’Toole has thrown his support behind a veterans association’s attempts to garner the Victoria Cross (VC) for a Canadian who heroically fought in Afghanistan.

“(Jess Larochelle) is worthy of consideration for Victorian class,” said O’Toole, himself a former commissioned officer in the Royal Canadian Air Force.

“I’m very proud of the men and women who serve in our Canadian Armed Forces and those (who) served in that mission with distinction and unparalleled courage,” he said Sept. 17.

The Afghanistan Veterans Association of Canada has petitioned the Governor-General of Canada to award the Victoria Cross to former Pvt. Larochelle, Nipissing, Ont. man who is in poor health.

“I was in the same company with Jess,” said Bruce Moncur of Thompson, Man., founder of the Veterans Association.

“The guy had a broken back and single-handedly fought off 40 Taliban.”

No Canadian has won the most prestigious award of the British honours system in 77 years, but Moncur said it’s time to change that.

“The clock is ticking. His family does not want this to be a posthumous award,” he said.

Larochelle in 2007 was awarded the Star of Military Valour for bravery in combat at Pashmul, Afghanistan.

A year earlier, Larochelle fought off Taliban gunmen at a machine gun post despite injuries from heavy fire that killed two members of his unit and wounded four others.

“Private Larochelle went above and beyond the call of duty, exhibited unwavering determination and fulfills the criteria of the Canadian Victoria Cross: bravery in the face of the enemy, turning the course of a battle, determination despite injury, and saving the lives of his section despite his own sacrifices,” said the petition.

O’Toole said it’s a sad circumstance for all who served overseas.

“The situation in Afghanistan that’s tumbling into crisis is hard for military families who left a piece themselves in that country,” he said.

Yet another reason why we should not have had an election; we should have made sure that anyone that’s at risk in Afghanistan … (as prime minister) I will never leave someone behind like Mr. Trudeau has.”

In 1993 Canada created its own VC and withdrew from the British VC., but Canada has yet to award a Canadian VC.

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O’Toole pleads with conservatives not to vote PPC

O’Toole said he feared a right-wing vote split could lead to four more years of Justin Trudeau.

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Erin O’Toole is making a last-minute appeal to conservative voters to stick with him.

At a campaign stop in London on Friday afternoon, O’Toole urged those on the right to not mark their X for the People’s Party of Canada, which has seen a surge in the polls lately.

O’Toole said he feared a right-wing vote split could lead to four more years of Justin Trudeau.

“There are actually millions of Canadians who are very frustrated with Mr. Trudeau. If they allow that frustration to do anything other than vote Conservative, they’re voting for Mr. Trudeau,” O’Toole said.

“There are five parties and there are two choices. More of the same with Mr. Trudeau or real change and ethical government with Canada’s Conservatives.”

While not mentioning the PPC by name, O’Toole said Trudeau would be happy with the vote split.

“If Justin Trudeau is rewarded for calling a $600 million election in the middle of a pandemic, everything you’ve come to dislike about Mr. Trudeau — the lectures, the division in this country, the hypocrisy, the rising prices — they will all only get worse,” he said.

“There is a lot a stake.”

When asked why he would use the name of the PPC, O’Toole responded: “I’m not going to advertise them.”

Polls continue to show good news for the People’s Party of Canada.

EKOS Politics daily tracking showed last week the party surging to a record 11.2% of decided and leaning voters, putting it within striking distance of the traditionally third-place NDP, which sits at 15.7%.

The Conservatives maintain a slight edge over the Liberals at 33.6% and 30.7% respectively.

Most polling firms have tracked the PPC rising from near obscurity at the beginning of the election campaign, to consistently higher numbers that could see the party make a real impact on the September 20 vote.

Broken down by region, the numbers are even more shocking.

In Alberta, the PPC has vaulted over the Liberals and NDP into a clear third place at 19%. While still well behind the Tories at 52%, the level of support could yield seats for the PPC if concentrated in specific constituencies.

The PPC’s second-best showing is in Quebec, where it sat in fourth place at 13%. In that province, the Liberals lead at 31%, followed by the Conservatives at 21%, and the BQ at 18%. The NDP ranked below with PPC in fifth place at 10%.

In Ontario, the PPC is breathing down the neck of the NDP for third place, just 2% behind them at 11%, however well back of the Liberals at 39% and the Tories at 33%.

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BC tells Alberta no can do, about ICU beds for COVID patients

“We will not be able to assist with taking patients at this time.” —B.C. Health Minister Adrian Dix

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It was a big fat “no” from B.C. legislators when asked to take hospital patients from Alberta.

The westernmost province told its eastern neighbour it cannot take ICU patients because of its own health-care demands.

“Given the current demands on B.C.’s health-care system, we will not be able to assist with taking patients at this time,” said B.C. Health Minister Adrian Dix in a statement Thursday after a meeting of B.C. and Alberta health officials.

In the short statement, Dix also said: “We have told Alberta that if there are things we can do to support them, we will. And if we can take patients on in the future, we will.

Dix, noting “we are in a global pandemic,” and added: “We salute Alberta’s health-care workers, and all health-care workers who are working tirelessly to care for patients and protect people and communities in the face of great challenge.”

Alberta’s health system is teetering on collapse with 269 patients in an intensive-care system set up for 173.

Alberta Premier Jason Kenney appealed for help from the other provinces, by taking some ICU patients or sending front-line health workers to Alberta.

Ontario offered to accept patient transfers if needed, said Dr. Verna Yiu, head of Alberta Health Services (AHS), and Newfoundland and Labrador Premier Andrew Furey offered to aid in a tweet.

Newfoundland and Labrador also offered help to Alberta.

B.C. reported 706 new cases of COVID on Thursday, as well as four deaths linked to the illness, bringing the death toll to 1,877.

B.C. Health said there are currently 5,844 active infections across the province with 291 people in hospital, including 134 in intensive care.

In Alberta— which is facing a devastating fourth wave with the highest number of COVID-19 cases in the country—large numbers of non-urgent surgeries were cancelled because hospital staff are reassigned to COVID-19 care.

BC told Alberta that if there are things it can do to support the beleaguered province in the future, it will attempt to do so.

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