Henry Ford said, “you can’t build a reputation on what you are going to do,” but Flaherty seems to do just that.
The finance minister projects an image as a stern financial manager, tut-tutting at the profligate spending of other leaders, but he has presided over a massive accumulation of debt.
In February 2006, when Flaherty became finance minister, the federal debt was $487 billion, down from $500 billion the previous February. It is now $616 billion.
I’m not sure that we ought to blame Flaherty for all that borrowing. He didn’t cause the financial crisis, and finance ministers can only be as tight-fisted as their prime ministers. Harper and Flaherty were forced to loosen the purse strings after the financial crisis hit.
Canada has done better in the ensuing years than most countries, largely because of the balanced budget and sound banking foundation established by the previous government.
Harper and Flaherty take credit for that, as anyone in their shoes would do. What’s perplexing is that the opposition lets them get away with loose talk about it.
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