The Big Story
Will the feds' stimulus plan actually help the economy?
Nov 26, 2024
In a riveting conversation with Cormac Mac Sweeney, Kevin Page, former Parliamentary Budget Officer and current President of the Institute of Fiscal Studies and Democracy at the University of Ottawa, delves into the federal government's recent stimulus measures. They debate whether the two-month GST holiday and one-time rebate will provide genuine relief or merely serve as political maneuvers. Page examines the potential impact on inflation, demand, and the economy while questioning the overall effectiveness for vulnerable populations as the holiday season approaches.
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Quick takeaways
- The Canadian government's temporary GST holiday aims to alleviate financial strain on families during the holiday season by reducing costs on essentials.
- Critics argue that while the relief measures provide immediate benefits, they may exacerbate long-term inflationary pressures and economic instability.
Deep dives
Government Response to Holiday Financial Strains
The Canadian government is addressing financial pressures faced by citizens during the holiday season by implementing a temporary tax holiday. Starting December 14th, the GST or HST will be eliminated on essential goods such as groceries, children's clothing, toys, and alcohol. This initiative aims to provide relief for families who must balance holiday expenses while dealing with rising costs of living. Alongside this, a one-time rebate of $250 will be distributed to Canadians with a net income below $150,000, further alleviating financial burdens during the festive period.
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