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Thread: Liberals forecast massive deficit ahead

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    Default Liberals forecasts massive deficit ahead

    http://www.cbc.ca/news/politics/morn...dget-1.3458207

    Morneau said the government will post a smaller than projected deficit of $2.3 billion for 2015-16, down from the $3-billion deficit projected in November's fall fiscal update.

    But that deficit will balloon to $18.4 billion in 2016-17 and $15.5 billion in 2017-18 ó and that is before any new spending Morneau outlines in the March budget. Those numbers are drastically different from the $3.9-billion and $2.4-billion shortfalls forecast just three months ago.

    "A less ambitious government might see these conditions as a reason to hide, to make cuts or to be overly cautious. But our government might see that the economic downturn makes our plan to grow the economy even more relevant than it was a few short months ago," Morneau said.

    "We're not considering any tax changes at this time," the finance minister said when asked whether the government would consider raising general consumption taxes.

    The revised two-year economic and fiscal outlook takes into account sharp declines in crude oil prices since the fall update and continued uncertainty in the global economy.

    Morneau said private sector economists now expect crude oil prices (for West Texas Intermediate) to average $40 US per barrel in 2016, down from $54 per barrel expected in the fall update. He said the current price stands at $31.50 per barrel.
    The federal finance minister blamed the weak economy on the previous Conservative government.

    "After 10 years of weak growth, Band-Aid solutions, and inaction from the previous government, Canada's economy was simply too vulnerable when faced with a combination of the drop in oil prices and economic uncertainty around the world," Morneau said in Ottawa Monday.

    Interim Conservative Leader Rona Ambrose fired back calling into question the competence of the new Liberal government, blaming the soaring deficit on "uncontrolled, permanent, new spending."

    "I find this reckless, irresponsible and it's entirely the result of the finance minister and the prime minister not being able to make the decisions that they need to make today to respect taxpayers' money," Ambrose said on Parliament Hill.
    We're screwed haha.
    Originally posted by SEANBANERJEE
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    The new Greece?

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    Hey Zuckerberg, lend $15.5 Billion. Promise to pay it back soon bro.
    Quantum

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    So what new benefits are we supposedly getting with this new budget that we didn't have before? or is the cost of running govt this year just costing a whole lot more because of reduced revenues and if thats the case wouldn't the cons have been in exactly the same position.
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    Could have been over 60% if I wasnít a paper hand bitch

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    Blame the previous gov't. Run huge deficits anyhow.

    Welcome back, Trudeau Liberals.

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    Don't worry, the budget will balance itself!

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    Heard on the radio to expect 28-30 billion dollar deficit by the time their 4 year term is up after all their "big ticket/projects" are done
    Originally posted by Mibz
    She's already exhibiting signs of turning into my Mom, I need some sort of legal recourse if a full-blown transformation occurs.

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    Infrastructure spending. What a load of crap. Does nothing to help. Ah well. Another generation of Canadians that need to learn something by putting their hand up to the stove.

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    Canada is back!


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    Originally posted by suntan
    Infrastructure spending. What a load of crap. Does nothing to help. Ah well. Another generation of Canadians that need to learn something by putting their hand up to the stove.
    Hilariously enough, the new spending isn't even part of the deficit forecast yet.

    That means once the budget is out, those numbers are going to be higher once they determine what new spend they'll be committing to.

    See here: http://business.financialpost.com/ne...ass-20-billion

    The Liberal government will head into a federal budget on March 22 with a projected deficit of $18.4 billion for the 2016-17 fiscal year ó but thatís before billions of dollars in new stimulus measures that will likely see the shortfall surpass $20 billion.

    And with $5 billion in new infrastructure spending promised by the Liberal government for 2016-17, as well as other significant pricey commitments, the federal deficit could easily approach or surpass $25 billion.

    The government is expecting an additional $15.5 billion of red ink in 2017-18, again before factoring in any new spending that will be announced in the budget, Finance Minister Bill Morneau said Monday.
    Originally posted by SEANBANERJEE
    I have gone above and beyond what I should rightfully have to do to protect my good name

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    Yup. Well at least interest rates will rise.

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    Get to use this twice in one day

    How high will it be once all of their spending is actually included

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    Maybe in some twisted plot Priminister Zoolander has a dark, nasty fetish with Alberta and half the budget deficit is towards pipelining the hell out of both coast lines to sell the total of all the Alberta oil in 10 years.

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    Are people over at CP and reddit cheering for great leader's debt spending?

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    Originally posted by suntan
    Are people over at CP and reddit cheering for great leader's debt spending?
    I think they're more perplexed at CPC supporters finally calling out debt spending after 9 years.

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    Originally posted by kertejud2


    I think they're more perplexed at CPC supporters finally calling out debt spending after 9 years.
    lol I knew it. Finally the idiot comment.

    Let's just hope it's all spent on bike lanes for you

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    .
    Last edited by kaput; 03-12-2019 at 12:24 AM.

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    Originally posted by kertejud2


    I think they're more perplexed at CPC supporters finally calling out debt spending after 9 years.
    Not this again.

    In terms of GDP-debt, the evil dictator Harper did a very good job in keeping it low.

    You do know that the last time Canada had a $30billon deficit was waaaaay back during the Chretien era yes? EDIT: Harper had to when he had a minority gov't, because the Liberals would not pass the budget otherwise.

    It's actually a-ok to have some debt - in fact it can't be helped, unless you want governments to never ever sell bonds ever again (you do understand that things like Canada Savings Bonds counted as gov't debt, yes?). But overleveraging is a problem.

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    Originally posted by ickyflex


    lol I knew it. Finally the idiot comment.

    Let's just hope it's all spent on bike lanes for you
    Fairly certain his fat frame can't handling cycling.

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