Mark Carney is making a bet.
He believes massive public investing now will position the Canadian economy to grow in spite of the trade war and the shifting winds of global geopolitics.
By the 2030-31 fiscal year, the federal government will shoulder $85.5 billion in annual public debt charges. By then, Carney hopes the bet will have paid off and the economy will have undergone a transformation.
Most experts, including Khan, believe the government’s plan is a good idea. They say Canada has not taken steps to boost investment and productivity in years and it shows.
The economy was weak before the trade war began; in 2022, the Bank of Canada warned productivity was reaching emergency, “break glass” levels.
Maybe it’s just me but I think this is a somewhat strange headline given the content.
Edit:
I would disagree with some planned measures (such as selling public assets like airports, or betting too much on trade relationships with dictatorships like China), but in general many of the initiatives seem to be appropriate.
Not just growth, resiliency and sovereignty.
Not really. He has made clear his take on resilience is doubling down on neoliberal hollowing out of our economy. From privatizing public assets to erasing workers rights to side stepping environmental protections. Now he is opening the condo market up to foreign buyers to restimulate the speculative housing market.
We could promote resilience and sovereignty and continue selling resources without selling everything off to foreigners. Norway is an example.
If his hollowing out fails to bring economic growth he will face the ire of a tired, angry populace as we are seeing bubble up everywhere.
Tl-dr. Neoliberals selling us out for a promise of growth is not resilience or sovereignty.
I don’t disagree with any of this. I will only add that seeking investment from around the world also puts global pressure on the US not to fuck with us. It was the promise of globalization and trade countries that depend on each other are less likely to attack each other. Canada unwittingly put too many eggs in the American basket, and is now trying change that.
Still, I agree with your point.
