Friday, Oct. 24, 2014
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A $50-billion deficit: the next useful crisis

The principal explanation behind the $50-billion deficit: the huge tax cuts made by the federal Liberals and Conservatives since 1995.

Photographs by Jake Wright, The Hill Times

VANCOUVER—It is astonishing given all the commentary and news stories about the "sudden" $50-billion federal deficit there has not been a single story in the mainstream media that focuses on the principal explanation: the huge tax cuts made by the Liberals and Conservatives since 1995. First it was finance minister Paul Martin with his $100-billion income tax cut over five years starting in 2000; then it was Jim Flaherty in 2007 with $60-billion over five years. Add to that the $12-billion lost each year by lowering the GST from seven per cent to five per cent and the $50-billion is no mystery—it was an inevitability whenever the next recession hit.

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A $50-billion deficit: the next useful crisis

The principal explanation behind the $50-billion deficit: the huge tax cuts made by the federal Liberals and Conservatives since 1995.

Photographs by Jake Wright, The Hill Times

VANCOUVER—It is astonishing given all the commentary and news stories about the "sudden" $50-billion federal deficit there has not been a single story in the mainstream media that focuses on the principal explanation: the huge tax cuts made by the Liberals and Conservatives since 1995. First it was finance minister Paul Martin with his $100-billion income tax cut over five years starting in 2000; then it was Jim Flaherty in 2007 with $60-billion over five years. Add to that the $12-billion lost each year by lowering the GST from seven per cent to five per cent and the $50-billion is no mystery—it was an inevitability whenever the next recession hit.

  

Parliamentary Calendar
Friday, October 24, 2014
HILL LIFE & PEOPLE SLIDESHOWS
Lockdown on the Hill, Oct. 22 Oct. 22, 2014

Anne Marie Creskey

NDP MPs on Wednesday morning at the corner of Metcalfe and Wellington streets outside the Langevin Block, where the prime minister has an office, across the street from Parliament Hill. They include Rosane Doré Lefebvre, far left, Hélène Laverdière, second from right, and Charlie Angus, far right. 

Anne Marie Creskey

NDP MP Charlie Angus and other MPs wait in front of the prime minister's office at Langevin Block, after leaving the Hill on Wednesday morning. 

Anne Marie Creskey

Ottawa Police Service officers on Parliament Hill at around 10:45 a.m.

Anne Marie Creskey

Ottawa Police cars on Wellington Street in front of the Hill on the morning of the attack.

Anne Marie Creskey

An armoured police vehicle on Metcalfe Street headed toward the Hill.

Anne Marie Creskey

More police arrive on Wellington Street.

Anne Marie Creskey

RCMP officers on Sparks Street between Elgin and Metcalfe streets on Wednesday morning. Surroundings buildings were locked down and later evacuated. 

Anne Marie Creskey

Reporters and camera crews are pushed back to the corner of Sparks and Metcalfe streets.

Anne Marie Creskey

The prime minister's office in the Langevin Block is evacuated.

Anne Marie Creskey

Police with a stretcher on Sparks Street.

MICHAEL DE ADDER'S TAKE