Fiscal gravity catches up to the Liberals
As devotees of Looney Tunes are well aware, there always comes a moment when Wile E. Coyote, suspended in mid-air above a yawning canyon, finally looks down and realizes his predicament. Gravity does its thing, and a long and nasty fall ensues.
Inflation would have been – and would now be – lower if the government had exercised even modest prudence and reined in its spending once the economic crisis had passed. But as Canadians know all too well, the government’s fiscal response to inflation has been to spend even more. Of course, for most Canadians, a 33-per-cent raise is simply a fantasy. That’s another important reason that Ottawa needs to stick to its position for below-inflation wage increases: it would be a symbol of solidarity with Canadian families struggling to balance their budgets.
Even that depends on the government holding its operating expenses flat for the next four years, through to fiscal 2028. The Liberals’ devotion to that goal is tenuous: If contract negotiations result in costs above the budget’s assumptions, those extra dollars will just be added to the deficit.
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