Flaherty Top finance Minister

[Mr.Canada]

Canada has not been as deeply impacted by the deficit as many other industrial nations, who have gone far deeper into debt to keep their economies afloat.

Source/Story

Proof positive that Canada is on the right track for economic recovery. I often wonder why some of the people on the left don't get on side with the government when they are doing a good job on the economy. I thought they idea was is to do what is best for Canada and if the Minister is winning awards and accolades on his handling of the stimulus isn't that good for Canada?

[Sir Bandelot]

They have accused Flaherty of ignoring the slump as late as last November, when he tabled an economic update that boasted of balanced budgets for years in the future.

That forecast came to an abrupt end in January, when Flaherty’s budget called for a $34-billion deficit this fiscal year. It has since been revised twice — to $50 billion and to the now-expected $56 billion.

Nevertheless, Canada has not been as deeply impacted by the deficit as many other industrial nations, who have gone far deeper into debt to keep their economies afloat.

I'm no partisan but I know some history. This success is largely thanks to Paul Martin.

Had Flaherty et al been in power instead during those Liberal years, with neocon fiscal policy we would have been carrying a huge debt load and sunk like a goner. Despite what some magazine might say, the actual truth of what happened last fall is, Flaherty showed himself to be a complete jackass.

[Bryan]

I'm no partisan but I know some history. This success is largely thanks to Paul Martin.

Had Flaherty et al been in power instead during those Liberal years, with neocon fiscal policy we would have been carrying a huge debt load and sunk like a goner. Despite what some magazine might say, the actual truth of what happened last fall is, Flaherty showed himself to be a complete jackass.

Martin had no idea what he was doing. He collected the GST money that Mulroney implemented and his party was so dead set against, he benefitted greatly from the increased revenue from Mulroney's free trade agreements that the Liberals also fiercely opposed. Then he stole billions from EI and offloaded billions more onto the provinces. Then he started claiming a "surplus" that never existed.

[wyly]

Proof positive that Canada is on the right track for economic recovery. I often wonder why some of the people on the left don't get on side with the government when they are doing a good job on the economy. I thought they idea was is to do what is best for Canada and if the Minister is winning awards and accolades on his handling of the stimulus isn't that good for Canada?

do you even read your links before you post? do you pray to the conservative party god??

late last year our PM and Finance minister forecast a surplus for this year and NO deficit! but now 11 months later we're looking at a $50+ billion deficit!!!!

the prime reason Canada is in better shape than any other country is because our banking system has limitations put on it by the government and that was already in place when I was a kid and Harper and Flahery were in diapers...

and the stimulus package was forced on the government by the opposition!

[jdobbin]

Martin had no idea what he was doing. He collected the GST money that Mulroney implemented and his party was so dead set against, he benefitted greatly from the increased revenue from Mulroney's free trade agreements that the Liberals also fiercely opposed. Then he stole billions from EI and offloaded billions more onto the provinces. Then he started claiming a "surplus" that never existed.

This is the standard argument that the Tories make. It was all Brian Mulroney.

Brian Mulroney did not control spending as Statscan shows in their stats and which have been posted here many times. He increased taxes many times though.

As far as Flaherty goes, from Manitoba's own Frontier Policy group.

http://www.winnipegfreepress.com/opinion/w...e-61011797.html

If patriotism is the last refuge of scoundrels, a comparison with a near-bankrupt neighbour to divert attention from one's own red ink is the first refuge of a government unwilling to say "no" to most supplicants.

Fact is, a large chunk of this year's $56-billion deficit is the result of choices made over the past year. Here's how federal Conservatives could make the deficit smaller.

[Keepitsimple]

The relevance of the article is that Canada is being compared to other Western countries and is credited with doing the best job. If the sour-faced critics in Canada feel that Flaherty was slow off the mark, what does that say about all the other countries who fared worse than Canada and couldn't move their stimulus fast enough? The article offers a non-biased view of the results of Canada's actions.

[ba1614]

The relevance of the article is that Canada is being compared to other Western countries and is credited with doing the best job. If the sour-faced critics in Canada feel that Flaherty was slow off the mark, what does that say about all the other countries who fared worse than Canada and couldn't move their stimulus fast enough? The article offers a non-biased view of the results of Canada's actions.

Agreed, the critics won't give this government any credit for anything. We're coming out of this mess in at least as good of shape as anyone else, better than most, and that resonates with Canadians whether the hacks admit it or not.

The Liberals say they can do better, but we're left to guess how because "we'll see".

[Sir Bandelot]

Those results are not due to just a few short years of financial planning. The Cons came into power after the former Liberal government, inheriting a healthy balanced budget, at least much more so for Canada than in most other countries in the world.

And I remember that was the big debate at the time under the Libs- whether to use surplus money to pay down the deficit, or spend it on infrastructure projects. Paul Martin, as finance minister under Chretien took the initiative to pay down the debt... in other words, looking to the distant future, despite it being unpopular right now, despite criticism from opposition voices, despite its seemingly unorthodox approach compared to what the US and other countries were doing at the time.

- And I will admit, I was one of those who criticized the Liberal government for it. as I and many other Canadians had to "tighten our belts" once again, to pay off some debt that was abstract to me, and everyone.

But time has proven that Paul Martin was right, and today reap the benefits of his excellent work, while most Canadians are probably not even aware of these facts. Let alone those who would like to re-write history for their partisanship...

[Shady]

Flaherty Top finance Minister, Says leading EU economic magazine

LOL, how you like them apples Dobbin?

And whoever said that Jim Flaherty is a neocon is an idiot. It seems as though, any conservative, no matter what, gets branded as a neocon by the kook-leftwing.

[jdobbin]

LOL, how you like them apples Dobbin?

Think the response is to look at what the Frontier Policy group says.

And whoever said that Jim Flaherty is a neocon is an idiot. It seems as though, any conservative, no matter what, gets branded as a neocon by the kook-leftwing.

Flaherty is a free spending 1970s Liberal.

[Shady]

Flaherty is a free spending 1970s Liberal.

So kind of like Trudeau?

[jdobbin]

So kind of like Trudeau?

If that is how you would like to compare him to.

[wyly]

The relevance of the article is that Canada is being compared to other Western countries and is credited with doing the best job. If the sour-faced critics in Canada feel that Flaherty was slow off the mark, what does that say about all the other countries who fared worse than Canada and couldn't move their stimulus fast enough? The article offers a non-biased view of the results of Canada's actions.

the relevance of the article is the European writers don't know our history..our regulated banking system has nothing to do with the Harper government...we have a government that claimed we would not go into recession in November of last year that we'd have a surplus!...a government that was reluctantly forced to into a stimulus package by the opposition, much of which has not been delivered...

there's only two conclusions you can draw from the governments record...1, they're incompetent for not knowing what the entire world knew "we were headed into a recession" or 2-our PM lied to us last Nov when he told us during the leaders debate Canada would have a surplus this year...there are no other options here, so which is it...liar or incompetent

[Moonbox]

there are no other options here, so which is it...liar or incompetent

I'm going to go with liar, because all politicians are proven liars and we tend to be very forgiving of that.

[Topaz]

Where when the Tories be if the Libs didn't pay down that 40 Bil debt? we be 100Bil+ along with 1.6 million out of work. The only thing Flaherty should get an award for is stretching the true numbers and believing what HE says himself!! The best joke of the year!!

[M.Dancer]

My biggest beef with Falherty was bailing out GM. GM will go under and those jobs will be lost, now though, as well as our jobs it will be our tax money as well.

[wyly]

I'm going to go with liar, because all politicians are proven liars and we tend to be very forgiving of that.

true enough, liar it is..I can't believe anyone last November honestly believed we weren't headed into a recession and a deficit...

[wyly]

My biggest beef with Falherty was bailing out GM. GM will go under and those jobs will be lost, now though, as well as our jobs it will be our tax money as well.

I agree, bailing out GM while many other small businesses go under hardly seems fair...but politically how could they do anything else...throwing all those auto workers and then related businesses out of work would have meant the end of the conservative party in Ontario, forget about a majority they wouldn't even get a minority next election...

[madmax]

Martin had no idea what he was doing. He collected the GST money that Mulroney implemented and his party was so dead set against,

It was a heavy, heavy tax. Best thing ever done was to wipe that crooked party off the political landscape.

he benefitted greatly from the increased revenue from Mulroney's free trade agreements that the Liberals also fiercely opposed. Then he stole billions from EI and offloaded billions more onto the provinces. Then he started claiming a "surplus" that never existed.

The Liberals opposed free trade so much they expanded it to Mexico

Hearing you tell it, its clear that the CPC/PCs are as lying and corrupt as the LPC.

CPC/LPC Phoney Balanced budgets, LPC/CPC Stealing BILLIONS from EI. CPC/LPC Surpluses that don't exist.

[Sir Bandelot]

My take on the situation is this: Canada was well positioned to weather the economic storm thanks to years of paying down the deficit. In essence we had a very low debt-load, with room for taking on more if necessary. The sitting government knew this to be the case, hence they did not lie when they came out with their initial responses that there was no need for stimulus package.

Next thing that happened, either the Canadian banks complained they would lose their competitive edge if Canada didn't follow suit, or the US or some other monetary agency essentially forced the finance ministers hand. Canada has room to take on some debt load, in this case we are paying for other peoples mistakes and irresponsible fiscal policy. think about that when filing your taxes this year.

[madmax]

My take on the situation is this: Canada was well positioned to weather the economic storm thanks to years of paying down the deficit. In essence we had a very low debt-load, with room for taking on more if necessary. The sitting government knew this to be the case, hence they did not lie when they came out with their initial responses that there was no need for stimulus package.

I am not certain how Stealing $46 BILLION from EI puts the country in a good position when facing massive and soon to be chronic unemployment and under employment. I suggest that Canada has not yet felt the full pain of this downturn. Most of Canadas problems are structural, systemic and will continue even with a pickup in the global economy.

Next thing that happened, either the Canadian banks complained they would lose their competitive edge if Canada didn't follow suit, or the US or some other monetary agency essentially forced the finance ministers hand. Canada has room to take on some debt load, in this case we are paying for other peoples mistakes and irresponsible fiscal policy. think about that when filing your taxes this year.

Canada handed over billions to the banks for no good reason. Canada's economic crises was not a banking crises as in the US. Regardless Canada propped up the banks who continue to roll in Billions in profits.

There is more to the economy then just pushing some figures around.

Canada is facing some deep shit.

[Shady]

Canada handed over billions to the banks for no good reason.

No we didn't.

[Martin Chriton]

true enough, liar it is..I can't believe anyone last November honestly believed we weren't headed into a recession and a deficit...

Exactly. All parties are guilty of this. If Harper said there would be a deficit the Liberals would've lied and said he caused it even though they knew full well it wasn't his fault.

If you know you're opponents are going to lie you're left with little choice but to lie yourself.

Edited October 7, 2009 by Martin Chriton

[Dave_ON]

I am not certain how Stealing $46 BILLION from EI puts the country in a good position when facing massive and soon to be chronic unemployment and under employment. I suggest that Canada has not yet felt the full pain of this downturn. Most of Canadas problems are structural, systemic and will continue even with a pickup in the global economy.

It was $54 Billion actually and your argument is based on the erroneous assumption that EI is the same as CPP, a trust fund that is invested or stashed under the GG's bed. While EI does have its own source, namely EI premiums it is still technically part of general government revenues. The $54 Billion wouldn't have been there waiting to be used, so honestly we'd be no further ahead on the EI front. The ethical thing to do would have been to refund the overcharge to the taxpayers, however this was not done and it was instead used to fund other programs and pay down the debt.

Canada handed over billions to the banks for no good reason. Canada's economic crises was not a banking crises as in the US. Regardless Canada propped up the banks who continue to roll in Billions in profits.

Again not entirely accurate, while the banking problem wasn't Canadian in origin there were Canadian funds that were tied up in the US fiasco, as such that left less liquid capital for the banks to properly fund our domestic needs. The government purchase of already guaranteed mortgages was a prudent fiscal move. It presents no risk to the tax payer while simultaneously it allowed the banks to continue to loan money and keep the economy moving.

Having said that I find it hard to believe Flaherty came up with it on his own, if it doesn't involve selling crown assets it's not likely one of his ideas, however I digress.

There is more to the economy then just pushing some figures around.

Canada is facing some deep shit.

Actually a great deal of the economy is number crunching and most people would be shocked to find out how very little "real" value our dollar holds. However that discussion is grossly off topic.

[wyly]

Exactly. All parties are guilty of this. If Harper said there would be a deficit the Liberals would've lied and said he caused it even though they knew full well it wasn't his fault.

If you know you're opponents are going to lie you're left with little choice but to lie yourself.

that's true as well..the opposition does have a honest fallback, they don't know the actual financial figures at the governments disposal...how many times in canada's history both Federal and provincially have opposition parties taken office only to find the financial situation was not as what the government reported?