These words should cool the hot air that is spewing from some political parties vying in Canada’s federal election campaign.
Mr. Don Drummond, the Stauffer-Dunning Fellow at the School of Policy Studies at Queen’s University and a former chief economist at TD Bank, said these words.
He also said:
1. It clouds the issue when parties parse whether the economy shrank or grew by a fraction of a percentage point.
2. They shouldn’t quibble over whether the “federal budget is in or out of deficit by a few billion dollars.”
3. #1 and #2 just don’t matter in terms of the big economic picture.
4. People need to get with the program: “The biggest point is: the world, not just Canada, is entering a period of sustained lower growth.”
5. We need to get used to a non-robust two percent growth.
As an aside, let’s remember that Canada was the only G7 country to recover its losses from the 2008-09 financial debacle.
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