William Watson, writes on tax policy in today’s Financial Post. The MLI Research Advisory Board member, commenting on a recent paper by Harvard’s Martin Feldstein, advises governments to stop digging into debt by trimming tax expenditures. Just in case the message is too subtle, he also cites one of Preston Manning’s more memorable lines:
Feldstein’s first proposal for cutting the deficit is to stop digging, which brings to a Canadian reader’s mind Preston Manning’s 1990s watchword that the first thing you do when in a hole is stop digging.
Good advice for governments of all stripes. We would only add that all Canada’s finance ministers should also read Canadian Century.
Posted by GY