March 1997 Editorial
To Paul Martin: Please Sir, Can I Have Some More? Being the cynic that I am, and having had a bit of experience in politics, I was ready for nothing but the worst from the federal budget handed down on February 18. Having said that, I must admit that I'm not that dissatisfied with it. I have to laud Martin for continuing his battle on the deficit. The Liberal's pledge of "jobs, jobs, jobs" failed dismally so they are pinning their election hopes on how well they have done with the deficit. And he has done decently. He's $5-billion ahead of his projections. It is projected that in a few short years the country will be operationally deficit free, meaning that Canada will not have to borrow money internationally to finance itself. A deficit still, but one at least that is getting closer to being eliminated. Paul Martin, a Liberal, had more guts then any of his predecessors, and for that he should receive the congratulations of us all. No matter what our friends on the left say, a deficit is one of the most vile acts that can be perpetrated on a country. A debt is borrowed against future production...production that is not guaranteed. To make a claim on something that does not even exist yet is the height of collectivist folly. It took a Liberal to have the fortitude to recognize that. But Martin also failed dismally on other fronts. His $1.2-billion in extra spending is a slap in the face to those who want to see spending reined in to responsible levels. This new money is pandering to the electorate. He may have guts, but he is still a politician. Martin also failed dismally on delivering a tax cut. Whether or elected leaders realize this or not, tax cuts spur the economy. They create jobs and increase revenue. It has been proven real world examples and it will work in Canada. If Martin wanted to create jobs, albeit private sector jobs his government cannot take credit for, he would cut taxes. Martin expects the private sector, without a tax cut, to create over 300 000 jobs, a number mocked by credible economists everywhere. A 1996 report by the Certified General Accountants' Association of Canada stated that a tax cut of $4-billion would raise real gross domestic product by $5 billion and create more than 108 000 jobs by 2001. Those are realistic numbers. CGA-Canada says that this could be achieved without endangering Martin's deficit numbers. Following this alternate plan Paul would have had deficit reduction, job growth and a tax cut. Please Paul, Why couldn't I have gotten more? Gord Gekko |
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