Invest in Canada

Watch how the Govt “cooks the books”

by investor on 12/01/09 at 7:59 pm

Extraordinary times call for extraordinary measures, the Finance Minister said as he met with business, labour and community leaders in advance of the Jan. 27 federal budget.

Jim Flaherty said the Conservative government is not looking to cut spending as it prepares to table its budget, but it is looking for creative ways to help Canadians through the global recession.

“This is not a cuts exercise,” he said prior to a closed-door budget consultation meeting Monday in Victoria with about two dozen business and community officials. “This is in fact a creative exercise.”

“We are in extraordinary times,” Mr. Flaherty said. “It calls for some extraordinary thinking.”

Minister of Finance Jim Flaherty earlier this month in Whitby, Ont.

The minister said the government is looking at ways to help Canadians battle the tough times. Without providing specifics, Mr. Flaherty mentioned retraining programs for people who lose their jobs, money for government infrastructure projects and tax measures.

“We’re trying to do the right thing,” he said. “This is unprecedented. This budget is about ensuring that Canada has actions taken that Canada needs . . . to get through the consequences in Canada of a synchronized global recession.”

He forecast a deficit budget, but would not say how large the deficit will be, other than “substantial.”

Mr. Flaherty said he’s getting new economic numbers later this week that will provide a more up-to-date accounting of the government’s finances.

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