Sent an email to TD’s Don Drummond seeking an informed opinion.
Q: Do you have any reaction to Michael Ignatieff’s musings over the past day about the necessity of future tax increases?
A: I would need to see a transcript of what he said or even better his plan … The federal government can get back to budget balance if they apply a dose of spending restraint once the economy begins a sustained recovery. The government will need to keep program spending growth below 2 per cent per annum. That will be tough but it is highly feasible. If they do that tax increases will not be required. Nor would they be appropriate.
To put that in perspective, here, as best my rudimentary math skills can figure, is how program spending has fluctuated over the last six years, and how it’s projected to over the next six.