Deficit to surge from $19.8 billion to $26.6 billion.
The Liberal government has unveiled their fiscal update.
It projects much larger budget deficits, with the deficit for this fiscal ear projected to be $26.6 billion compared to the earlier $19.8 billion claim.
Next year, the deficit will be even bigger, surging to $28.1 billion.
However, the real number will be even worse, since that $28.1 billion projection is without including all the spending promises made by the Liberals in the campaign.
The government also expects four more years of budget deficits that exceed $20 billion.
While a larger deficit and stable debt-to-GDP ratio may be acceptable if the economy was getting stronger, the Liberals can’t even manage that.
They are projecting growth of just 1.7% and 1.6% in this year and next year.
That puts Canada far behind the United States. And when you consider that massive immigration artificially makes GDP look bigger, the reality on a per-capita basis is that our economy is incredibly weak.
The Liberals are managing a feat of stunning incompetence, as they’re spending a ton of money while being unable to generate strong growth from that spending.
Morneau also seems totally out of touch, talking about the ‘great job numbers,’ following a massive loss of over 70,000 jobs last month.
This fiscal update shows the Liberals have learned nothing, and have no willingness to get our economy back on track.
Spencer Fernando
Photo – YouTube
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