So, how's the economy doing these days? Oh, dear:
Finance Minister Jim Flaherty offered an impromptu fiscal update Tuesday, announcing that this year's budget deficit will balloon to more than $50-billion – a new record for red ink in Canada as the costs of the economic downturn mount.
And yet, it was just last fall that the poster boy for Canadian wingnut welfare Stephen Taylor was all a-flutter over the praise:
The Economist endorses a Harper minority
Just published by the Economist,
And yet, in a sinking world, Canada is something of a cork. Its well-regulated banks are solid. Growth has slowed but not stopped. The big worry is the fear that an American recession will drag Canada down with it.
Mr Harper says, rightly enough, that his government has taken prudent measures to help Canada weather a storm it cannot duck: he has offered tax cuts and selective aid to help vulnerable manufacturing towns. But it is his seeming non-reaction to what is so far a non-crisis that looks likely to deny him the majority he was seeking, and could even let in the opposition. In what is the first credit-crunch election in a big Western country, Mr Harper’s ejection would set a dispiriting precedent that panic plays better politically than prudence.
Well, how about now, Stephen? Would it be all right to panic now? Do we have your permission?