Read on Twitter
You know, I don't worry about reliving 1995 when it comes to Canada's public finances. I worry about reliving 1975. Everyone knows that some sort of fiscal consolidation will be required someday. But when it comes to the Liberals and fiscal restraint, someday never comes. 1/
(Yes, that is a reference to the John Fogarty song) 2/
The *very first thing* the Liberals did upon taking office was to pitch its commitment to return to budget balance overboard. In hindsight, it's clear that they never really meant to carry out their campaign commitment. 3/
You can spin any kind of excuse you want, but the point is: the Liberals could have honoured their commitment to return to a balanced budget in year 4 of their mandate. They chose not to. 4/
The Liberal approach to spending is to casually abandon fiscal anchors if they require any gesture that could be interpreted as 'austerity'. They don't do austerity. It's not part of their brand, and the Liberals are all about maintaining their brand. 5/
Now is not the time to cut back. I get that. But why would anyone think that the Liberals will actually cut back when the time comes? Because the *say* they will? Please. 6/
My fear is not that we're going to have a debt crisis anytime soon. My fear is that that we're doomed to repeat the 1975-1995 lost generation. 7/7
