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But then I realized, hey, wait a minute — according to these guys, isn’t a good economy also an opportunity to spend?

Turns out it is!

Photo by Sean Kilpatrick/CP

Just over a year ago, when the economy seemed much more robust, Morneau couldn’t have been happier about the chance to invest in Canadians. Check out this little slice of his 2018 budget speech: “The Canadian economy is doing well — remarkably well. Over the last two years, hard-working Canadians have created nearly 600,000 new jobs, most of them full time. Unemployment rates are near the lowest levels we’ve seen in over 40 years. … Today, Canada leads all the other Group of Seven (G7) countries in economic growth … That’s why we are able to invest in the things that matter to Canadians, while making steady improvements to our bottom line.” This “investment” included billions in borrowed money.

A year before that, it was much the same. Morneau said then, “In the last seven months, the Canadian economy has created a quarter million new jobs — the largest seven months of job gains Canada has seen in a decade. Unemployment has fallen in the time since we took office. … That’s why we will continue to invest in our people, our communities, and our economy while maximizing every dollar and ensuring it is well spent.” These “investments” also included billions in borrowed money.

These 'investments' also included billions in borrowed money

Now, in fairness, of course, all those speeches had the usual notes of caution and concern, too. But the overall message is clear: We’re doing well! We can afford to spend on the things we want!