Flaherty says balanced budget prepares country for another potential crisis

VANCOUVER – Canada’s finance minister says a key goal in the government’s budget released yesterday is to make sure the country is prepared for the next fiscal crisis.

Jim Flaherty told a Vancouver Board of Trade luncheon the aim of a balanced budget isn’t just about putting the books in the black, it’s about getting ready for another economic downturn — which he says is sure to come.

He says a balanced budget several years ago helped the country come back from the recession of 2007-2008.

He says his latest budget gives Canada a solid fiscal and economic plan, with the most sound financial system and the best economic growth record in the industrialized economies.

Flaherty also says if spending is controlled, taxes can be kept down.

The minister says Flaherty earned a laugh from the crowd when he said his staff was very helpful in tightening the latest budget, when they gave him an old fashioned rubber stamp that simply said “No.”