Want to know why reducing our dependency on Equalization (i.e. self-sufficiency) is a good objective? From the G&M this morning:
The Toronto-Dominion Bank projected four years of red ink, including a $10.4-billion hole in the 2008-2009 budget. TD chief economist Don Drummond said one cost pressure on federal coffers is the more generous equalization formula that the Harper Tories introduced in the 2007 budget.
It’s one thing for Daulton to complain about equalization. When the bank chief economists start getting on board, it could become problematic.
New Brunswick’s need for equalization continues to go up – year after year.