Quote:
Originally Posted by Slava
Lehman Bros. dropped on Sept. 15th. IIRC the election was October 2nd or so....so its not as though he was thrust into power and then things started to fall apart! I also would point out that although everyone thinks that the Liberals would've run a higher deficit had they been in power that is just rhetoric. During the last recession the Liberals were in power and didn't actually run a deficit at all.
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Puuuuuhlease!!! I am constantly amazed at the viewpoint that Liberals are good money managers. It was Trudeau that started the massive ball rolling, which hit Mulroney square in the eyes due to high interest rates in both of their terms. Mulroney removed the manufacturors sales tax (VERY good for the Canadian economy) and implemented the (much hated at the time) GST, which the Jean Chretien Liberals vowed to cancel if they came into power (Red Book promise).
Regardless of some peoples revisionist history, the Liberals got us into the initial HUGE deficit and debt, while they took credit for fighting that on the back of breaking a promise of their own AND downloading a tremendous amount of Health Care costs to the provinces.
THAT is the only way Paul Martin did his magic, no other.
Had the Three Stooges not ganged up over that fiscal update, and forced the hand of Harper to spend a ton, it wouldn't have happened (not the the extent it did, and is doing). SOME stimulus, yes. HUGE stimulus, NO.
I don't think many of you current Liberals were even around to experience the hyper-inflation rates of the '80s. THAT wasn't fun. Most of you would be losing your homes right about now if that re-occurred.