08-17-2015, 06:54 PM
(08-16-2015, 01:46 PM)tomh009 Wrote: There is one key difference between Canada and Japan: immigration. Unless we were to stop immigration, our economy will indeed continue to grow as the population grows. Our population growth has been steady at more than 1% per year for at least the last 15 years, while the Japanese population is actually shrinking.
Agreed, I am stating that we will not see a return to 4-7% annual growth, as in the halcyon days of the 60s-80s. 1-2% growth is the new norm, given only immigration is growing our population. Ergo, growing back to a balanced budget will be much more difficult, organic revenue growth will be a much lower rate. Hence, real funding cuts and choices will likely have to be made if going back into the black will be done within the promised five years by the Wynne government.