Canada's Trudeau Promises A Kind Of Obamanomics-Lite. (IBD).
After nine years with conservative Stephen Harper in charge, Canada has veered left, electing liberal Justin Trudeau as prime minister. We wish him well, but fear his policies will drag the economy down.
The younger Trudeau, 43, is personable and movie-star handsome. With just a whiff of Barack Obama, he speaks of a Canada that will be "open and confident and hopeful." Those appear to be his qualifications.
Say what you will about Harper, he succeeded in steering Canada away from left-wing economic foolishness onto a path of responsibility.
A trained economist, Harper cut taxes, backed free trade, cut spending, created a budget surplus, reduced national debt, revived economic growth, avoided a U.S.-style housing crisis and deftly sidestepped much of the global warming nonsense that now hobbles the U.S. economy.And during his years in office, Canada's middle class became the wealthiest in the world, surpassing the U.S.
But what will Trudeau do? It's hard to say, since he mostly ran as the "I'm Not Stephen Harper" candidate.
But from recent speeches, it seems that Trudeau plans a kind of Obamanomics-lite. Specifically, while the budget now is balanced, Trudeau plans on a Keynesian "stimulus" of roughly $10 billion a year. Sorry, but government deficits don't create growth.
On climate change, Trudeau's party has favored a national carbon tax. That would be an economic disaster.
Americans should be concerned. Of our $2.3 trillion in global exports, more than 20% go to Canada. If its economy suffers, so will ours.
As we said, we wish Trudeau the best of luck. From what we see of his policy plans, he'll need it. Hmmmmm........Another 'Obamination' in the make. Read the full story here.