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The Economic and Social Consequences of Fiscal Retrenchment in Canada in the 1990s

In: The Review of Economic Performance and Social Progress 2001: The Longest Decade: Canada in the 1990s

Author

Listed:
  • Jim Stanford

    (Economist, Canadian Auto Workers)

Abstract

In this chapter, Jim Stanford agrees that measures were needed to eliminate the deficit. But he argues that Paul Martin's program spending cuts were larger than necessary and caused real pain in many areas of Canadian life. He shows that a strategy in which program spending was frozen in nominal terms, but not cut, would have produced more growth and employment and still yielded almost the same deficit by 1999 (although slightly higher debt levels) as the program-cutting path actually followed.

Suggested Citation

  • Jim Stanford, 2001. "The Economic and Social Consequences of Fiscal Retrenchment in Canada in the 1990s," The Review of Economic Performance and Social Progress,in: Andrew Sharpe, Executive Director & France St-Hilaire, Vice-President , Research & Keith Banting, Di (ed.), The Review of Economic Performance and Social Progress 2001: The Longest Decade: Canada in the 1990s, volume 1 Centre for the Study of Living Standards;The Institutute for Research on Public Policy.
  • Handle: RePEc:sls:repsls:v:1:y:2001:js
    as

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    File URL: http://www.csls.ca/repsp/1/08-stanford.pdf
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    References listed on IDEAS

    as
    1. Osberg, L. & Sharpe, A., 1998. "An Index of Economic Well-being for Canada," Department of Economics at Dalhousie University working papers archive 98-08, Dalhousie, Department of Economics.
    2. Rachlis, M. & Evans, R.G. & Lewis, P. & Barer, M.L., 2001. "Revitalizing Medicare: Shared Problems, Public Solutions," Centre for Health Services and Policy Research 2002:1d, University of British Columbia - Centre for Health Services and Policy Research..
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Deficit; Debt; Program Spending; Expenditure; Fiscal Policy; Growth; Unemployment; Deficit Reduction; Canada;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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