We knew this day was coming. Justin Trudeau’s fiscal mess gets bigger. How much bigger?
The headline number will claim the deficit for this year will be lower, just $25.1 billion instead of $29.4 billion, but that is only one lie from the Trudeau Liberals.
They’re claiming the deficit is smaller because they’ve removed a $6B contingency fund from the budget. But they’re spending that. If they didn’t, the budget would be over $31B, so really, the spending is much higher than thought.
And the deficits, will last longer as well. Not just three years as promised but through until at least fiscal year 2021-22, and with no plan to return the books to balance.
This of course was wholly predictable and some did, like Stephen Harper last year when he mocked Trudeau’s promise to run three small deficits of $10B per year for three years.
And of course by the time his first budget came out they were predicting $29B for the first year alone, and now, this.
Again, wholly predictable when you look at Trudeau’s understanding of economics. “The budget will balance itself”, is Trudeau’s most famous economic pronouncement, but he has others that show how little he really understands.
Now we’re facing a projected budget deficit of over $31B that could get bigger. TD and Scotiabank were predicting bigger deficits before we ever had these numbers, but what if they do get bigger still, will Trudeau and company change course?
When he unveiled his budget last March, Bill Morneau was asked if his big stimulus plan didn’t work, would he change course. The answer was, no.
These guys are wedded to the spend, spend, spend philosophy that more government spending will grow the economy.
This is the same philosophy that guided his father, Trudeau the elder, who had one balanced budget in his entire 16 years in office.
I warned about this during the last election, others did as well.
But voters wanted change and change is about all they are going to have left. The kind of “change” you go digging through the couch for because this government is going to take the rest of your money.