By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Wednesday August 26, 2015
Fiscal plans take centre stage after markets turmoil
As global stock markets plunged on Monday, Conservative Leader Stephen Harper urged voters to stick with his party’s fiscal plan, while NDP Leader Tom Mulcair and Liberal Leader Justin Trudeau said a change in government would boost the economy.
2011-2015
The S&P/TSX composite ended the day down 421 points while the Dow Jones industrial average lost 588 points. The loonie closed at its lowest level since August 2004, hitting 75.4 cents U.S.
Speaking in Quebec, Harper acknowledged that Canada is facing “economic challenges,” but pointed to the Conservative record of investing in innovation, infrastructure, immigration, training, and trade to create economic growth.
“We’re making investments in the things that will get us through this, and position us well for the long term,” he said.
He also highlighted Canada’s “disciplined” financial framework, including a strong banking system, a balanced budget, and low taxes.
By contrast, Harper said, the NDP and Liberal Party are proposing large-scale permanent spending increases, which they would finance through deficits and tax increases.
“We think that is clearly the wrong track. It would be clearly damaging both in the short term and the longer term in this country,” he said. “Given the challenges around us, we need to stick with a long-term plan that has been working and will work.”
Harper’s office released a short statement Monday stating that he had spoken on the phone in the morning with Bank of Canada Governor Stephen Poloz.
“Prime Minister Harper and Governor Poloz discussed the recent decline in global stock markets and commodity prices, slowing growth in China and emerging markets and the potential impacts on Canada’s economy,” the statement read. (Source: CTV News)