Because it’s pre-budget season, we’re starting to get some of the usual rounds of absolutely useless commentary on it once again, from some of the usual suspects. This week it’s Jean Charest and Bill Morneau, who insist the focus needs to be on “long-term” things like growth, and not “short-term” issues like inflation. But they offer no actual policy prescriptions—just vibes.
https://twitter.com/MikePMoffatt/status/1776584499075187102
My dudes. Getting inflation under control was one of the most important issues over the past year-and-a-half, because if not addressed in the short-term, it becomes a long-term problem that nobody wants. That meant slowing the economy just enough to let the steam out of it (the “excess demand”) without going into a recession, and lo, they managed to do just that. Yes, growth is sluggish right now because that was the whole gods damned point. Once inflation is tamed for real, and signs are that it’s getting there very soon, then they can focus on real growth once again, and with a focus on productivity because that’s how we’ll get more growth without fuelling inflation, but nobody wants to put too much heat back into the economy before inflation is tamed, or it’ll become persistent, and nobody wants that. You would think a former premier and finance minister might appreciate those facts.
Ukraine Dispatch:
Russia launched two dozen attack drones overnight, targeting Ukraine’s south and east, and 17 were destroyed. Two Russian strikes on Kharkiv killed eight early Saturday, while a Russian shell hit a house in the village of Guliaipole in Zaporizhzhia region on early Sunday, killing three civilians. A drone strike against the Zaporizhzhia nuclear plant has the international community worried about the potential for an accident once again. Ukraine’s energy systems have stabilised in spite of the many attacks on Kharkiv in recent weeks, but president Volodymyr Zelenskyy is warning that they are running low on air defence missiles, and he continues to call on the Americans to get their act together and pass the support package.
https://twitter.com/ukraine_world/status/1776965218146324857
Russia allegedly lost seven military aircraft during Ukraine's April 5 drone attack on the Yeysk air base in Krasnodar Krai; President Volodymyr Zelensky says Kharkiv is prepared for a potential Russian offensive; and more. https://t.co/PvrB5Pu2hT
— The Kyiv Independent (@KyivIndependent) April 7, 2024