Tuesday, March 22, 2016

Boy Trudeau To Apply Obamanomics To Canada With The Exact Same Abysmal Result

by JASmius

Besides raising taxes on the richest Canadians, Trudeau, the youthful and good-looking son of the late and beloved ex-premier Pierre Trudeau, has said he will lower them for the middle class.

The standard leftwingnut canard. It won't do anything to stimulate the Canadian economy the way lowering taxes on "the rich" would, but it always plays well to low-information voters.

Canada's economy contracted in the first half of this year. The country is the world's fifth largest oil producer and has suffered dearly from a big drop in prices for crude.

The primary, if not sole, reason that Canada's economy is struggling, and no fault at all of Stephen Harper's policies. But when low-information voters' wallets start shrinking, rationality is the first thing to get blown out the nearest airlock. [emphasis added]

- Me, five months ago, upon Trudeau's tragic election as Canada's newest Prime Minister

And, straight out of the Obama playbook, the Canadian collapse has begun:

Prime Minister Justin Trudeau will run deficits totaling almost C$120 billion ($91.7 billion) over six years, offering some stimulus to Canada’s struggling economy while trying to exercise restraint.

Which is true, as far as it goes.  The Trudeau deficits will, so they claim, run about 7%, versus the 52% deficit Barack Obama ran up in his first year in power.  The difference is, Canada has had balanced budgets for years and has little or no debt at all, versus the ten trillion hole we were already in, run up over 232 years, that The One has doubled in just the past eight.

We're junkies, to employ a visceral metaphor, and our northern neighbors are about to start smoking pot.  And crack and meth won't be far behind.

But remember the disproportionately large chunk of their revenue that comes from their abundant fossil fuel resources.  Canada fell into recession primarily due to the crash in oil prices and their lack of economic diversification.  When oil prices rebound, so will Canada's economic fortunes.  Yet the Trudeau regime is committing to at least six years' worth of pure deficit spending on all the usual leftwingnut extremist schemes and scams.  Oil prices will rise and fall, even in the short term, but all that deficit spending will remain, a constant and permanent fixture that will only grow, insatiably and cancerously.

One oil price dip is simply the excuse the Canadian Left needed to get back into power and resume their country's enforced economic decline

Trudeau’s government will add C$11 billion in annual spending for the fiscal year that begins [No joke] April 1st, which will result in a projected deficit of C$29.4 billion for the coming year. The federal budget offers no projected return to balance over five years.

That cumulative deficit, which far exceeds what Trudeau promised in last year’s election campaign, stems from the worsening outlook his Liberals inherited even as they rejected calls for major new stimulus. It also marks a shift for Canada, which was home to an anti-deficit orthodoxy for three decades.

“Our plan is reasonable and affordable,” Finance Minister Bill Morneau said in his budget speech Tuesday, which focused heavily on new spending measures. “Today, we are seizing the opportunity to "invest" in people and the economy, and to prepare Canada for a brighter future.” [emphases added]

The oil market will bring Canada a "brighter future".  That for which the Trudeau regime is "seizing the opportunity" is to permanentize deficit spending, ever upward-spiraling debt, growing government, and expanding and entrenching its own power.  Just like every other liberal left commie bastard regime that ever has, does, and ever will exist.

This one simply has a pretty boy front-man.  But the results will be just as ugly.

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