Canada moves to 2% GDP end of FY25/26 - PMMC

[Czech_pivo]

You wrote as if Carney has magical powers no other politician has.

Almost all of the ones in important positions went to university for four or more years. They're intelligent and educated. A B Comm or a resume in finance is useful for details; it isn't necessary to grasp broad financial and economic principles, and no better than a background in history or philosophy or law or political science when it comes to managing a political jurisdiction.

All politicians know what greases deals; they just start with different priors about who gets the grease, and about who should pay and who should benefit.

Sorry - but I'd stack up a GS Sr Exec who was also the CEO for a 12+ billion USD a year firm (Bloomberg), ignoring entirely the stink at Brookfield, up against any Politician who has a B Comm in business or finance but has never worked in the business world, let alone been the CEO of a multi-billion a year worldwide reach firm. There is no comparison, none to be made in that regard. Period.

Then you bring up the Governor of the Bank of England, ignoring completely the Bank of Canada part, this is a whole other aspect of experience in the realm of real politik - now you're talking about a country that was once the reserve currency of the world, a country that still is one of the top 3 or 4 major currencies around the world, a country on the UN permanent security council, a country with nuclear weapons. Again, there is NO living Canadian politician that can come close to this level of experience. None.

Yes, I have high expectations for Carney because he truly is a one in a Canadian generational individual. We DO NOT have people like him home grown and deciding to come back to the country and attempt to right a sinking ship. This guy could have easily stayed out of the country, continued to make millions upon millions (like oh so so many other successful CDN's have done) and that would be it. Its quite easy to never come back to Canada once you've made a name/reputation for yourself on the world stage, where the money is plenty and significantly more.

One comes back for either their beliefs or their family. Ego is not something you come back to Canada for in my opinion, because Canadians just love to tear down people who left the country and become wildly successful and rich. I came back for my beliefs, that if I was to have children that this was the best place to have them. I still believe that overall 25yrs later but I know that I certainly paid a steep economic price for my beliefs.

 

[QV]

There seems to be mixed reviews on MC's time at the Bank of England and also his contributions to the current economic state of the UK. Just because he was there, doesn't mean it had a good outcome.

 

[Remius]

Sorry - but I'd stack up a GS Sr Exec who was also the CEO for a 12+ billion USD a year firm (Bloomberg), ignoring entirely the stink at Brookfield, up against any Politician who has a B Comm in business or finance but has never worked in the business world, let alone been the CEO of a multi-billion a year worldwide reach firm. There is no comparison, none to be made in that regard. Period.

Then you bring up the Governor of the Bank of England, ignoring completely the Bank of Canada part, this is a whole other aspect of experience in the realm of real politik - now you're talking about a country that was once the reserve currency of the world, a country that still is one of the top 3 or 4 major currencies around the world, a country on the UN permanent security council, a country with nuclear weapons. Again, there is NO living Canadian politician that can come close to this level of experience. None.

Yes, I have high expectations for Carney because he truly is a one in a Canadian generational individual. We DO NOT have people like him home grown and deciding to come back to the country and attempt to right a sinking ship. This guy could have easily stayed out of the country, continued to make millions upon millions (like oh so so many other successful CDN's have done) and that would be it. Its quite easy to never come back to Canada once you've made a name/reputation for yourself on the world stage, where the money is plenty and significantly more.

One comes back for either their beliefs or their family. Ego is not something you come back to Canada for in my opinion, because Canadians just love to tear down people who left the country and become wildly successful and rich. I came back for my beliefs, that if I was to have children that this was the best place to have them. I still believe that overall 25yrs later but I know that I certainly paid a steep economic price for my beliefs.

Well said.

We lament the lack of qualified talent in politics then lament when we get it on offer because of political biases.

Or worse, settle for garbage because of the same biases.

 

[FJAG]

There seems to be mixed reviews on MC's time at the Bank of England and also his contributions to the current economic state of the UK. Just because he was there, doesn't mean it had a good outcome.

Nonetheless his experience in the field is vastly superior to that of the last guy. I'm not an LPC guy by any stretch of the imagination but I'm prepared to give him a reasonable chance.

Concurrently I'm prepared to give the CPC a chance to get their house in order.

 

[Brad Sallows]

Sorry - but I'd stack up a GS Sr Exec who was also the CEO for a 12+ billion USD a year firm (Bloomberg), ignoring entirely the stink at Brookfield, up against any Politician who has a B Comm in business or finance but has never worked in the business world, let alone been the CEO of a multi-billion a year worldwide reach firm. There is no comparison, none to be made in that regard. Period.

Stephen Harper and Jim Flaherty managed the country's finances and economy very well without superstar resumes. You don't need a string theorist to do Newtonian physics. Past a point, specialization is overcharged. It may or may not be a hindrance (tunnel vision). I consider sound fiscal policy the bedrock of good governance because it enables all other things, but it isn't the only aspect. Carney's background is more than needed in one particular area. Anyone capable of rising to the level of "good enough" for finance and economics can replace him, emphatically if they have more acumen in one or more other areas.

Then you bring up the Governor of the Bank of England, ignoring completely the Bank of Canada part, this is a whole other aspect of experience in the realm of real politik - now you're talking about a country that was once the reserve currency of the world, a country that still is one of the top 3 or 4 major currencies around the world, a country on the UN permanent security council, a country with nuclear weapons. Again, there is NO living Canadian politician that can come close to this level of experience. None.

Federal central banks are almost always at arm's length from the rest of the business of government. It's somewhere between meaningless and laughable to claim that some of the unrelated achievements of a country rub off on its central bankers.

Canada doesn't have the fiscal capacity for all the things that have been so far proposed, and if the "plan" is just to take on increasing levels of debt, all the claims about Carney's prudence will be worthless to me. It'll be just another borrow-and-spend Liberal government.

 

[Czech_pivo]

Stephen Harper and Jim Flaherty managed the country's finances and economy very well without superstar resumes. You don't need a string theorist to do Newtonian physics. Past a point, specialization is overcharged. It may or may not be a hindrance (tunnel vision). I consider sound fiscal policy the bedrock of good governance because it enables all other things, but it isn't the only aspect. Carney's background is more than needed in one particular area. Anyone capable of rising to the level of "good enough" for finance and economics can replace him, emphatically if they have more acumen in one or more other areas.

Federal central banks are almost always at arm's length from the rest of the business of government. It's somewhere between meaningless and laughable to claim that some of the unrelated achievements of a country rub off on its central bankers.

Canada doesn't have the fiscal capacity for all the things that have been so far proposed, and if the "plan" is just to take on increasing levels of debt, all the claims about Carney's prudence will be worthless to me. It'll be just another borrow-and-spend Liberal government.

Time will tell.

 

[Quirky]

We've already seen the signals this is more of the same. When presented with provincial opposition to pipes, just defaults to the Trudeau status quo despite all the talk during the campaign. Still planning to ban ICE vehicle sales by 2035... Kept that zealot SG on deck... ect... I think they are just telling voters what they want to hear and buying time to keep selling their agenda. They can just default to 'blame the USA' anytime they need to.

More Trudeau era status quo policies will just lead us closer and closer to Alberta separating or becoming the 51st. Good luck with that GDP Canada when your biggest contributor is gone.

 

[Kirkhill]

Sorry - but I'd stack up a GS Sr Exec who was also the CEO for a 12+ billion USD a year firm (Bloomberg), ignoring entirely the stink at Brookfield, up against any Politician who has a B Comm in business or finance but has never worked in the business world, let alone been the CEO of a multi-billion a year worldwide reach firm. There is no comparison, none to be made in that regard. Period.

Then you bring up the Governor of the Bank of England, ignoring completely the Bank of Canada part, this is a whole other aspect of experience in the realm of real politik - now you're talking about a country that was once the reserve currency of the world, a country that still is one of the top 3 or 4 major currencies around the world, a country on the UN permanent security council, a country with nuclear weapons. Again, there is NO living Canadian politician that can come close to this level of experience. None.

Yes, I have high expectations for Carney because he truly is a one in a Canadian generational individual. We DO NOT have people like him home grown and deciding to come back to the country and attempt to right a sinking ship. This guy could have easily stayed out of the country, continued to make millions upon millions (like oh so so many other successful CDN's have done) and that would be it. Its quite easy to never come back to Canada once you've made a name/reputation for yourself on the world stage, where the money is plenty and significantly more.

One comes back for either their beliefs or their family. Ego is not something you come back to Canada for in my opinion, because Canadians just love to tear down people who left the country and become wildly successful and rich. I came back for my beliefs, that if I was to have children that this was the best place to have them. I still believe that overall 25yrs later but I know that I certainly paid a steep economic price for my beliefs.

But is he a politician? Can he sway people?

 

[Czech_pivo]

Stephen Harper and Jim Flaherty managed the country's finances and economy very well without superstar resumes. You don't need a string theorist to do Newtonian physics. Past a point, specialization is overcharged. It may or may not be a hindrance (tunnel vision). I consider sound fiscal policy the bedrock of good governance because it enables all other things, but it isn't the only aspect. Carney's background is more than needed in one particular area. Anyone capable of rising to the level of "good enough" for finance and economics can replace him, emphatically if they have more acumen in one or more other areas.

Federal central banks are almost always at arm's length from the rest of the business of government. It's somewhere between meaningless and laughable to claim that some of the unrelated achievements of a country rub off on its central bankers.

Canada doesn't have the fiscal capacity for all the things that have been so far proposed, and if the "plan" is just to take on increasing levels of debt, all the claims about Carney's prudence will be worthless to me. It'll be just another borrow-and-spend Liberal government.

Yes, Flaherty did a solid job running the Min of Fin and Harper did a pretty solid job as PM. But if I remember correctly our Defense spending went under 1% of GDP in part to his cutting the budget and handing out tax cuts. Maybe if he had focused on making adhering to the 2% level that he himself had agreed to and setting the bar for future governments to do so, the CAF wouldn't be in the current situation that its in......

 

[Czech_pivo]

But is he a politician? Can he sway people?

Jury is out on that one, 100%

 

[Remius]

More Trudeau era status quo policies will just lead us closer and closer to Alberta separating or becoming the 51st. Good luck with that GDP Canada when your biggest contributor is gone.

Still wishing for that stuff eh?

The biggest contributor to the gdp is not Alberta.

Alberta is about 15% or less than half of what Ontario’s share is.

 

[OldSolduer]

But is he a politician? Can he sway people?

If their standard of living rises, their bank accounts increase, jobs are created and crime is dealt with in a decent way then yes....he can sway people.

 

[Remius]

But is he a politician? Can he sway people?

Surveys say yes so far…

https://twitter.com/x/status/1932915777641836952

 

[FJAG]

If someone is looking for something to spend a few billion on instead of pay raises, here's my vote for at least four battalions of these.

.

 

[Fishbone Jones]

Lots of new video out from the Min of Immigration. Diab was taken to task by a number of Conservatives MPs. She refused to answer any questions on point, which is typical of the liberals. She’s as woefully incompetent as the Min of PS is. She has no idea of the numbers and enforcement of contained in her file.

 

[Brad Sallows]

Yes, Flaherty did a solid job running the Min of Fin and Harper did a pretty solid job as PM. But if I remember correctly our Defense spending went under 1% of GDP in part to his cutting the budget and handing out tax cuts. Maybe if he had focused on making adhering to the 2% level that he himself had agreed to and setting the bar for future governments to do so, the CAF wouldn't be in the current situation that its in......

Which makes my case. Effective national governance is about more than hitting the NATO target for military effectiveness.

Here are some military spending data.

Here are some GDP data.

Note that the "under 1%" coincided with "high GDP" (ie. a large denominator in the fraction) as well as reduced absolute spending, and occured during the period the government was committed to dealing with the 2008/2009 spending bulge and temporary revenue shortfall without using the Paul Martin "on the backs of provinces and individuals" solution. Big-picture governance.

Carney is as likely as anyone to be guided by his political and social priors. Economist Bryan Caplan comments on the phenomenon (among economists) here. People have a hard time shaking off notions they conceive early in life, even after some of their early notions have been shaken.

 

[daftandbarmy]

Which makes my case. Effective national governance is about more than hitting the NATO target for military effectiveness.

And then there's this, too

 

[Brad Sallows]

And then there's this, too

Yeah. I'm skeptical of "make it happen" governance from the PMO. Bureaucracies sometimes perpetuate and defend themselves, to the frustration of politicians.

 

[daftandbarmy]

Yeah. I'm skeptical of "make it happen" governance from the PMO. Bureaucracies sometimes perpetuate and defend themselves, to the frustration of politicians.

Like anywhere else, good leadership makes good processes... I'll give it 6 months or so

 

[Remius]

Yeah. I'm skeptical of "make it happen" governance from the PMO. Bureaucracies sometimes perpetuate and defend themselves, to the frustration of politicians.

I guess we’ll see if said resistance leads to early retirements from bureaucracies…

Speaking of which…

Canada’s top doctor Theresa Tam leaving position when term ends June 20

Canada’s Chief Public Health Officer Dr. Theresa Tam is leaving her position at the end of next week.

www.ctvnews.ca