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The government injected more than $55 billion into the economy during the 2008 09 financial crisis, the worst economic downturn since the 1930s and one which many countries are still struggling to get out from under.
OTTAWA Finance Minister Jim Flaherty opened the door Monday to new stimulus spending to help the economy weather what many economists fear is a looming global recession.
Flaherty signals new stimulus if global economy
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In its most recent budget, the government announced controversial changes to old age security, employment insurance and other measures to sustain the economy in the long run and prevent the kind of Nike Zoom Hypercross Tr 2 budget problems many European countries are experiencing.
"Our situation isn't perfect but it's better, so we are in a position to act and protect Canada, but we are part of the world and we would be buffeted as well as other countries."
Flaherty will also join an emergency teleconference Tuesday with his G7 counterparts to respond to events that are causing havoc in the markets and sending jittery investors running for cover. and the further decline in Ontario's automotive sector with GM's announcement Friday that 2,000 jobs in Oshawa, Ont., could be gone by next summer.
because we have fiscal room to move," Flaherty said.
The official Opposition NDP did not mention the worsening economic picture during question period Monday, nor has it raised the potential loss of union jobs in Oshawa. It was more concerned with smoke stack monitoring and a budget implementation bill it opposes.
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