Conservative $2.3B surplus turns out to be a $3B deficit

[tay]

I don't think anyone should be surprised by this. The CONS ran a string of six consecutive deficits but magically when they election was called, they laid claim to a surplus which even the Post/Sun couldn't disguise their cynicism at.....


The government will run a $1-billion deficit in the current fiscal year even if it uses all of its contingency fund, says a report released Wednesday by the Office of the Parliamentary Budget Officer.

Prime Minister Stephen Harper and Finance Minister Joe Oliver have repeatedly maintained the government will be back in the black this year. It has become a signature commitment from the Conservatives, a position the Prime Minister’s Office held to on Wednesday even with the budget watchdog’s new numbers.


Federal government facing $1-billion deficit: budget watchdog | Ottawa Citizen


The Conservatives are using the new report on the government’s healthy finances to sell the message that they are the only party that can be trusted to manage Canada’s fragile economy.

The government recently announced a $5-billion surplus for the first three months of the 2015-16 fiscal year (April to June), although about $2.1 billion of that came from the government’s onetime sale of its remaining shares in General Motors.

Harper defended his government’s record, while his political opponents said the balanced budget was the result of billions of dollars in cuts or program expenditures going unspent – known as “lapsed spending” — that they argued actually sank Canada into recession.


Federal surplus gives Harper a boost as debate on economy looms | Ottawa Citizen

 

[mentalfloss]

Baloney Meter: Did Liberals inherit a 2015-16 deficit from the Conservatives? | National Newswatch

A little baloney — the statement is mostly accurate but more information is required

 

[waldo]

Baloney Meter: Did Liberals inherit a 2015-16 deficit from the Conservatives? | National Newswatch

A little baloney — the statement is mostly accurate but more information is required

mostly accurate, hey! You mean those Harper Conservative claims of a surplus... and projected surpluses... those were just Harper porkies? Say it ain't so!

 

[taxslave]

Maybe they just forgot to carry the one..


Fiscal update erases projected surplus, as government books now expect $3B budget deficit

The new Liberal government has gone over the books and says it is likely inheriting lots of red ink.

The last Conservative budget forecasted a $2.3-billion surplus for this year, but Finance Canada now says it's more likely the year will end with a $3-billion deficit — and that's before Liberal campaign promises are costed in.

As the oil shock rolled through the country, business investment plummeted, shrinking the economy in the first half and dampening growth in the second half.

Finance Canada still predicts the economy will eke out growth in 2015 — but only at an average of 1.2 per cent. The April budget by the Conservatives had predicted two per cent growth for the year.

"The simple truth is that the economy has not performed as well as projected in the last budget," Finance Minister Bill Morneau told a news conference Friday morning in Ottawa. "Despite the economic situation we've inherited … we have a plan to deal with it."

Fiscal update erases projected surplus, as government books now expect $3B budget deficit - Business - CBC News

TrudOwe has been in power less than a month and has already squandered over 5billion of our tax dollars.

AN impressive record even for a lefty.

 

[davesmom]

It is hardly a surprise. Canada has been in debt and running deficits since PET started the ball rolling. Every incoming government since then has condemned the former administration for running a deficit.
3 B deficit? Well if people are alright with the pending 10B deficit, what's the big fuss?
Anyway it's all in the way the books are cooked. I don't think anybody knows exactly what the country's finances are. They just blather to scam the public.

 

[mentalfloss]

Baloney Meter: Did Liberals inherit a 2015-16 deficit from the Conservatives? | National Newswatch

A little baloney — the statement is mostly accurate but more information is required

Yup.

And the denial continues.

 

[IdRatherBeSkiing]

Yup.

And the denial continues.

What's the big deal? Didn't your guy campaign that deficits are good and he was going to run more? Not that I believe these numbers, but why aren't they and you praising the previous government for doing what the new government was suggesting was/is the right thing? Well, don't bother answering because as everybody with any brain knows, except for a few ideologues, and as I have already stated, incoming governments always alter the books to make the prior government look worse and them look better. I suspect it started with the guy after John A. MacDonald. So embrace it. It's not like next year will be a surplus anyways.

 

[waldo]

What's the big deal? Didn't your guy campaign that deficits are good and he was going to run more?

yabut, your guy campaigned on no deficits... on a surplus and projections of same. HarperPorkies attempting to falsely sway the electorate. When the lies are revealed, don't be surprised or taken aback that they're profiled.

 

[AnnaG]

Deficits, surpluses ..... big freakin deal. They are irrelevant, debt is not.
More to the point than deficits and surpluses are the facts that NO government has even made an effort to be fiscally prudent. Gov't is a 90 kg tapeworm in a 100 kg animal.

 

[IdRatherBeSkiing]

yabut, your guy campaigned on no deficits... on a surplus and projections of same. HarperPorkies attempting to falsely sway the electorate. When the lies are revealed, don't be surprised or taken aback that they're profiled.

I think there are lies here but I think we shall just agree to disagree on who is telling them.

 

[mentalfloss]

Deficits, surpluses ..... big freakin deal. They are irrelevant, debt is not.
More to the point than deficits and surpluses are the facts that NO government has even made an effort to be fiscally prudent. Gov't is a 90 kg tapeworm in a 100 kg animal.

I strongly disagree with the assessment that no governments make the attempt to be fiscally responsible.

I do agree, however, that deficits and surpluses aren't the be all end all of economic health.

Our Debt to GDP ratio will likely remain intact even if we incur $15B/year deficits.

 

[AnnaG]

I strongly disagree with the assessment that no governments make the attempt to be fiscally responsible.

Ok, I should have been specific. I should have at least said, "No Canadian governments have made a decent attempt at being fiscally prudent" in the past 5 decades (approximately).

I do agree, however, that deficits and surpluses aren't the be all end all of economic health.

Our Debt to GDP ratio will likely remain intact even if we incur $15B/year deficits.

Pretty much.

And yes, politicians are liars. 99% of them (most likely). And the other 1% are naively mistaken and gullible (most likely).

 

[waldo]

Ok, I should have been specific. I should have at least said, "No Canadian governments have made a decent attempt at being fiscally prudent" in the past 5 decades (approximately).

well this won't do! The standard talking point is to perpetually state that Liberal Chretien/Martin fiscal prowess was won at the expense of taxpayers and provincial transfers... you're not being consistent with that ConBot talking point! Please review - thanks in advance.

 

[AnnaG]

well this won't do! The standard talking point is to perpetually state that Liberal Chretien/Martin fiscal prowess was won at the expense of taxpayers and provincial transfers... you're not being consistent with that ConBot talking point! Please review - thanks in advance.

<yawns> And yet another ad hominem argumentum.

It is there in the history books to read that the "heroic" efforts of Chretien and Martin stabbed the provinces in the back, stole money from EI, etc. in order to balance the budget so I take it for granted I do not need to mention it every time I say anything about the fiscal policies and habits of gov't.

Now that you mention it, I wonder what shenanigans Justine has in store to pull on us.

 

[waldo]

<yawns> It is there in the history books to read that the heroic efforts of Chretien and Martin stabbed the provinces in the back, stole money from EI, etc. in order to balance the budget.

so - attempts to be fiscally prudent then, hey! Good on ya for coming around. By the by, the Supreme Court of Canada ruling slaps down your "stole money from EI" bullshyte... you're welcome!

 

[DaSleeper]

<yawns> And yet another ad hominem argumentum.

It is there in the history books to read that the "heroic" efforts of Chretien and Martin stabbed the provinces in the back, stole money from EI, etc. in order to balance the budget so I take it for granted I do not need to mention it every time I say anything about the fiscal policies and habits of gov't.

Now that you mention it, I wonder what shenanigans Justine has in store to pull on us.

You were not wrong Anna ....Leftoids have selective memmory
Two clicks to find this....... Government broke law on EI financing in 3 years: top court - Canada - CBC News

 

[taxslave]

yabut, your guy campaigned on no deficits... on a surplus and projections of same. HarperPorkies attempting to falsely sway the electorate. When the lies are revealed, don't be surprised or taken aback that they're profiled.

There was a surplus until trudOwe got hold of the chequebook.

I strongly disagree with the assessment that no governments make the attempt to be fiscally responsible.

I do agree, however, that deficits and surpluses aren't the be all end all of economic health.

Our Debt to GDP ratio will likely remain intact even if we incur $15B/year deficits.

Not true. Eventually the interest on the debt eats up most of the annual revenue leaving little to carry on spending. We are fortunate that interest rates are low right now. Trudowe will make us like Greece in short order.

 

[JLM]

TrudOwe has been in power less than a month and has already squandered over 5billion of our tax dollars.

AN impressive record even for a lefty.

Yeah, but it was needed to offset that horrible horrendous debt, Harper snuck off and left us holding the bag!

 

[waldo]

You were not wrong Anna ....Leftoids have selective memmory
Two clicks to find this....... Government broke law on EI financing in 3 years: top court - Canada - CBC News

In a unanimous judgment Thursday, the court rejected claims by two labour unions that the former Liberal governments of Jean Chrétien and Paul Martin unconstitutionally used a massive EI surplus to balance the budget and support social initiatives.

the SCOC declared the federal government had a constitutional right to use EI funds

 

[AnnaG]

By the by, the Supreme Court of Canada ruling slaps down your "stole money from EI" bullshyte...

Link?

Either way, I can also critique the SCoC for being nuts on occasion. It is not infallible either.

NVMD. I read the one Sleepy provided.

"but broke the law for three years when it turned the premiums workers pay into an unlawful payroll tax, Canada's top court ruled on Thursday." So they indirectly used the dough for their balancing act.

6 of one, half dozen of the other. It still shows Chretien and Martin to be sleazy crooks.