"We can't allow things that are inaccurate to stand." — The Word of Our Dan, February 19, 2008.

Thursday, February 19, 2009

Dr Jekyll and Mr Hyde, Economists (Part II of a continuing series)

To recap:

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.
And the latest: Our Dear Premier, at Our Dear Infrastructure Announcement, as reported by Dave Bartlett in this morning's Telegram:

According to Williams, the infrastructure package will keep or create the equivalent of 5,400 full-time jobs.

"This is not only about job creation and setting up a buffer between us and the world's economic woes," said Williams.

"We intend to put Newfoundland and Labrador, for want of a better term, in a protective bubble and make sure that our economy thrives and survives and prospers so that when we come out of this we'll be ahead of the rest of them," he said.
And Our Dear Former Finance Minister in today's Western Star:
“We have a horrible, global economic slowdown, which appears to be much more severe than people expected,” said Marshall. “We’re seeing job losses everywhere and firms going bankrupt or teetering on bankruptcy. How protracted this recession will be, I don’t know, but it looks like it is going to be severe.

“When times are good, you run a surplus. When they are bad, you run a deficit and spend money. When consumers aren’t spending and businesses are not investing and exports are down, government has to step in and start spending and creating employment. That’s what we’re doing and I’m glad we’re doing it.”
So, let's see now... We are going to spend Our way out the recession that We aren't in, unless We are in one, unless We are not going to spend Our way out, unless We are?

No wonder Loyola Sullivan bailed out while the bailing was good.

Well, at least Jerome! was truthy when he said, less than a month ago, "We are going to continue that which we have been doing".

We are, indeed, going to continue announcing projects that have been announced for two, three, or more years running.

["On a go-forward basis" – ed.]

Umm, on a go-forward basis.


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