Former Finance Minister Bill Morneau Takes Aim at Liberal Government’s Financial Aid During the COVID-19 Pandemic
In his upcoming book, "Where To from Here: A Path to Canadian Prosperity," former finance minister Bill Morneau has taken aim at the Liberal government’s financial aid during the COVID-19 pandemic. Morneau argues that policymakers put scoring ‘political points’ and public perception over sound fiscal policy with its federal aid programs.
Growing Tensions Between Morneau and Prime Minister Justin Trudeau
Morneau describes growing tensions between him and Prime Minister Justin Trudeau, calling it one of the worst moments in his political life leading up to his departure in the summer of 2020 amid the WE Charity scandal. The former finance minister wrote that he was initially impressed by the government’s speed in getting these pandemic economic stimulus programs off the ground as it faced growing pressure on how it was responding to the crisis.
Morneau Expands on Remarks During Interview with CTV’s Question Period
Morneau expanded on his remarks during a broadcast interview for CTV’s Question Period, stating that he was concerned about the country’s economic prospects and that the federal government was more focused on finding ways to redistribute wealth than on the country’s overall prosperity. He also said that the Bank of Canada’s cumulative four percentage-point rate hike over the course of last year was important to stomp out inflation but expressed concern about the growing likelihood of a recession this year.
Criticism of Trudeau Government
It isn’t the first time the former finance minister has been critical of the Trudeau government since leaving office. Recently, Morneau said he was much more concerned about the country’s economic prospects than when Trudeau first took office. During a speech before the policy think-tank C.D. Howe Institute last June, he said the federal government was more focused on finding ways to redistribute wealth than on the country’s overall prosperity.
Aftermath of WE Charity Scandal
Since Morneau resigned following the WE scandal, he threw his hat in the ring for the secretary-general of the Organisation for Economic Co-operation and Development but did not get the job. He also joined the Canadian Imperial Bank of Commerce’s board in November.
Economy and Inflation Concerns
On the economy, Morneau said that the Bank of Canada’s cumulative four percentage-point rate hike over the course of last year was important to stomp out inflation, but he expressed concern about the growing likelihood of a recession this year. ‘My hope is that if we have one, it will be a shallow recession and one we’ll be able to come out of,’ Morneau said to CTV News.
Call for Fiscal Prudence
Morneau emphasized the importance of fiscal prudence in managing the economy, stating that it’s doubly important now given the growing likelihood of a recession. ‘We really need to make sure that we’re not adding to the challenge with government actions,’ he said.
Conclusion
In conclusion, former finance minister Bill Morneau has criticized the Liberal government’s financial aid during the COVID-19 pandemic, arguing that policymakers put scoring ‘political points’ and public perception over sound fiscal policy. His criticism comes as the country faces growing economic concerns, including inflation and the likelihood of a recession this year.
