Putting aside his centrepiece Green Shift which no one understands and he can't explain himself, Dion today, um, shifted, to the economy:
"Stephen Harper has allowed what was a booming economy to hit a brick wall," Dion said during a campaign stop in St. John's, Nwfd.
It's true. Descending from Mount Olympus sometime last fall, Harper adroitly and with remarkable persistence began engineering the crisis in U.S. subprime mortgages that begat the collapse of venerable Wall Street financial institutions and the wider economic slowdown in the U.S. markets on which the Canadian economy and global commodities producers are so reliant. Somewhat counter-intuitively, Harper arranged for oil producers in his home province of Alberta to suffer a cut in oil revenues by slashing world demand for crude, now priced at $95.71 (U.S.) per barrel, down from its July high of $147 (U.S.). In another move apparently against his own and his party's interests, Harper directed manufacturers in Central Canada to kill some 200,000 jobs in ridings the Tories need to hold or capture from the Grits. When the Canuck economy finally slammed into the wall, the Tory leader rubbed his hands, saying, "Now we have a record to run on. It's time for an election."
Canadian economic growth is anaemic, true, but Canada's growth prospects are generally brighter, its fiscal position stronger, and its financial system far healthier than is the case for its G-8 peers.
Here, for Dion's edification, is an incomplete list of industrial regions and nations suffering economic downturns more severe than ours: the U.S., Western Europe, Japan. The latter, according to its own government two weeks ago, has slipped into outright recession. Britain, it emerges, has a burst housing bubble not unlike the U.S., with similar, if lagging, consequences. Ireland is no longer a "miracle economy"; Dell Inc. announced yesterday it will relocate its Irish operations to a lower-cost jurisdiction in Asia. Australia, even more dependent than Canada on resources, has seen its decade-long economic boom abruptly end with the global collapse in most commodity prices.
There are plenty of things for which the Tories can be faulted, but rank mismanagement of the economy isn't among. Failure to expedite the process by which new Canadians have their professional credentials recognized might be. Failure to streamline securities regulation by replacing the current 13 provincial and territorial securities regulators with a national one is closer to the mark. Not exhorting Alberta to reinvest its oil windfall in a diversified economy could count.
Mind you, those all are areas of provincial jurisdiction, and the feds' moral suasion alone has not been sufficient for Harper's predecessors to bring those reforms about. And there's only so much moral suasion one can throw about as leader of a minority government.
Among the most scathing attacks I can mount against Harper is the insufficent vigour this Hockey Dad has thrown into securing an NHL franchise for Waterloo or Hamilton. But the NHL, as a Grit named John Manley once discovered, is a power to itself.
Harper has been anything but an economic visionary. We still lack an national industrial policy worthy of the name. But absurd attacks on Harper's economic stewardship only remind us of how ill-informed the Grits' own economic outlook has been so far in this campaign.
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