The Liberals could do more to fight inflation, but at least they’re not making things worse
Finance Minister Chrystia Freeland’s fall economic statement – a mini-budget meets a progress update since last spring’s budget – lands with the country, and the Liberal government, facing two big challenges.
– freaked out markets and ignited inflation fears with a budget of big tax cuts and a massively pumped-up deficit? Ms. Freeland isn’t doing anything remotely like that. The deficit is going from pandemic mega-sized to relatively small and shrinking, and the fall economic statement – which is light on new spending, new tax cuts or new taxes – does not change that. “We are keeping our powder dry,” says the Finance Minister.
Ideally, Ms. Freeland would have found around $20-billion in extra tax revenues or foregone spending. But again, graded on a curve, Liberal fiscal policy is pushing against monetary policy to a much lesser degree than in Canada’s peers.
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