I was shocked - SHOCKED - when I saw how much the deficit has increased according to the Fall Economic Statement yesterday. Lots of people were freaking out.
Turns out, it sounds much worse than it actually is.
...last year’s deficit was larger than expected because the government booked a bunch of legal settlements—primarily for the Indigenous communities—onto last year’s books (which is probably also why the Public Accounts have been delayed). These were one-time costs, so that means the deficit can continue to decline in the future, and economist Armine Yalnizyan noted that this was essentially a gift to the next government because it’s off their books, and they can make it look like they were more prudent managers when that’s not necessarily the case. Nevertheless, the government didn’t try to tease or hint that this was coming, which really makes you wonder about whoever is trying to decide on their communications strategy.
...With all the goings on, there's probably no interest in why the 2023-24 deficit grew from $40B to $62B.
— Trevor Tombe (@trevortombe) December 16, 2024
Just in case: ~75% due to contingent liabilities related to Indigenous rulings/awards; rest due to lower tax revenues.
Details: https://t.co/0VvSbWBIh9 #cdnecon #cdnpoli pic.twitter.com/UlWIpKDJQW
So the next government will benefit from this? I can't imagine that Poilievre and his cons will be thanking Trudeau for it.
And there is this, too:
And remember this, too:
Fun fact: Canada has the lowest deficit among the seven G7 countries.....#cdnpoli
— Rod Mickleburgh (@rodmickleburgh) December 17, 2024
Final report on foreign interference in Canada will be released no later than January 31, 2025.
— J Hunter🍁 (@MrJoKeR604) December 17, 2024
Early election? sure, but not before the release of that inquiry. Too many rumors about Chinese, India, Russian interference & foreign countries wanting Pierre Poilievre elected.
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