‘In the medium term’

The prepared text of Jim Flaherty’s speech in Fredericton is here. The economic update is here.

With the latest “adjustment for risk,” the Harper government projects a small deficit in 2015-2016 and a return to surplus in 2016-2017.

The return-to-surplus has been something of a moving target over the years. In March 2011, the Harper government announced that it would return the federal books to balance in the 2015-2016 fiscal year. Seventeen days later, by then in an election campaign, the Conservatives promised to return to balance in 2014-2015. Seven months to the day after that, the Harper government decided it couldn’t fulfill April’s promise and went back to March’s projection.

The Globe notes that this year’s deficit is now projected to be $7 billion larger than expected.




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‘In the medium term’

  1. We’re making progress! Now it’s not just the fault of the evil Libs and NDPs….it’s the fault of the whole world!

  2. I have an idea: why don’t we have something like a well-resourced Parliamentary Budget Office, mandated to provide Canadians with informed and impartial assessments of such forecasts?

    Could work.

  3. Mr. Flaherty, I’ve heard quite a bit about how the CPC intends to run the government of Canada as a business.

    You went from an 18.1 billion deficit prediction to a deficit prediction of over 25 billion. That’s a miss of over 38%, without there being any significant changes in the market.

    Could you tell me, Mr. Flaherty, how often is it that a company retains the same CFO if he’s out 38% in his revenue projections without there being any significant unexpected occurrences?

    And then could you tell me whether the CPC truly intends to run government as a business? Or was that simply another lie?

    • To be fair, Nortel was a business.

      • And everyone dumped its stock until it was worthless. We we don’t have that option with our shares in the “business” Faherty is running (into the ground).

        • lenny’s point, I think, was along the lines of “they never said they’d run it as a successful business”

      • Huh. I hadn’t thought of that, actually. And now that I do, you’re correct, there do seem to be a lot of parallels there. Perhaps I just wasn’t thinking of the “right” business.

    • ” … the CPC intends to run the government of Canada as a business.”

      I read wack column yesterday about how DMs are similar to CEOs. Government has somehow convinced itself that it’s just like a business.

      Five year plans the Government produces every few months are worthless about an hour after they have been released because bureaucrats do not have remotely enough knowledge to accurately predict the economy.

      iPolitics ~ Deputy Ministers – CEOs No One Knows:

      To put this leadership change in perspective, imagine that five major Canadian companies all appointed new CEOs on the same day. The Globe’s Report on Business would be hopping, BNN would be packed with interviews. There would be lots of media buzz.

      http://www.ipolitics.ca/2012/11/12/deputy-ministers-the-ceos-nobody-knows/

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