RE: RE: RE: RE: RE: RE: Harper & Flaherty---pfffff Bob Rae was elected on Oct 1, 1990 when he defeated Bob Peterson's minority government. The economy had turned sour when Brian Mulroney passed legislation to introduce the GST on January 1, 1991. I always believed the Conservative government created a recession in order to 'force' Canada's manufacturer's to lower prices from the 13.5% MST elimination when the 7% GST took effect.
Unfortunately, the recession created by Mulroney turned much deeper when the US also went into recession. Our housing market literally died on January 1, 1991. Average prices in Toronto dropped from $250,000 in 1988 to about $170,000 by 1994. I remember mortgage rates were about 12% for a 5-yr term.
Paul Martin became Finance Minister in Nov 1993 when the Liberals won a majority. Faced with one of the highest deficits in the the G7 and the debt wall, he slashed government spending and transfer payments to the provinces in order to bring the finances under control. In 1998, he introduced a balanced budget.
Bob Rae's government was defeated in June 1995, in the midst of all this turmoil. He was more or less a 'victim' of the reduced transfer payments leaving Ontario with massive deficits. Remember Rae Days? That is when Mike Harris took over and slashed the Ontario spending to bring the provincial books.
Now, the dumb duo we have federally, has blown the budget from a huge surplus ($20 billion surplus to $50 billion deficit) for at least another 4 years. It was Paul Martin and the Liberals who have strengthened our financial system, reduced our debt by $100 billion... not Harper. Tell me who is worst?
Yes, I would take Bob Rae over Harper.