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Pages THE HERALD Thursday December 1989 Rumor mill says Michael Wilson is thinking about quitting Business Page Rumor has it that Finance Minister Michael Wilson s so an about having to cut his goods and services tax to seven per cent that he is thinking about quitting and going back to Bay Street I don know whether this s idle speculation or informed opinion But it does surprise me You see I Ison had planned to cut the GST rate all along as I said in a previous col umn Seven per cent seemed like a good number I thought this was an unusually clever marketing strategy for the government which tends to be clumsy about these things By giving in and lowering the rate Mr Wilson would be seen to be responsive to taxpayers con Firm opposition to a cent tax rate would give way to relief over a seven one which would be accepted without much further grumbling If indeed this was the govern ment plan all along it is folding nicely So 1 can see no reason why the finance mm ster should be upset BIG LOSS The prospect of the Mulroney government without Mr Wilson s a disturbing one Signs abound that the North American economy is in trouble Faced with the prospect of economic famine our es are worse than empty Thanks to the invention of debt financing the federal purse is stuffed with tothetuneof300bill on This week Mr Wilson admitted that he would not be able to meet his goal of holding the deficit to billion next year because of high interest rates The higher the rates the more we have to pay in interest on the billion in debt It s a circle with more than a third of federal revenue go ingjust interest Meanwhile south of the border the real estate market is in shambles threaten ng the finan health of many big lenders in eluding some Canadian banks Bank stocks have been tumbling in New York and Toronto and fear is setting in Real estate down here in the States has just gone right off a cliff Charles Allmong president of a closed end investment fund in Maryland told The Globe and Mail As noted previously real estate loans could become the rd World debt of the 1990s spelling another round of write for he banks That would mean ghter credit for everyone LAYOFFS ABOUND The auto industry is in the depths of its worst slump in years with the effects of despread if tern porary layoffs about to spill over into the larger economy Not all the news is bad but it is getting worse day by day layoffs falling real income and high interest rales Chances are we will limp through without a recession but the outlook for 1991 is less tain Fearing the worst people will cut back on their spending and add their savings n the coming year making a further slowdown likely This is no time to be without a strong hand in the Finance Depart ment If financial chaos is in evitable better that it be handled by Mr Wilson But even he will not be able to work racles A long and deep recession while not inevitable would cause the an nual budget deficit to explode as tax revenue falls and welfare and unemployment payments rise Sooner or later we are going to have to take a long hard look at our universal social programs or accept the fact that our taxes will have to be much higher than they are now or both THE CORPORATION OF THE Town of Halton Hills Holton H lis Box HALTON HILLS Georgetown Onlo NOTICE During the forthcom ng Christmas and New Year Holidays all refuse and recycled materials will be collected on your regualar collection day SEASONS GREETINGS Halton Hills Public Works R Austin P Town Engineer Town of Halton Hills Halton Hills Drive O Box Halton Hills Georgetown Good service good coverage good price- Thats State Farm insurance 1 St Geo getown 8731833 Lkea good neighbor State Farm is there STATI FARM INSURANCE Dangerous turn causes car crash A 23yearold Terra Cotta man faces three Halton Regional Police charges including driving without a licence and insurance following an accident Dec that demolished a 1984 Volkswagen Rabbit Police say a northbound Ford driven by the Terra Cotta man on Winston Churchill Boulevard near Guelph Street turned left in front of a south bound 1984 Rabbit driven by a Georgetown woman 20 The Ford was severely damaged in the col The Rabbit s driver was slight injured but not hospitalized Police charged the Terra man with not having a dr ver s licence not having car in surance and with making a dangerous left turn THE CORPORATION OF THE Town of Hills Halton Hills Box 120 HALTON HILLS Georgetown L7G NOTICE Christmas Tree Collection Public Work J Is scheduling in the urban areas ONE pick up exclusively tor Christmas Trees They will NOT be collected with your regular refuse Please place al on Monday January at am Thank You Halton Hills Public Works R C Eng Town Eng neer Town at Hills 1 Hills Drive Box Hills Georgetown HALTCL Communication Inc O tCJIUlOf Less is more ally rwlPi rial I I ra I ill rU hynji k all th it fLxil iv It in In I h 1 In j nil A a n nrtllii 1 f m ngl It Int f r nK s Panasonic M 265 Guelph Street Georgetown Ontario 873 3310 In Business For Business HOURS Monday to Saturday WEEKLY SPECIALS BEST WISHES FOR THE HOLIDAYS From All Of Us GSS OFFICE SUPPLIES SECRETARIAL SER 8772282 8466947 ST