The Ontario government’s annual Economic Outlook and Fall Fiscal Update arrives on the heels of a controversial first quarter for Premier Doug Ford’s new Progressive Conservative government. Campaigning solely on a message of reversing the legacy of the Ontario Liberals’ time in government — primarily by reducing government spending and making life more “affordable” for Ontarians, Ford’s first five months has largely resulted in service, democratic and economic disruption, instead of actual cost-savings that would benefit average Ontarians.
There has been plenty of fear mongering that Canada must follow U.S. President Trump’s corporate tax cut agenda or face economic devastation. Yet many of the experts, often those not working for corporate interests, agree on two things: there is no assurance and much skepticism that the broad cuts will lead to significantly greater economic competitiveness for the U.S in the long-term1,2; and, there are much more effective levers to generate a competitive advantage for the Canadian economy than tax cuts3.
Adam Tooze. Crashed: How a Decade of Financial Crises Changed the World. Viking. New York. 2018
The global economic crisis is now more than a decade old, and is far from definitively behind us. Indeed, many fear, with good reason, that the recent, uneven and lethargic global recovery may soon come to an end, and that the next crisis of global capitalism could be even worse than that of 2008.
The Trudeau government has said that the new USMC agreement continues to give us an effective means of resolving bilateral disputes with the United States, allowing us to appeal to a special tribunal if that country (or Mexico) has, in our view, violated the agreement.