A prominent Bay Street strategist says Ottawa is “shooting itself in the foot” as the Trudeau Liberals enter Parliament’s fall session defending a tax plan that could “tip the economy into a recession.”
“Frankly, I'd be excited if the government just sat on its hands and did nothing,” David Rosenberg, chief economist and strategist at Gluskin Sheff + Associates, told BNN in an email about his expectations as the House of Commons resumes sitting Monday.
“My disappointment with much of what already has been done, and the pledges to tax capital in all its forms, are only going to act as major constraints on growth.”
During Parliament’s break, the Canadian economy handed in a string of impressive results – including 4.5-per-cent GDP growth in the second quarter.
“The federal government will have record tax revenues in 2018 as both corporate and personal income tax collections rise with the good economy,” said Baskin.
“In the meantime, the government is paying low interest on its debt. If it cannot balance a budget in those conditions, when can it?”
Impact on Canadian dollar will likely be negative over the longer term as the far left "liberals" tax grab crushes growth. A declining housing market will contribute to the downturn. A recession is baked into the cake at this point.
How long will it take for Canadians to wake up and get rid of the useless Trudeau Jr?