Fiscal regime change

VOCM News, October 29, 2008:

Finance Minister Tom Marshall says Newfoundland and Labrador is not likely headed for a recession. Marshall was in Montreal last week for a meeting of Canada's premiers and finance ministers. He says governments are taking the necessary steps to lessen the impact of the slowdown in the global economy. Marshall says Canada's banking system is strong, unlike the United States. He says the biggest impact on this province is declining prices for oil and minerals, but everything is still on target. Marshall says when the economy slows down, governments should free up credit, lower interest rates, and spend more on infrastructure. He says now is not the time to stop spending and increase taxes.

Finance Minister Jerome! Kennedy, at the St. John's Board of Trade Business Development Summit, January 22, 2009:

The message I’m giving is that we are maintaining the course. We are not simply going to try to spend our way out of this recession. We are going to continue that which we have been doing.