Conservative $2.3B surplus turns out to be a $3B deficit
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‘Nobody should be surprised’ Canada’s economy is in bad shape
‘Nobody should be surprised’ Canada’s economy is in bad shape
Maybe you heard: Canada’s books took a turn for the ugly over the past few months.
Or, as Finance Minister Bill Morneau put it when he unveiled his government’s fall economic update Friday morning, the economy “tilted to the downside.”
The federal budget is $6 billion poorer than last spring’s budget thought it would be after GDP growth fell in the first half of this year.
“This is the situation we’ve inherited,” Morneau said, calling these figures a “starting point” for his government to determine how the gloomy economic outlook will fit with his party’s pricey pledges.
“We will continue to be prudent with our decisions and we will make another budget with our promises,” he said.
“We built our platform with an understanding that we were facing a low-growth economy. So our decision to make significant investments in infrastructure were designed to both improve Canadians’ lives and provide some fiscal stimulus.”
What’s dragging Canada’s economy down?
Blame commodity prices.
More specifically, blame oil.
The price of crude continues to tank, hitting its lowest point since 2009 last month at $46.22 USD a barrel:
Canadian oil inventories, meanwhile, hit their highest point in a decade in August (they dropped slightly in September). That’s a bad sign because it means companies that have ramped up oil production now can’t sell the bitumen they pulled out of the ground.
‘Nobody should be surprised’ Canada’s economy is in bad shape - National | Globalnews.ca
‘Nobody should be surprised’ Canada’s economy is in bad shape
Maybe you heard: Canada’s books took a turn for the ugly over the past few months.
Or, as Finance Minister Bill Morneau put it when he unveiled his government’s fall economic update Friday morning, the economy “tilted to the downside.”
The federal budget is $6 billion poorer than last spring’s budget thought it would be after GDP growth fell in the first half of this year.
“This is the situation we’ve inherited,” Morneau said, calling these figures a “starting point” for his government to determine how the gloomy economic outlook will fit with his party’s pricey pledges.
“We will continue to be prudent with our decisions and we will make another budget with our promises,” he said.
“We built our platform with an understanding that we were facing a low-growth economy. So our decision to make significant investments in infrastructure were designed to both improve Canadians’ lives and provide some fiscal stimulus.”
What’s dragging Canada’s economy down?
Blame commodity prices.
More specifically, blame oil.
The price of crude continues to tank, hitting its lowest point since 2009 last month at $46.22 USD a barrel:
Canadian oil inventories, meanwhile, hit their highest point in a decade in August (they dropped slightly in September). That’s a bad sign because it means companies that have ramped up oil production now can’t sell the bitumen they pulled out of the ground.
‘Nobody should be surprised’ Canada’s economy is in bad shape - National | Globalnews.ca
Re: ‘Nobody should be surprised’ Canada’s economy is in bad shape
http://forums.canadiancontent.net/canadian-politics/139225-conservative-2-3b-surplus-turns.html
Merge?
http://forums.canadiancontent.net/canadian-politics/139225-conservative-2-3b-surplus-turns.html
Merge?
Re: ‘Nobody should be surprised’ Canada’s economy is in bad shape
Here in the mysterious East, those tanked petroleum prices mean that it costs us far less to fill our cars every week. That has kept our cost of living somewhat under control in the face of soaring food prices.
Here in the mysterious East, those tanked petroleum prices mean that it costs us far less to fill our cars every week. That has kept our cost of living somewhat under control in the face of soaring food prices.
Re: ‘Nobody should be surprised’ Canada’s economy is in bad shape
Hydro bills are making up for any savings in rural Ontario - if I have permission to say it
Hydro bills are making up for any savings in rural Ontario - if I have permission to say it
Re: ‘Nobody should be surprised’ Canada’s economy is in bad shape
Yeah, Hydro has been dreadfully mismanaged here in recent years. Now, the government is selling off just enough Hydro to pay a few bills but not enough to hand control off to fresh blood.
Yeah, Hydro has been dreadfully mismanaged here in recent years. Now, the government is selling off just enough Hydro to pay a few bills but not enough to hand control off to fresh blood.
Re: ‘Nobody should be surprised’ Canada’s economy is in bad shape
That was for the people that actually believed it was a surprise.
That was for the people that actually believed it was a surprise.
Re: ‘Nobody should be surprised’ Canada’s economy is in bad shape
I hate to say I told you so... who am I kidding... I'll just add it to the long long list of things the Harperites were dead wrong about.
Why would anyone be surprised that the Conservatives hid the actual deficit? Harper's government was hardly known for its openness or honesty. BTW for the benefit of the members of the ridiculous right who seem to have forgotten - the budget handed down by the Conservative government in 2009 was the largest in Canadian history and was the second of seven consecutive deficits under the Conservatives.
Says the Dipper... Lives in Edmonton hates Conservatives... so who did you vote for Bart, provincially. NDP? :roll:
I fondly remember the Glen Clarke government campaigning on a balanced budget . I questioned that statement on chat boards and with friends and received much abuse . The day after the election Premier Glen Clarke went on T.V.and spouted this classic ( about that balanced budget you will have to give us a little wriggle room .
Possibly funding over runs on the Fast Cats.
And you don't feel there is a direct connection there?
Which decade do you think that is likely to happen?