Trudeau championed by G7 for government spending

Looks like they didn't really like the other guy.

Prime Minister Justin Trudeau will urge fellow leaders at a Group of Seven summit next week to invest in their economies to boost growth rather than focus on cutting costs.

Policy steps to address subdued global growth will be high on the agenda at the May 26-27 meeting at Ise-Shime in south-central Japan.

"I'm very much on the investment side of the investment-versus-austerity debate going on in capitals around the world right now and I'll be continuing to push that," Trudeau told Reuters.

"We know that the challenges global growth is facing aren't just going to be solved by strategic cuts here and there: at one point we do have to start investing in our future."

Trudeau took office in October promising to run annual budget deficits of $10 billion to invest in infrastructure.

His Liberal government, citing the weak economy, unveiled a shortfall of $30 billion in its first budget in March and Trudeau told Reuters that was not a fixed upper limit.

Japanese Prime Minister Shinzo Abe has struggled to gain consent among the G7 nations for coordinated fiscal action to spur global growth, with countries such as Germany and Britain insisting on fiscal austerity.

"The emphasis that Prime Minister Abe is going to be putting on infrastructure is one that is certainly very much near to my heart," said Trudeau.

Justin Trudeau to sell merits of government spending at G7 summit in Japan - Politics - CBC News
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Sad or angry.
Free Thinker
Sad that our leader is so out of touch with reality. Spending is fine when you have the loot. Someone gave ours away to third world countries in a missguided effort to make us just like them instead of the other way around.
That's almost as pathetic as getting worried about having your credit rating downgraded.
Meet the man who will help draw the blueprint for Canada's economic future - Politics - CBC News
Last week's G7 Conference did nothing to stimulate the world's economy -- even though the IMF says that economic stimulus is what the world needs badly.

The International Monetary Fund, which exists to backstop nations in financial trouble and which has never been a hotbed of radicalism, headlined its April update of the world economy: “Too slow for too long.”

The IMF has been urging world leaders to do exactly the kind of things that Trudeau and Abe called for last week in Japan.

Justin Trudeau and Japan's Shinzo Abe tried to get consensus on the need for economic stimulus:

Italy’s Matteo Renzi was on side with Canada and Japan, as were France’s François Hollande and U.S. President Barack Obama.

But Germany’s Angela Merkel and Britain’s David Cameron insisted that debt and deficit control were more important than fiscal stimulus.

The final communiqué from the two-day session said essentially that each nation would continue to do what it thought best.

The international cooperation which helped guide the world through the 2008 meltdown is disappearing.

So what do we make of the G7? In some ways, its time has passed. It no longer represents the world’s major economies. China is conspicuously absent. Russia, briefly a member of what was then called the G8, was summarily expelled in 2014 for the of annexing Crimea.

For a while, the hope was that the G20 (which does include China and Russia) would handle economic matters, leaving the G7 to ponder weightier questions, such as international security.

But the G20 seems increasingly bogged down. Its bright lights — the so-called emerging economies, such as Brazil, Russia, India and China — have dimmed.

Brazil is in political chaos. Russia has been hammered by falling oil prices. Even the Chinese economy is not as stellar as it was.
Meanwhile, the G7’s attempt to focus on security has been hamstrung by the gradual re-emergence of Cold War politics. Beijing is at daggers drawn with the U.S. and Japan over who controls the South China Sea. Russia and NATO are remilitarizing the border between Eastern and Western Europe.
captain morgan
No Party Affiliation
Trudeau is doing his bit