While I fear this may becoming a quasi-economics blog over the course of the campaign, it’s numbers yet again in the national consciousness as we learn today whether or not we’re in a technical recession, though there’s a bunch of political dispute over what a recession means. Jason Kenney was on Power & Politics on Sunday trying to broaden the definition to say that it would need to be over a number of sectors rather than just the energy sector as we seem to be seeing in Canada, and while that may be a perfectly reasonable explanation if it was anyone else, it was however his own government who put the definition of two quarters of shrinking GDP into their “balanced budget” legislation just a couple of months ago. Oops. To that end, Rosemary Barton writes about deficit and recession politics on the campaign trail, while Mike Moffatt calculates the projected federal deficits for the next few years based on current economic indicators. And Stephen Gordon gives us some food for thought:
.. revenues to increase and/or expenditures to decrease. If so, you'd shift future income to finance current spending. /2
— Stephen Gordon (@stephenfgordon) August 31, 2015
We want to shift current income to finance future spending, not the reverse. 4/4
— Stephen Gordon (@stephenfgordon) August 31, 2015