.IvisonJ: Uh-oh, Trudeau's back to not thinking about monetary policy again via nationalpost
and the package of measures announced on Tuesday is mostly new money, not accounted for elsewhere in the fiscal framework. Ministers said the government will double the GST rebate for 11 million low- and modest-income families ; give a $500 one-time top up in housing benefit to 1.8 million low-income renters and provide $650 a year for dental care for children under 12 who don’t have access to insurance .
Randy Boissonnault, the associate minister of finance, resorted to the Aesop’s Fables book of economics, when asked if the new spending might prove inflationary. He said $3.2 billion added to a $2.7 trillion economy would be like throwing a stone in a lake. “The lake doesn’t flood,” he said, adding that unnamed “leading economists” supported the government’s targeted investments.
“While there are times when fiscal largesse is just what the economy needs, these aren’t such times,“ said CIBC’s Avery Shenfeld. Holt’s analysis suggested the $4.7 billion in spending on the GST rebate, increased housing benefit and the kids’ dental benefit amounts to around eight per cent of monthly retail sales. While it is unlikely it will all be spent in one month, it will cause a surge in sales at some point, as happened when child benefit payments were sharply increased.
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