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But to stick to that pledge in a deep recession would not only be folly, as Mr. Rubin suggested; it would repeat what was arguably one of the biggest errors of Depression. In both Canada and the U.S., governments were hesitant to try to spend their way out of the problem. It wasn't until 1935 that the Bennett government proposed a Canadian version of the "New Deal" that included unemployment insurance, farm support and a pension scheme.
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http://www.reportonbusiness.com/serv...l_gam_mostview
Looks like the chief economist of CIBC still thinks Keynesianism has some merit.