News Flash: Liberals Lying Scum, Fiscally Irresponsible


Colpy
Conservative
#1
It’s hard to keep track of all the federal government’s broken promises on deficits and debt. And that’s a problem. Fiscal credibility is important, not only for the country’s finances, but for potential investors and entrepreneurs who are considering whether or not Canada is a good place to do business.
While the recent federal budget (external - login to view) confirmed the government’s latest fiscal promise will be broken, let’s first start with the Liberal 2015 election platform (external - login to view), which promised “modest short-term deficits of less than $10 billion in each of the next two fiscal years” and to “return Canada to a balanced budget in 2019/20.”
These promises, of course, barely outlived the campaign. Within months of being elected, the Trudeau government backed away from both commitments.
By the time of its first budget (external - login to view) in early 2016, the government abandoned entirely its commitment to balance the budget, presenting substantial deficits through to 2020/21 — a year after its first mandate ends. In some years, the projected deficits tripled the amount promised in the Liberal platform.

Once it became clear that the government had no intention of balancing the budget during its mandate, it quickly created new fiscal targets centered on the country’s debt-to-GDP ratio. This is an important metric that measures the burden of a government’s debt relative to the resources available in the economy to sustain that debt. But even after pivoting to this metric, the government has repeatedly moved the goalposts and broken several promises. Initially, the government promised to “reduce Canada’s federal debt-to-GDP ratio each year.” After the election in late 2015, Finance Minister Bill Morneau repeatedly pointed to annual reductions as a “fiscal anchor” that would prevent rapid deterioration in Ottawa’s fiscal position. At the same time, the prime minister promised to reduce the ratio “every single year” because “that’s what’s important for the fiscal health of our country.”
Yet the government failed to deliver on this pledge. Just months after the above pronouncements, the 2016 budget (external - login to view) showed the debt-to-GDP ratio would tick up in 2016/17 from the previous year’s level.
After breaking that promise, the government made another promise (external - login to view), that: “By the end of our first mandate, Canada’s debt-to-GDP ratio will be lower than it is today.”
Fast forward to last week’s 2017 budget (external - login to view). According to the government’s own projections, this latest promise won’t be kept either.


Why? Because in 2014/15, the year before the government was elected, the ratio stood at 30.9 per cent. By 2019/20, the last year of its current mandate, the 2017 budget forecasts the debt-to-GDP ratio will be 31.5 per cent. So contrary to the government’s latest promise, the ratio is not going down over its mandate — it’s going up.
And crucially, there are a number of reasons why the debt-to-GDP ratio may be higher than the government now projects. For one thing, the projections are based on questionable assumptions about Ottawa dramatically slowing the rate of spending growth in the future.
Starting in 2018/19, the budget plans to reduce inflation adjusted per-person spending, which would be a marked departure from the government’s track record. There’s no plan for how exactly such spending restraint will be delivered. And equally important, it contradicts the government’s own rhetoric (external - login to view) about how more spending will help grow the economy.
In fact, using assumptions about future spending that more closely align with the government’s track record to date, Ottawa may add up to another $122 billion in debt over what it’s currently projecting from 2018/19 to 2021/22. That would cause the debt-to-GDP ratio to rise further still, potentially reaching 33.0 per cent by 2021/22.
Importantly, these revised debt projections do not account for other risks that could cause the debt to climb even higher including lower-than-expected economic growth and higher-than-expected interest rates.
Less than two years into the government’s mandate, it’s increasingly worrying the number of times it has discarded its fiscal anchor when the discipline it is meant to impose becomes inconvenient. With the unceremonious discarding of the debt-to-GDP promise, it’s clear that federal fiscal policy is being set without any fiscal anchor at all.

The federal government is ditching its fiscal pledge, adding another thing to the list of broken promises | Financial Post
 
Ludlow
No Party Affiliation
+1
#2
Same ole shyt we hear in my country repeatedly.
 
Tecumsehsbones
#3
Yeah, I'm absolutely CRUSHED to hear that politicians might be something less than pure-hearted saints motivated solely by the good of the country and its people!

Of course, that's just Liberals. Tories are, indeed, the aforementioned pure-hearted saints.
 
Durry
#4
The Liberal media protects the Libs, so it seems no one cares.

When was the last time you had the Media give the Libs a hard time like they used to get on Harper's case?
 
Colpy
Conservative
#5
Quote: Originally Posted by TecumsehsbonesView Post

Yeah, I'm absolutely CRUSHED to hear that politicians might be something less than pure-hearted saints motivated solely by the good of the country and its people!

Of course, that's just Liberals. Tories are, indeed, the aforementioned pure-hearted saints.

Everything is relative.
 
Ludlow
No Party Affiliation
#6
Quote: Originally Posted by TecumsehsbonesView Post

Yeah, I'm absolutely CRUSHED to hear that politicians might be something less than pure-hearted saints motivated solely by the good of the country and its people!

Of course, that's just Liberals. Tories are, indeed, the aforementioned pure-hearted saints.

Fire all them cronies and get some new blood in there preferably not folks that are two days older than dirt or corrupted by your go along to get along policy.
 
White_Unifier
#7
I'm almost tempted to vote for a Libertarian next federal election (and I have voted for Libertarians at least provincially before). The one thing that irks me with the Libertarian Party is its promise to reduce taxes. If it presented tax reductions as merely an aspirational goal as opposed to a promise but keep the promise of expenditure cuts and make a promise of balanced budgets, it's platform would be far more appealing. It would put pressure on the party to reduce spending and balance the budget while still giving it some reasonable maneuverability on the tax front to have tax reductions dovetail with debt reduction.
 
Tecumsehsbones
#8
Quote: Originally Posted by LudlowView Post

Fire all them cronies and get some new blood in there preferably not folks that are two days older than dirt or corrupted by your go along to get along policy.

They need some BUSINESSMEN in office to run the gummint right! Somebody honest and efficient, like the president of Volkswagen or the executives of Bombardier!
 
Ludlow
No Party Affiliation
#9
Quote: Originally Posted by TecumsehsbonesView Post

They need some BUSINESSMEN in office to run the gummint right! Somebody honest and efficient, like the president of Volkswagen or the executives of Bombardier!

No they good honest attorneys such as yourself
 
Tecumsehsbones
#10
Quote: Originally Posted by LudlowView Post

No they good honest attorneys such as yourself

That's an oxy, moron.
 
mentalfloss
#11
Quote: Originally Posted by TecumsehsbonesView Post

Yeah, I'm absolutely CRUSHED to hear that politicians might be something less than pure-hearted saints motivated solely by the good of the country and its people!

Of course, that's just Liberals. Tories are, indeed, the aforementioned pure-hearted saints.


Clearly, as history has shown us.
 
Remington1
#12
Had to share, Michelle Rempel: Trudeau 'Lost His S**t' After Candice Bergen Questioned Him (external - login to view)
 
bobnoorduyn
Free Thinker
#13
Quote: Originally Posted by TecumsehsbonesView Post

Yeah, I'm absolutely CRUSHED to hear that politicians might be something less than pure-hearted saints motivated solely by the good of the country and its people!

Of course, that's just Liberals. Tories are, indeed, the aforementioned pure-hearted saints.


At least the Tories never promised sunshine and lollipops, the Liberals even promised us a pony, and people actually believed them.
 
Tecumsehsbones
#14
Quote: Originally Posted by bobnoorduynView Post

At least the Tories never promised sunshine and lollipops, the Liberals even promised us a pony, and people actually believed them.

Very true. The Tories never ever made a promise they didn't keep.
 
Ludlow
No Party Affiliation
#15
Quote: Originally Posted by TecumsehsbonesView Post

That's an oxy, moron.

My mother used that detergent but switched to Breeze for the free towels.
 
Tecumsehsbones
#16
Quote: Originally Posted by LudlowView Post

My mother used that detergent but switched to Breeze for the free towels.

My mom always kept the free towels the breeze blew onto our land, too.
 
Cliffy
Free Thinker
+2
#17  Top Rated Post
Liberal liars, Conservative liars... That's just politics. If ain't figures out they are all gonna get ya, you ain't awake. The left/right dichotomy is just a divide and conquer game they play to keep you busy fighting each other instead of them.
 
personal touch
Bloc Québécois
#18
Liberals lye?
Learn something new every day!
 
JLM
No Party Affiliation
#19
Quote: Originally Posted by TecumsehsbonesView Post

Yeah, I'm absolutely CRUSHED to hear that politicians might be something less than pure-hearted saints motivated solely by the good of the country and its people!

Of course, that's just Liberals. Tories are, indeed, the aforementioned pure-hearted saints.


They're all tarred with the same brush- the prerequisite of a good politician is to have no connections whatsoever with ANY political party.
 
personal touch
Bloc Québécois
#20
Pie is good for everyone
 
Angstrom
No Party Affiliation
#21
Thre budget will balance itself. Don't worry its a pyramid scam on our kids.
 
personal touch
Bloc Québécois
#22
Quote: Originally Posted by JLMView Post

They're all tarred with the same brush- the prerequisite of a good politician is to have no connections whatsoever with ANY political party.

With no affiliation your voice is weak and insignificant
I know because this is me not really belonging anywhere,really did not find a welcome place to roost with all my information design insights,they were not welcome by any party,even the Constitutional designer party had no time for assessment,this wayward travels in political circles was many moons ago,but if you desire power and a sense of belonging then affiliation is for you,
If anything the conventions are interesting,fun and a great place to be for political inquiring minds
The Ralph days,let the good times roll
Independent s don't do well in Alberta
 
damngrumpy
No Party Affiliation
#23
And the vast majority don't care as long as the money keeps flowing.
No one feels sorry for opportunist investors or new idea people either
Now you are right that stability is important but as long as the money
flows no one pays attention. If an election were held tomorrow Justin
would win. The Tories are not sure who the are, the NDP know who
they aren't they just don't know who they are and Greens well they are
not sure of where they are. The Liberals are not sure who they are but
everyone knows they are not any of the above so they are different
 
darkbeaver
Republican
#24
Try to imagine how underwhelmed I am..
 
B00Mer
No Party Affiliation
#25
Quote: Originally Posted by darkbeaverView Post

Try to imagine how underwhelmed I am..

That's the affects of cheap drugs.
 
Cliffy
Free Thinker
+1
#26
 
JLM
No Party Affiliation
#27
Quote: Originally Posted by personal touchView Post

With no affiliation your voice is weak and insignificant
I know because this is me not really belonging anywhere,really did not find a welcome place to roost with all my information design insights,they were not welcome by any party,even the Constitutional designer party had no time for assessment,this wayward travels in political circles was many moons ago,but if you desire power and a sense of belonging then affiliation is for you,
If anything the conventions are interesting,fun and a great place to be for political inquiring minds
The Ralph days,let the good times roll
Independent s don't do well in Alberta


One of the advantages of living in Canada is you have enough freedom to pretty much live your life and keep mostly detached from politics. You have a certain amount of choice in job selection, income level, where you want to live etc. and most important what purchases you want to make and ultimately how much tax you have to pay. As I see it the biggest trap people get hung up in is trying to keep up with the Joneses. I say F**K the Joneses (and the Smiths, Browns and MacDonalds)

Quote: Originally Posted by CliffyView Post


It's very sad that she could morph into something else before she's done!
 
Cliffy
Free Thinker
+1
#28
Quote: Originally Posted by JLMView Post

It's very sad that she could morph into something else before she's done!

You mean like an adult? It seems to be epidemic in western society. Luckily, I managed to escape that fate.
 
JLM
No Party Affiliation
#29
Quote: Originally Posted by CliffyView Post

You mean like an adult? It seems to be epidemic in western society. Luckily, I managed to escape that fate.


Pretty much. She's a beautiful child.
 

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