ee eee eee

and by putting a lid on civil

_ criticized — by

By Kenneth McDonald

Governments, like people,
learn as they grow older.
During the last eight vears,
the present one has learned a
number of things the hard
-Wav—for us.

In 1969. it recognized the

dangers of inflation. It then |
applied corrective measures, |

by holding wage gains to
productivitiy increases, by
trimming. the money supply
te the rate of real production,

service growth.

The measures were right,
for the long term. In the
short run, however. they
caused unemployment, The
government was severely
Opposition
members and by the press. It
retreated. The pressure. was
relaxed. The money tap was
turned on again.

Deficit spending—livi ing

on borrowed money—crea-

-ted an artificial feeling of
affluence. Everyone wanted

‘more. The country went on a

consumption binge.

But the country "owas
consuming more than it:
produced. Imports pallo- .

So did borrowing abeud to

“cover them. Canada’s costs
- moved out of: line. Exports

eed bevencd
PREREL EN NED

The period was character-
ized by the process known as
‘fine iuning’’—shori term
changes in fiscal policy [tax
adjustments, ‘*‘incentive™.
programs, etc.| and in
“monetary policy
up or. ‘slowing ‘down . the
supply of money in circula-
tion|. -

The p. radox 1s that) fine
tuning, whien is a prime
example of central govern-
ment “‘planning.’” destrovs
“business

vestors don't know what to
expect from one year to the
next. .

In its response to the
debate on future public
policies, the Canadian Fed-
eration of Independent Bus-
iness has recommended a
dual approach: ‘sound, long-
term, fiscal and monetary
policy to control inflation;

and a flexible small firms.

policy to create the necessary

employment and regional
development.
The ‘hardest task the

government faces is the
short term dolitical’ problem
of returning to fiscal and
monetary responsibility,
which
Jong-term recovery. It will be
accused apain of heartles-
sness, of throwing people out
of work, of cuiiiiy back of
“essential” programs.

But that’s the point.; Many
programs are not essential.
They were spawned during
the national binge and
Canadians can’t afford them

any more. Already, with
excessive social spending
and (oo many imports, we're
along way down the British
road, We must produce more
of what we consume = and
export more goods and
services to pay for imports.

It's not easy, as the
British have discovered, but
there's no other wiv,

rr ae

[speeding .

confidence. _ be-
cause businessmen and in-.

is Tundamental  to-

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page ze 15 - January 19, 1977 - North Shore News

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