Prime Minister Stephen Harper says Canadians feeling the effects of the global economic slowdown shouldn't expect government bailouts any time soon.

"To suggest that every problem demands an immediate response, an immediate short-term, high-cost intervention — we did not do this in the budget and we are not about to do this going forward in the next year," he said.

Harper made the remarks during a lunchtime address to the Economic Club of Toronto, who presented him with their 2008 Newsmaker of the Year award.

He acknowledged some sectors of the economy are already feeling the effects of the global economic crunch and that the rising cost of some goods is "squeezing the wallets" of Canadians.

But he rejected what he said is the opposition's reaction to hard economic times — to throw money at the problem. Critics had been pushing the government to provide tax relief for families, workers and seniors in last week's budget, which passed earlier this week.

"Some will suggest … higher taxes, higher spending, higher debt, business bailouts or even a return to protectionist trade policies," he said.

Harper said Canada must choose between solutions for the short term or planning for the long term as it heads into this period of economic uncertainty and slower growth.

"I don't believe that's what Canada needs and I don't believe that's what Canadians want. They want lower taxes, less debt and carefully targeted assistance that helps workers, families, communities, businesses."

Meeting opposition demands he said would total $100 billion in various government initiatives would require immediate tax hikes or running a deficit, said Harper.

"It would be wrong now and have worse consequences in the future," he said.

Canada must continue along a path of lower taxes, lower debt and prudent spending to emerge from the upcoming global slowdown, Harper said.

"Canada will come out stronger and in better shape than it is today," he said, predicting that the economy of Canadian children will be "much stronger" than the current economy.

With files from the Canadian Press