A crisis is a terrible thing to waste.
Times of uncertainty breed fear and with that comes an opportunity for new approaches, significant changes to the way we do things because people are willing to accept drastic measures. Even Mark Carney talked about that in the run up to the federal budget – that it would contain sacrifices for Canadians.
But when the document was delivered, it turned out the sacrifices Canadians will face are down the road, not today. And they will largely be borne by future generations saddled with a rapidly inflating deficit as this generation’s leadership comes up short in the living-within-its-means department.
Cuts to the growing bureaucracy, for example, amount to a couple percent a year over the next five years and will largely be done through retirements. He missed his window of opportunity to reverse the bloat delivered by Justin Trudeau as Ottawa now spends more on debt service than on health care transfers to the provinces.
Carney has largely hung his hat on tax incentives and spending directed to productivity improvements, moves that show promise but are small in comparison.
