The Conservative government will take credit for any aspect of the economy that is performing well.

Liberal MP Scott Brison held a news conference on Friday morning to say Finance Minister Jim Flaherty (Mr. Flip Flop to his friends) will unjustly try to take credit for Canada’s sound financial and banking system when he gives a speech in Washington next week.

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“This Conservative government wrecked Canada’s finances after inheriting a $13-billion budget surplus from the previous Liberal government and then created a record $56-billion deficit,” the opposition finance critic said.

“Furthermore, it was our Liberal government that ensured our banking system was well-regulated and it was the strong financial prudence and regulatory prudence that protected Canada from the worst of the global financial crisis.”

The economy is likely to be the dominant issue of an election that could be called this spring. The Liberals consistently lag behind the Conservatives in public opinion polls and surveys suggest that Canadians regard the government of Prime Minister Stephen Harper as a sound fiscal manager – a reputation bolstered by the fact that Canada fared better than other G8 countries through the recent recession.

The Liberals will have to chip away at that image if they are to weaken Conservative popularity. So Mr. Brison reminded reporters that when Mr. Harper was in opposition, he urged the Liberal government of the day to follow the Americans in the deregulation of the banking system.

“I expect Jim Flaherty will fail to tell his American audience that Canada avoided the global financial crisis by ignoring Prime Minister Harper’s advice,” Mr. Brison said. “I expect Jim Flaherty will fail to tell the Americans that the Conservatives plunged Canada into deficit in the fall of 2008, even before the recession began. I expect Jim Flaherty will not tell the Americans that his government ramped up spending in the first three years of office by 18 per cent.”

Annette Robertson, press secretary for Mr. Flaherty, said "it’s a bit rich" of Mr. Brison to talk about sound banking regulations when he himself applauded laxer American banking regulations only a few years ago.

Ms. Robertson pointed to an October 2002 edition of Policy Options in which Mr. Brison is quoted as saying: “Due to deregulation in the U.S. and the secession of the last vestiges of the Glass-Steagall Act, the U.S. financial services sector is better positioned than Canada.”

Canada’s economic performance is the envy of the world, Ms. Robertson said, adding that recent articles in the Wall Street Journal and the Washington Times praised this country's sound financial footing.

"December’s job growth again demonstrates that Canada's Economic Action Plan is working. Our economy has grown for the past five straight quarters, and since July 2009 over 460,000 new jobs have been created across the country. Canada’s unemployment rate is nearly 2 per cent lower that the US for the first time in a generation," she said. "Unlike the Liberals, we are proud to stand up and promote Canada as a place to invest."