The giant pop was the bubble that was protecting the province from the global economic meltdown as it burst.
Former finance minister Tom Marshall:
“We have a horrible, global economic slowdown, which appears to be much more severe than people expected,” said Marshall. “We’re seeing job losses everywhere and firms going bankrupt or teetering on bankruptcy. How protracted this recession will be, I don’t know, but it looks like it is going to be severe.
“When times are good, you run a surplus. When they are bad, you run a deficit and spend money. When consumers aren’t spending and businesses are not investing and exports are down, government has to step in and start spending and creating employment. That’s what we’re doing and I’m glad we’re doing it.”
Of course, since Marshall ran cash deficits in the good times, so there’s something there that doesn’t add up.
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5 comments:
So what Marshall is saying, essentially, is that we have yet to see good times under this Premier.
What gets me is the fact that there's more to a stimulus package than investing in infrastructure and none of the governments has gone there yet...
What gets me is the fact that there's more to a stimulus package than investing in infrastructure
"Allocating" money to infrastructure — on a go-forward basis; some of these projects have been "alloctated" for two, three, or more years running — is not the same thing as "investing" in infrastructure, let alone actually putting anyone to work on an infrastructure project.
Even some of these "allocations" and "investments" which WILL result in work, won't see jobs anywhere near the project site: it'll be design and engineering work, most likely in St. John's, a city which, you'll remember, "can take a hit".
Erveything is hitting the skids . . . Liebrals break out the Baby Duck.
@ Anonymous 1816;
Thanks for continuing to prove my prediction about the pitcher plants stepping up their partisan attacks, typos and all and of course behind the cowards cloak of anonymity.
Everything isn't hitting the skids and no one is or should be celebrating.
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