There is a long history in Canada of politicians saying one thing during campaigns and doing the opposite when elected. This has sometimes been true of ...
Michael de Adder's cartoon for May 16, 2022.There is a long history in Canada of politicians saying one thing during campaigns and doing the opposite when elected. This has sometimes been true of Conservatives, but has been more the province of Liberals in recent decades.
A comprehensive goods and services tax was introduced in the late years of the Mulroney government. It was controversial and opposed by the Liberals. They won a landslide victory in 1993 under Jean Chrétien and then found a way to like and preserve the tax. Then Chrétien and finance minister Paul Martin slashed a $43-billion deficit and produced five consecutive years of surplus.
That should be a golden opportunity for the Conservatives, but new leader Pierre Poilievre has accumulated baggage that he needs to drop before the election happens. But Poilievre has looked out of his depth on economics. In early spring, he staged an event for the press about cryptocurrencies. To make his point, he paid for his lunch with some bitcoin, explaining that this was a way to “opt out of inflation,” which is entirely false.
Perhaps more important, the proposal violates the independence of the bank. To understand what kind of a mess happens when politicians run the central bank, consider Argentina whose currency is worth more than 30 per cent less than a year ago, or Turkey — down more than 50 per cent. This kind of comment can erode external confidence in Canada. Time to go silent on that one, too.
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