I’ve been thinking about and scribbling intermittently on this subject for some time. Today, I was surprised (to put it mildly) to come across this news item:
Don Drummond is an economist hired by the McGuinty government to find ways to “whittle down the burgeoning debt”. He says: “Whoever forms the government on October 7 is going to find themselves in a deep fiscal hole – there are going to be no surprises…The public, certainly, doesn’t completely understand it, and I don’t know whether the political parties completely understand it.
Got that? All of the parties are busy proposing hair-brained spending schemes and no one’s talking about the (herd of) elephants in the room – dealing with the accumulated deficit, including all this heady stimulus spending and a world economy in full spasm.
I suppose Andrea can be forgiven because (basic) “economics” is a dirty word to the NDP and Tim is new on the block, so can’t be expected to know which way is ‘up’, but you’d think Dalton, having hired a gun, would at least have the decency to reflect on and address the existing problem. (Yeah, “you’d think,…,”.)
No, Dalton has a pile of new spending on offer – from more ‘green’ for Green to university subsidies (never mind that those graduates are competing for cab driving jobs).
A candidate for office who doesn’t acknowledge we have a debt crisis on our hands, soon to be exacerbated by a global economic slowdown, and an answer, in concrete terms, on how to deal with it is:
1) A carpetbagger and charletan;
2) Too stupid to elect;
3) A fraud;
4) (All of the above).
I hope the electorate is not as oblivious to basic world economic news as these knuckleheads appear to be. More to the point, Canada’s success in weathering ’08 will amount to nothing if China and the US catch a cold – we’ll end up with double pneumonia.