THE “MYSTERIOUS” INCREASE IN THIS YEAR’S DEFICIT

 

As it turns out the increase in the deficit this yea to $26 billion is not that mysterious. It is in fact largely the result of spending and tax policy changes this year and last year. Without these policy actions the deficit would have been about $11 billion this year, $3 billion lower than last year.

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Fiscal Monitor for April – October 201


The federal government posted a deficit of $3.3 billion in October 2019, compared to a deficit of $1.1 billion October 2018.

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Economic and Fiscal “Press Conference”

 

The Minister of Finance presented an Economic and Fiscal Update (Update) at a press conference on Monday.  The Finance Minister had waited for Parliament to adjourn for the holidays before presenting his Update. The press conference lasted about 30 minutes; so much for accountability and transparency.

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Fiscal Monitor for April – September 2019


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Fiscal Monitor for April – August 2019


The federal government posted a deficit of $3.7 billion in August 2019, compared to a deficit of $2.0 billion August 2018.

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Eliminating the Deficit Won’t be so Easy Mr. Sheer

 

If deficit elimination were so easy, then why haven’t there been more years of balanced budgets or surpluses? In the over fifty years between 1966-67 and 2018-19, the federal budget showed a surplus in only 12 years; in 1969-70 and between 1997-98 and 2007-08. The record in other advanced countries isn’t any better. The fact is, even if you believe very strongly in a balanced budget, the chances of achieving and maintaining them are very low.

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