Tuesday, May 19, 2020

MEMO TO TRUDEAU & MORNEAU: STOP SPENDING

  For more than 50 days the prime minister has held daily briefings at which he avoids answering direct questions while unveiling the latest plans for blanketing the country with borrowed money.
In the early days of the pandemic there was a certain logic to this. No one was quite sure what we were facing, how serious it would prove to be or how long it would last. The economy looked to be in serious danger of cratering. Millions of jobs were at risk. Unprecedented measures were needed.
   Now, into our third month, we have a better grasp of the situation. Far from perfect, but better. Several provinces are already moving into a cautious reopening. Yet the prime minister is still turning up at every opportunity to distribute new largesse hither and yon.
  Sometimes it’s only a few hundred million. Other times it’s a billion or so. Occasionally it’s tens of billions. Often there’s little evident rhyme or reason to the numbers or the recipients. And there’s no sign Trudeau is prepared to stop. His approval ratings have soared as the spending piles up. A chart in The Economist this week indicated he’s the world’s second-most popular leader, just behind Australia’s Prime Minister Scott Morrison (who just a few months ago was being heckled in public for vacationing while the country burned). No surprise that he wants to keep spending, but still, it’s time to quit.

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