MALCOLM: Canada’s recovery is being led by economically illiterate ideologues

DM

When I asked my editor this week if it was too late to submit a column on the topic of the federal budget, which was finally released last week after nearly two years without a firm reporting on our country’s finances, he said he would welcome the column. “The fact that our nation’s finances are crumbling shouldn’t just be a 24 hour news story,” he quipped. I’m sure the Trudeau government would much prefer if it were a simple 24 hour news story. Take a few blows and wait for the news cycle to move on to something juicier — like an inevitable media pile-on against Conservative premiers Jason Kenney or Doug Ford. When it comes to news on this budget (can we even call it a budget? That word tends to imply a certain level of frugality and restraint), this spending mess is a story that bears repeating. The house is on fire. Everything is not fine. The Trudeau government is now borrowing an astronomical $3 billion per week to stay afloat — much of it being printed by the central bank, putting off the eventual need for drastically higher revenue to find a balance.

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