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Oh Andrew Coyne. Time to debunk this media myth making. Who is up for a trip down memory lane about the economic record of the Harper government? Let's start with some background with what Harper conservatives inherited from the Liberals under Chretien/Martin. #cdnpoli #cdnecon
The federal debt under the Liberals was reduced by $90 billion from 1993-2006; the debt burden fell from 66.6 per cent in 1994-95 to 31.4 per cent in 2006-07. #cdnpoli #cdnecon
The Liberals implemented a temporary capital tax on large deposit taking institutions, a higher tax on large corporations, a temporary corporate surtax; and higher excise taxes on gasoline and tobacco products. There were ZERO personal tax increases. #cdnpoli #cdnecon
Oh yeah, about those Provincial transfers. Initially the Liberals did cut transfer payments to the provinces. When the budget was balanced, The Liberals introduced a 10-year plan which put the major transfers to the provinces on a sustainable and growing rate. #cdnpoli #cdnecon
In 2000, with the deficit eliminated and with no interest rate risk, the Liberal government implemented the largest personal and corporate income tax reduction in Canadian history. This fueled our economy, even with the tech bubble bursting in 2001. #cdnpoli #cdnecon
In 2006, Harper government inherited a surplus of $13.8 billion — which they turned into a deficit of $5.8 billion within two years. They remained in deficit each year, creating a structural deficit. In 2009-10, the deficit reached its peak of 3.5 per cent of GDP. #cdnpoli
Under the Harper Government, after 2006, economic growth declined in every year after 2010 and averaged only 1.7 per cent per year. In the previous nine years under Chretien/Martin, economic growth averaged 3.4 per cent per year. #cdnpoli #cdnecon
As of January 2015: the unemployment rate was higher than at the end of 2008. Labour force participation rate was lower than in 2008. The youth unemployment rate was higher than at the end of 2008. Full-time and manufacturing jobs fell substantially 2008-2015. #cdnpoli #cdnecon
From 2008-2015 we created jobs at far lower rate than the other G7 countries. Post 2015, the share of total employment made up of full-time jobs was less than in 2008 — and the quality of jobs had sunk to its lowest level in a quarter of a century. #cdnpoli #cdnmedia
One more thing. Credit is given to Stephen Harper for his steady hand during the global economic downturn of 2008-09, but the truth is the decisions made under the Jean Chretien government were the ones that saved the Canadian economy. #cdnpoli #cdnecon
All the Harper government did was take credit for the stability that the decisions Chretien/Martin made in the 90's gave us. When his hand was forced by the opposition he emulated the stimulus plan Bob Rae used in Ontario in the 90's. Not one original idea. #cdnecon #cdnpoli
About the economy under the Trudeau Liberals. Lets take a look at a few key points from the most recent annual report from the Finance Department pre- #COVID19. Federal interest costs as a share of GDP were at its lowest level since before the Great Depression. #cdnpoli #cdnecon
The Canadian economy was remarkably strong through fiscal year 2018, and growing at a pace near the top Group of Seven (G7) countries, and at its strongest pace since 2011. #cdnpoli #cdnecon
Pre- #COVID19 Canada had added 1,100,000 jobs since October 2015, leading the unemployment rate to fall to 5.4% in May 2019—its lowest recorded level in over 40 years. #cdnpoli #cdnecon
Canada’s Federal Debt Percentage to GDP had fallen each year under the Liberal Government as compared to the Conservative Governments under Stephen Harper. That is what gave us the fiscal capacity to deal with the #COVID19 pandemic. #cdnpoli #cdnecon
What about the fiscal risks of a 1995 debt crisis? It's not going to happen. To get back to 1995's 74% debt/GDP, we'd need to add one trillion in debt. We'd also need 10-yr interest rates to quadruple from 2.3% to 9.7% to get back to 1995. Our cupboards are not dry. #cdnpoli
Enough with this myth of the Harper Government being strong economic stewards. It is demonstrably false. Our economic flexibility and ability to deal with an unprecedented crisis is not because of the Harper Government, it is in spite of the Harper Government. #COVID19 #cdnpoli
