The idea that we are trapped in a “new normal” of slow economic growth has gained currency with many analysts. Proponents list a number of factors allegedly restraining the trend of growth.
Despite gloomy post-recession pronouncements from some analysts, slow economic growth is not preordained in Canada.
At the end of March, the CEO of the Ontario Power Authority (OPA) issued a directive regarding the implementation of Ontario's "Long term energy plan," which spells out what the provincial energy regulator plans to do to spur energy conservation.
President Obama has frequently cited the seemingly intractable debate about the size of government currently consuming the political class as his primary obstacle to getting major reforms through a divided Congress.
For example, in his State of the Union address he said:
On February 18th British Columbians will be watching to see if finance minister Mike de Jongs budget sets out a plan to deliver on his governments ambitious goals with respect to economic growth and job creation. And the truth is, the province needs it. The past year was a disappointing one for BC in terms of economic and employment growth compared to other provinces.
On Wednesday, the day after delivering the 2014 federal budget, Finance Minister Jim Flaherty set off a firestorm by offering his view on income-splitting, a platform commitment the Conservatives made for when the government returns to a balanced budget (likely next year). I'm not sure that, overall, it [income-splitting] benefits our society, Minister Flaherty stated, preferring instead to, reduce taxes more.
While readers of this page will know we haven't always agreed with Minister Flaherty over the years, he is right on the money with respect to income-splitting.
Government is the single most pervasive institution of modern life and its programs are important to our quality of life. While government spending around the world has grown, more and larger government is not always associated with better outcomes.