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January 28, 2009

Don't Fear 'Dem Deficits!

Pull yerself's together peepull! Contrary to popular wisdom, we had sustainable finances all the way up to the 1980s, through the fattest years of the welfare state.

Linda McQuaig's Shooting the Hippo is all you have to read to understand that it was monetarist anti-inflation insanity that produced massive deficits in the early-1980s and early-1990s.

But guess what? Even then, we never reached a "debt-wall." As I wrote yesterday, the modest levels of economic growth of the Clinton years would have been effective at reducing that debt level WITHOUT the painful social service cuts of Paul Martin Jr. and Jean Chretien. That's why I think those two guys were assholes. They put us through the wringer, just because they were as keen to offer up tax-cuts to the wealthiest and convince Canadians that it's better to bankrupt yourself paying for private services than it is to achieve things collectively.

We weren't in any danger from the debt levels of the 1990s and harpo's smoke-and-mirrors budget (which will produce some real deficits) isn't going to drive us over a cliff.

Relax.

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