70 economists urge the Harper government to stop implementing fiscal austerity measures

"We, the undersigned, strongly urge the federal government to stop implementing fiscal austerity measures just to achieve its political goal of budgetary balance by 2015.

...Economic history teaches that the current fiscal behaviour, which characterized government policy of the 1930s, merely placed the Canadian and world economy on the path of stagnation throughout that era prior to the Second World War. During the war years, fiscal deficits no longer seemed to be a problem and the Canadian economy quickly restarted. It is time to pursue pro-growth policies and not fiscal austerity. Low interest rates by themselves were not enough to stimulate growth during the 1930s and they are not enough to guarantee strong growth today. What is needed is a rise, not cuts, in public spending and the abandonment of the ideology of austerity."