. . . . . . Manic government spending in January is no answer. Weaker revenues and higher employment insurance payments will hurt Ottawa's bottom line, but rather than demanding more red ink, Canadians should be thinking about the next expansion and the economy they want in the future. Bailouts and a ballooning public sector will stifle innovation and the promising industries of tomorrow. A prudent fiscal framework - one that plays no regional or sectoral favourites, and evenhandedly rewards work, investment and innovation - will allow them to flourish. Ottawa should recall the things that brought Canada into 2008 in such good shape, and build on them.
The frenzy of red ink south of the border and around the world is driven by panic, not logic. Lack of fiscal stimulus does not herald economic collapse, and the widespread expectation that it will has become part of the problem. . . . . .
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