Liberals DOUBLE DOWN on DEFICITS


mentalfloss
-1
#1
Oh dear, Walter is not going to like this.




Liberals 'double down' on deficit spending amid improving economic outlook

The federal Liberal government has surpassed its own deficit projections by billions of dollars thanks to a roaring economy, but it has earmarked much of those savings for increases to the Canada child benefit and a more generous tax credit for low-income earners.

In his spring budget, Finance Minister Bill Morneau expected to post a deficit of $28.5 billion for the current fiscal year. Thanks to rising revenues from an economy that leads the G7, that shortfall is now expected to be $19.9 billion.

Morneau's fall economic statement pegs GDP growth at 3.1 per cent this year and 2.1 per cent next, with unemployment at rates not seen in more than a decade.

Rather than allocate those newfound dollars to further reducing the deficit, the government is pressing ahead with nearly $8 billion in new program spending over the next five years.

"With a little more wind in our sails, we're doubling down on a plan with proven results and reinvesting in the middle class," Morneau said Tuesday. "As the economy grows, we need to make sure the benefits are shared with the middle class, and those working hard to join it."

Morneau said that the Conservatives and NDP in the last election had campaigned on balancing the books "at all costs," but he said the Liberal plan to spend more is bearing fruit, evidenced by growth numbers that are among the best in the industrialized world.

"Our strong fiscal position allows us to do what other countries would like to do, but can't afford to do," he said.

Liberals 'double down' on deficit spending amid improving economic outlook - Politics - CBC News
Last edited by mentalfloss; Oct 24th, 2017 at 11:27 PM..
 
MHz
+1
#2
Would the words bob and weave mean anything to you at this point and time.

How much did we have left after paying the interest on the National Debt last year. Double spending might be possible at least until all the baby-boomers are safely tucked away. I think we should spend it all as soon as possible. Ever hear of hemp, the 20 ft stuff from the Canadian prairies. Right now we know nothing at all about it much less having a variety that is that tall. It is a renewable resource and in good time it is a valuable export and in lean times it will ease the burden on the people going through it.
It might even be possible to delay the harvesting until spring and the winter will do the first part of the processing part and in a standing position it cannot get damaged like being flat on the ground for the winter. That aspect might even make that kind of harvest worth mote per bale. Since the seeds are not harvested they are on the ground in the spring so no planting is required.
Last edited by MHz; Oct 24th, 2017 at 11:55 PM..
 
JLM
No Party Affiliation
+1
#3
Quote: Originally Posted by mentalfloss View Post

Oh dear, Walter is not going to like this.




Liberals 'double down' on deficit spending amid improving economic outlook



Liberals 'double down' on deficit spending amid improving economic outlook - Politics - CBC News




As anyone with an ounce of savvy knows "Figures can lie and liars can figure"- Lets wait until February and see how much infrastructure that was promised is built & how many refugees we are supporting!
 
MHz
#4
So is the voting going to reflect the people and how they want to be treated if all employment opportunities came to an end and unemployment was running at 75%.
In the dirty 30's the government had big contracts and the men rod the freight cars to the job site, . .. . I hope that wasn't the reason to tank the economy, just to create a large army of men willing to work at slave labor rates.
 
petros
+3
#5
Outlook? Based solely on outlook?

The oil and gas glut must be nearing an end?
 
Cannuck
No Party Affiliation
#6
Quote: Originally Posted by JLM View Post

As anyone with an ounce of savvy knows "Figures can lie and liars can figure"- Lets wait until February and see how much infrastructure that was promised is built & how many refugees we are supporting!

Trudeau seems to be doing better than Trump. You should be happy...unless you love deficits.
 
mentalfloss
#7
Quote: Originally Posted by petros View Post

Outlook? Based solely on outlook?

The oil and gas glut must be nearing an end?

Obviously.
 
Dixie Cup
Conservative
+1
#8
hot economy? huh!
 
mentalfloss
#9
Only by objective measures.
 
taxslave
Free Thinker
+3
#10
Quote: Originally Posted by mentalfloss View Post

Oh dear, Walter is not going to like this.




Liberals 'double down' on deficit spending amid improving economic outlook

The federal Liberal government has surpassed its own deficit projections by billions of dollars thanks to a roaring economy, but it has earmarked much of those savings for increases to the Canada child benefit and a more generous tax credit for low-income earners.

In his spring budget, Finance Minister Bill Morneau expected to post a deficit of $28.5 billion for the current fiscal year. Thanks to rising revenues from an economy that leads the G7, that shortfall is now expected to be $19.9 billion.

Morneau's fall economic statement pegs GDP growth at 3.1 per cent this year and 2.1 per cent next, with unemployment at rates not seen in more than a decade.

Rather than allocate those newfound dollars to further reducing the deficit, the government is pressing ahead with nearly $8 billion in new program spending over the next five years.

"With a little more wind in our sails, we're doubling down on a plan with proven results and reinvesting in the middle class," Morneau said Tuesday. "As the economy grows, we need to make sure the benefits are shared with the middle class, and those working hard to join it."

Morneau said that the Conservatives and NDP in the last election had campaigned on balancing the books "at all costs," but he said the Liberal plan to spend more is bearing fruit, evidenced by growth numbers that are among the best in the industrialized world.

"Our strong fiscal position allows us to do what other countries would like to do, but can't afford to do," he said.

Liberals 'double down' on deficit spending amid improving economic outlook - Politics - CBC News

Not bad, Only wasted 19 billion more than they took in this year. Consider the fact that when trudOWE took over there was a surplus that he promptly squandered.But don't worry the budget will balance itself.

Quote: Originally Posted by mentalfloss View Post

only by objective measures.

roflmfao.
 
Cannuck
No Party Affiliation
#11
Quote: Originally Posted by taxslave View Post

Not bad, Only wasted 19 billion more than they took in this year. Consider the fact that when trudOWE took over there was a surplus that he promptly squandered.But don't worry the budget will balance itself.

You're a Trump fan. Trump fans look rather silly attacking Trudeau over the deficit. Don't be a hypocrite....for once...
 
Twin_Moose
Conservative
+2
#12
Quote: Originally Posted by Cannuck View Post

Trudeau seems to be doing better than Trump. You should be happy...unless you love deficits.

Trump' USA had 3.2 second quarter GDP so I would say he did .1% better than Trudeau wouldn't you?
 
captain morgan
Bloc Québécois
+3
#13
I wonder if Morneau is confused with the economy in the South of France with that of Canada.

Oh well, with the planned $8 billion in spending it's safe to assume that Bombardier will get another bailout
 
JLM
No Party Affiliation
+2
#14
Quote: Originally Posted by Cannuck View Post

Trudeau seems to be doing better than Trump. You should be happy...unless you love deficits.


Maybe Trump had a few more bills...................Harvey, Irma, Jose and Maria for starters!

Quote: Originally Posted by Dixie Cup View Post

hot economy? huh!


Depends who you ask.
 
captain morgan
Bloc Québécois
#15
Where is the economy hot?
 
JLM
No Party Affiliation
#16
Quote: Originally Posted by captain morgan View Post

Where is the economy hot?


"Warm by comparison" (in B.C. anyway) would be a more correct way to put it)
 
Cannuck
No Party Affiliation
#17
Quote: Originally Posted by captain morgan View Post

Where is the economy hot?

Medicine Hat anticipated to post strongest economic growth among Canadian mid-sized cities in Conference Board of Canada's latest outlook - Prairie Post

Flossy's mad because the oil and gas sector is rebounding. Capt is upset because Trudeau gets the credit (after all, Donny gets the credit for the economy south of the border). It's going to be a good day all around.
 
Hoid
+1
#18
If they are under $20 billion a year in deficit they are already way under the Harper average
 
pgs
Free Thinker
+1
#19
Quote: Originally Posted by Hoid View Post

If they are under $20 billion a year in deficit they are already way under the Harper average

Good because Harper did it we should keep spending ourselves into further debt . It is only paper anyway . Your children and grandchildren will love their 70 % tax rates .
 
Hoid
#20
Quote: Originally Posted by pgs View Post

Good because Harper did it we should keep spending ourselves into further debt . It is only paper anyway . Your children and grandchildren will love their 70 % tax rates .

Good because they are moving us back towards fiscal sanity after so many years of Harper and the oil cartel.
 
JLM
No Party Affiliation
#21
Quote: Originally Posted by Hoid View Post

If they are under $20 billion a year in deficit they are already way under the Harper average


No use doing comparisons unless you are going to do them all! How many bills did Harper have to pay and how many that were left behind by the Liberals?
 
captain morgan
Bloc Québécois
+1
#22
Quote: Originally Posted by Cannuck View Post

Medicine Hat anticipated to post strongest economic growth among Canadian mid-sized cities in Conference Board of Canada's latest outlook - Prairie Post

Flossy's mad because the oil and gas sector is rebounding. Capt is upset because Trudeau gets the credit (after all, Donny gets the credit for the economy south of the border). It's going to be a good day all around.

WTI is just over $50/bbl, hardly the basis for anything in the resource sector to be described as a boom.

Just goes to show that you don't have the industry knowledge, let alone intuitive capacity to comprehend the machinations of something as complex and dynamic as an economy

Quote: Originally Posted by Hoid View Post

If they are under $20 billion a year in deficit they are already way under the Harper average

The critical question relative to the spending is related to the use of funds.

Harper deployed much of that cash towards infrastructure whereas tater tot has spent it on..... well, no one really knows
 
Hoid
#23
Quote: Originally Posted by JLM View Post

No use doing comparisons unless you are going to do them all! How many bills did Harper have to pay and how many that were left behind by the Liberals?

Let's see - Chretien/MArtin paid the federal debt down for nine straight years to the tune of $90 billion.

Harper inherited a $14 billion surplus and over the course of 6 budgets increased the federal debt by $150 billion

Is HArper the single worst fiscal manager in Canadian history? Obviously Mulroney has the numbers in that department but the early 80s recession and the crash of 89 are mitigating.

We'll also mention the crash of 08 as mitigating in the Harper record. So it isn;t cut and dried. Both Mulroney and HArper were financial catastrophes.
 
DaSleeper
+1
#24
Quote: Originally Posted by captain morgan View Post

WTI is just over $50/bbl, hardly the basis for anything in the resource sector to be described as a boom.

Just goes to show that you don't have the industry knowledge, let alone intuitive capacity to comprehend the machinations of something as complex and dynamic as an economy



The critical question relative to the spending is related to the use of funds.

Harper deployed much of that cash towards infrastructure whereas tater tot has spent it on..... well, no one really knows

Chretien did good...
Martin was the biggest spender.......
Chrétien, Martin, Harper: Who has the best fiscal record? - Macleans.ca
 
Hoid
#25
Trudeau is taking the course that Martin chose over Chretiens objections. Martin was a believer in fiscal stimulus while Uncle Jean was only really concerned about the numbers on the paper.

I like some federal cash infusion. It's for more than the oil and gas industry.
 
Cannuck
No Party Affiliation
#26
Quote: Originally Posted by captain morgan View Post

WTI is just over $50/bbl, hardly the basis for anything in the resource sector to be described as a boom.....blah blah blah..

I didn't say theres an oil boom twit.

The Hat economy is hot. Suck it up pumpkin. Yay Trudeau!!! Yay Notley!!!
 
captain morgan
Bloc Québécois
#27
I wonder where tater tot will fit into this

Likely more along the lines of the disaster that his decrepit old man left behind by increasing the debt by 738.7%

The Trudeau Liberals make history for the highest per person spending outside a war or recession

Fraser Institute: Spending now is 22% higher than the peak incurred during the depths of the Second World War under William Lyon Mackenzie King



The Trudeau Liberals make history for the highest per person spending outside a war or recession | Financial Post

Quote: Originally Posted by Cannuck View Post

I didn't say theres an oil boom twit.

The Hat economy is hot. Suck it up pumpkin. Yay Trudeau!!! Yay Notley!!!

So, what's all hot down in rattle snake central these days?
 
Cannuck
No Party Affiliation
#28
Justin and Donny are just two peas in a pod.
 
Hoid
#29
Trudeau's spending was literally nothing in comparison to Mulroney.

If you want to look at spending as % of GDP (which is out current measure more and more) federal spending under Trudeau actually decreased.

Spending is no longer even considered in absolute terms but is expressed in relation to productivity. Because the Canadian economy grew so much under Trudaeu his spending became reasonable. Not So Mulroney. Not at all.

BTW this debt to spending formula is one I disagree with. Productivity is transitive while debt is permanent. It is something we need to get away from.
 
captain morgan
Bloc Québécois
#30
Once the CDN oil market was gutted, Trudeau spent wads of cash buying Venezuelan oil, shipping it trans ocean and selling it at a loss in Canuckistan

I'm guessing that this makes sense to you folks out East