Thread by @BettinaYYC

Thread
This is a must read article by my friend @gajagwyn
Here's some highlights:
"Gwyn Morgan: Turns out Justin Trudeau is more like Pierre than we feared"
#ABLeg #ABPoli
business.financialpost.com/opinion/gwyn-m…

"After inheriting Stephen Harper government’s zero-deficit balance sheet a little over two years ago, Trudeau’s budgeted 2017–18 deficit has rocketed to $18 billion"

PET “I wouldn’t be prepared to think I would be successful in arguing that (communism) for Canada at the present time. But such times might come, who knows?”

5 decades later, here’s his son, @JustinTrudeau: “You know, there’s a level of admiration I actually have for China because their basic dictatorship is allowing them to actually turn their economy around on a dime.”

During 15 years that PET was PM, federal spending rose from 30 to 53% of GDP. Huge public spending overheated the economy, resulting in runaway inflation. By 1981, prime lending rate had reached 22%. The inability to meet skyrocketing interest pymts caused widespread bankruptcies

Accessing risk capital was impossible when gov bonds were yielding 19%. By his retirement in 1984, debt had grown by 700% Canada’s international debt rating had collapsed. Canada transformed from one of the financially strongest countries in the world into an economic basket case

5 decades later, son Justin has Canada on a similar path. After inheriting the Harper gov’s zero-deficit balance sheet a little over 2 years ago, Trudeau’s budgeted 2017–18 deficit has rocketed to $18B, with continuing deficits forecast to add $117B to the national debt by 2023.

Raising marginal personal tax rates to over 50 per cent at the same time as the U.S. is reducing them places Canadian companies at a competitive disadvantage in attracting and retaining highly mobile skilled workers.

"That would take Canada’s national debt from around $600 billion when the Trudeau government came to power to nearly a trillion dollars by 2023."