I don’t think even that might be enough.
They have to keep the LPC ship afloat!
Sean Speer: Freeland and Trudeau have no one to blame but themselves
How the Liberals' COVID-era stimulus package led to their current crisis
When the obituary of the Trudeau government is ultimately written (and that date seems to be closing in), there will be various moments that one can identify as key dates that contributed to its downfall.
The biggest one is probably October 26, 2021, when Sean Fraser was appointed to the immigration portfolio where he subsequently went about breaking Canada’s immigration system and undoing a decades-long consensus in favour of high levels of immigration. His resignation from politics is marked by arguably the worst ministerial record in modern Canadian history.
But one can argue that the second most significant moment was nearly a year earlier on November 30, 2020, when finance minister Chrystia Freeland
announced far before we knew how the economy would recover from the depths of the pandemic that the government would spend $100 billion over three years on fiscal stimulus.
It was an extraordinary commitment even in the moment. The notion that the government knew precisely if and how much stimulus was required to “jumpstart our recovery” while the economy was still mostly locked down was self-evidently false.
It was clearly a made-up number—more than $50 billion but less than $200 billion. It was a nice round figure. Easy to communicate. It sounded big. As I
wrote in April 2021, the whole thing had a “Dr. Evil feel to it.”
Of course, it wasn’t obvious a $100 billion was needed or how it would be spent. But that missed the point. More deficit-financed spending was an end in itself. It was the sticker price that mattered. Freeland was effectively setting out a fiscal policy of vibes.
It was all well and good in a low-inflation and low-interest rate environment. But the government hadn’t suspended the laws of economics. Inflation started to rise in late 2021 and interest rates began to climb early the following year. Soon it was obvious that not only was Freeland’s free-spending stimulus inflationary, but it was growing more expensive as interest costs rose.
Governing is about choices. And the Trudeau government has made a lot of bad ones. But few in hindsight were as consequential (and ultimately disastrous) as Freeland’s $100 billion stimulus.
Sean Speer: Freeland and Trudeau have no one to blame but themselves