![]() Stephen Harper announces $2.6 billion in funding for John Tory’s SmartTrack transit plan.Michael Nolan: Stephen Harper one election away from cementing his place in history. ![]() The government is still projecting growth of 1.9% this year, and even the Bank of Canada expects a rebound in the second half of the year, based on a weak Canadian dollar, firmer oil prices and a growing U.S. The Tories did get some unexpected good news in May, with a big gain in jobs. The bigger problem for the Prime Minister than the Governor trotting around the globe using words like “atrocious” to describe the Canadian economy, is that Poloz is closer to the mark than he is.įor a Conservative Party whose only prayer of re-election is to deliver on its pledge of jobs and growth, this must be prompting some duodenal percolation. ![]() “If the doctor says you need surgery to avoid death, the side-effects usually don’t deter you, you just go ahead and manage through somehow,” he said, in defence of his decision to loosen monetary policy at a time when consumer debt to income ratios are at record highs. Poloz was on a panel at the Bank of International Settlements in Switzerland on Sunday, when he said his “very controversial” quarter point interest rate cut in January had acted like life-saving surgery on an ailing Canadian economy, after the oil price collapse. “People should be confident about the future,” he said.īut then along comes Stephen Poloz, pointing out that things are not nearly as rosy as the Prime Minister would have people believe – and that if it had not been for him, things would be even worse. This advertisement has not loaded yet, but your article continues below.
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