Would it have killed them to promise a fiscal anchor with enough weight to keep the Ship of State from drifting out to sea? A statutory commitment to keep the deficit below one per cent of gross domestic product, say, or a rainy-day fund of $3 billion that would be used for debt if unneeded?
The prospect of wider deficits has dominated coverage of the Liberal platform. A press corps that came of age during the slaying of the deficit dragon a generation ago is understandably shocked by the site of a governing party fattening a new beast for no apparent reason other than re-election. “When government revenues start drying up, and the debt-to-GDP level rises, the Liberals’ last fig leaf of fiscal respectability will be blown away,” the National Post’s John Ivison wrote.
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