For all their pork-barrelling and partisan advertising with our money, we learn today that the government infrastructure spending was too little, too late.
We are nowhere near economic recovery and job-creation hasn't been up to task. We were outpaced seven to one by the U.S., and as a result they are closer to landing on their feet than we are.
And again, because part of Flaherty's stimulus plan was buying up vulnerable mortgages, a scheme that is keeping up the appearance of an economic recovery; the Canadian taxpayer is now the largest sub-prime lender in the world. This is nothing to cheer about.
And instead of targeting the stimulus money to areas that most needed it and were closer to actually putting shovels in the ground, the ref-Cons targeted the spending on ridings that were either vulnerable for them, or the ridings of cabinet ministers.
Pork-barrelling is nothing new, but the economic crisis called for urgent action, not politicking. Many of the projects that sported their 'Actions' signs were ones already in progress or for simple maintenance. Few new jobs.
Canada's economy is a long way from recovery, and more public investment will be key to getting there, says a new report by the Canadian Centre for Policy Alternatives. "I don't see any light at the end of the tunnel … and our high dollar is making it worse," said Jim Stanford, co-author of the report and an economist with the Canadian Auto Workers.
The private sector is still shrinking, most new jobs are being created in the public sector and the economy may require billions more in government stimulus, according to the report released Thursday in Ottawa. "So far we've seen continued decline in exports, continued decline in business capital spending," Stanford said. "Across the private sector as a whole, there's no source of new growth ....