2013 budget deficit one third of predicted deficit

[rugatika]

https://businessincanada.com/2014/10...al-government/

The 2014 budget indicated that the deficit for fiscal 2013-2014, the 12-month period ending March 31, 2014, would be $16.6 billion. According to the prime minister, that figure will actually be around $5.2 billion, less than one third of the previous estimate. This figure is also well below the estimated deficit of $11.6 billion from the Parliamentary Budget Officer’s spring update.

In early September, economist Stephen Gordon examined figures released by the Department of Finance and concluded the recent pick-up in revenues and enhanced fiscal restraint made it “quite likely” that Ottawa would achieve its goal of balancing the budget in fiscal 2015.


Thank you Stephen Harper, and Jim Flaherty.

[JimPS]

The deficit will be back bigger than ever once we get militarily involved in Syria.

Military adventurism costs big bucks - just ask the Americans about their trillion dollar military deficit.

Than you Mr. Bush(S) and Mr. Obama.

[dantonsen]

the budget was supposed to be balanced in 2011 according to the feds when they decided it was a good idea to whip out the credit card to create make work public works jobs in 2009...... so ya hopefully the billion dollar deficits are only in the single digit range three years after the deficit was supposed to be gone.

The string of budget deficits (in billions) starting in 2008-2009... 56, 36, 26, 26, 15ish, 5, have added 30% or 160 billion give or take to canadas national debt.


This accomplishment is like you making minimum payments on your credit card after running on increasing debt for 5 years.

Clap clap clap, started making the minimum payments with only a meager 160billion increase in debt overall. hahaha yay for financial smarts.

All that artificial growth it helped fund will have to be payed back with interest so dont anyone start on the whole stimulus was a good idea thing.

[rottie]

Both the liberals and the ndp complained Harper wasnt spending enough and pushed for more stimulus spending. Be thankfull neither of those two parties were in power at the time or the debt would be even greater

[ali#1]

Originally Posted by rottie

Both the liberals and the ndp complained Harper wasnt spending enough and pushed for more stimulus spending. Be thankfull neither of those two parties were in power at the time or the debt would be even greater

Just like when Chrétien and Martin were in power and increased the debt

[dantonsen]

Originally Posted by rottie

Both the liberals and the ndp complained Harper wasnt spending enough and pushed for more stimulus spending. Be thankfull neither of those two parties were in power at the time or the debt would be even greater

You are correct, the opposition did push for a 65-70 billion stimulus plan.

The debt could be an extra 10-15 billion leaving us at 170-175 billion in extra national debt vs 160 billion

Also cant forget under the harper tories CMHC expanded their insurance liabilities from nothing major to over 600 billion in liabilities... almost matching the national debt of canada to insure sub prime mortgages where people could not come up with proper down payments like the traditional 20%.

Another closet factor is cmhc/fed back stop large portions of genworth and canada guaranty mortgage insurance issuance. From my readings there could be another 200 billion or more in liabilities within that black box.

160 billion extra national debt, loosening up cmhc etc, 400 billion in potential liabilities, private mortage backing insurance 100-300billion in liabilities.

660-860 billion in extra liabilities/debt added by tories since 2006

Considering the federal government back stopped almost 10% of GDP in new credit and government spending in the last 8 years the paltry 2% current gdp growth we have been experiencing despite a housing and resource boom is pointing to pretty horrible underlying growth and economic situations in this country.

We get lousy governments here in canada lately... it is like no one wants to be captain of the soccer team and they pick the fat kid because they were the only one who wanted the job.

[Unregistered user]

Chretien once balanced the budget by stealing $12 billion from the e.i. fund and the media were supportive.

[fargineyesore]

Originally Posted by Unregistered user

Chretien once balanced the budget by stealing $12 billion from the e.i. fund and the media were supportive.

Don't forget they also cut back on transfers to the provinces to balance it. Lib supporters conveniently forget these tidbits of info though.

[ali#1]

Originally Posted by fargineyesore

Don't forget they also cut back on transfers to the provinces to balance it. Lib supporters conveniently forget these tidbits of info though.

What a quandry it must be to have the last liberal government with better number on the economy. I wish we had someone with the stones of Chrétien in power now to keep the debt lower. Instead we get lip service and spending.

[ali#1]

Originally Posted by Unregistered user

Chretien once balanced the budget by stealing $12 billion from the e.i. fund and the media were supportive.

500 billion in debt isn't going to be corrected by 12 billion.

[whammy]

God bless Stephen Harper.

[rugatika]

Originally Posted by ali#1

What a quandry it must be to have the last liberal government with better number on the economy. I wish we had someone with the stones of Chrétien in power now to keep the debt lower. Instead we get lip service and spending.

This comes up every time. It doesn't take "stones" to download all your expenses onto the provinces, rob EI, cut defence spending, etc etc when you know damn well the media isn't going to make any noise about it. Harper cut $37 dollars from some art program in Quebec and you'd swear he just got up on stage and ate a baby from the media reaction. I thought Gordon Pinsent was going to slit his wrists.

Chretien did send our troops to Afghanistan in green camo though....I'll give him that. Now THAT takes stones.

[whammy]

[rugatika]

Originally Posted by whammy

Looks like something happened in 2008ish.

[whammy]

Originally Posted by rugatika

Looks like something happened in 2008ish.

Looks like it's still happening... Right?

[rugatika]

Originally Posted by whammy

Looks like it's still happening... Right?

No. It doesn't. Looks like it's levelled off and is about to start declining.

http://www.bnn.ca/Special-Coverage/budget-2013.aspx

[whammy]

Originally Posted by rugatika

No. It doesn't. Looks like it's levelled off and is about to start declining.

http://www.bnn.ca/Special-Coverage/budget-2013.aspx

+31 billion
+32 billion
+27 billion

Great trend.

[rugatika]

Originally Posted by whammy

+31 billion
+32 billion
+27 billion

Great trend.

Yeah, declining deficits and a declining debt is a great trend. Especially after such a significant recession hitting the globe and specifically Canada's MAJOR trading partner.

[whammy]

Originally Posted by rugatika

Yeah, declining deficits and a declining debt is a great trend. Especially after such a significant recession hitting the globe and specifically Canada's MAJOR trading partner.

Sorry, but that graph most definitely DOES NOT show declining debt.

[hillbillyreefer]

Originally Posted by whammy

+31 billion
+32 billion
+27 billion

Great trend.

But the OP states the books will be balanced next year. If that happens how does our federal debt keep growing at 27-31 billion per year. The liberal's estimated debt isn't in agreement with current information

[dantonsen]

Originally Posted by rugatika

Yeah, declining deficits and a declining debt is a great trend. Especially after such a significant recession hitting the globe and specifically Canada's MAJOR trading partner.

Outside a few months in 2009 canada has been experiencing a resource and housing boom.... There is no reason for record debts besides poor managment of finances.

[rugatika]

Originally Posted by hillbillyreefer

But the OP states the books will be balanced next year. If that happens how does our federal debt keep growing at 27-31 billion per year. The liberal's estimated debt isn't in agreement with current information

yup. This was a 2013 projected budget. The conservatives are doing even better than projected. Notice the declining debt at the end of the graph...just got bumped up in time...coming sooner.

Thanks Harper and Flaherty.

[rugatika]

Originally Posted by dantonsen

Outside a few months in 2009 canada has been experiencing a resource and housing boom.... There is no reason for record debts besides poor managment of finances.

As I recall, you're usually pretty well versed in all things financial, so I don't take your statement lightly. Most people I've talked to have held Flaherty in pretty high regard and it would seem that after the initial stimulus spending (which I didn't agree with) the deficit has been in decline. So I'm curious as to how the conservatives have poorly managed finances. (outside of the typical gov't waste...CBC, arts funding, etc)

I know their defence spending is likely increased, which I think is logical....that usually happens when transitioning from liberal to con gov't. But I'm guessing that makes up a small amount.

[ali#1]

Originally Posted by rugatika

Looks like something happened in 2008ish.

Looks like something happened in 1996 ish then was reversed in 2008.

[From The Hip]

Originally Posted by ali#1

Looks like something happened in 1996 ish then was reversed in 2008.

Such a surprise comment comming from a socialist like you.Also you say how Chretien/Martin balanced the budget but you fail to say how the Lieberals raided the EI fund and cut transfer payments.You bash on the current government(conservative) about how Canada's debt has gotten larger but you fail to mention all of the TAX deductions/reductions that have been implemented BY the current government and THOSE deductions/reductions go across the board for personal/corporate as well as the reduction of the GST and have thusly cut taxes for the masses...not good news for a socialist who is suckling from the public teet.

In the grand scheme of things I dont actually care about Canada's national debt as it will never be paid off when I am alive.I do care about how much I pay in TAXES though and that amount would have increased had that hapless ***** wimp Dion been elected as well as Ignatieff the clueless.Truedeau wont get elected as Canadians are just not that dumb and dont want "change" as the leftist media says they do....if it does happen Canadians get soaked with a carbon tax to fight "climate change" which wont change a thing.

Just my .02....oh yeah....I dislike socialists more than door knocking Jehovas Witness's.

FTH

[whammy]

Originally Posted by rugatika

As I recall, you're usually pretty well versed in all things financial, so I don't take your statement lightly. Most people I've talked to have held Flaherty in pretty high regard and it would seem that after the initial stimulus spending (which I didn't agree with) the deficit has been in decline. So I'm curious as to how the conservatives have poorly managed finances. (outside of the typical gov't waste...CBC, arts funding, etc)

I know their defence spending is likely increased, which I think is logical....that usually happens when transitioning from liberal to con gov't. But I'm guessing that makes up a small amount.

Flaherty was the most qualified member of Harper's inner circle and his passing was a great loss to our country in my opinion.

The fact remains that the conservatives have been the spendiest government this country has ever seen.

[Smokey]

Originally Posted by JimPS

The deficit will be back bigger than ever once we get militarily involved in Syria.

Military adventurism costs big bucks - just ask the Americans about their trillion dollar military deficit.

Than you Mr. Bush(S) and Mr. Obama.

You nailed it. Fueling those dinosaurs in the sky will cost a few bucks and by then their will be military creep and boots on the ground.

[Unregistered user]

Don't forget, cretin got Canada involved in a-stan and left the current government to deal with it. To Harper's boys' credit they upped the spending to provide for our heroic service personnel which is gonna add to the debt and we can't fault the government for that. In my opinion more money should be allocated for these folks to help them deal with the demons returning soldiers face, we owe them at least that much.

[ali#1]

Originally Posted by From The Hip

Such a surprise comment comming from a socialist like you.Also you say how Chretien/Martin balanced the budget but you fail to say how the Lieberals raided the EI fund and cut transfer payments.You bash on the current government(conservative) about how Canada's debt has gotten larger but you fail to mention all of the TAX deductions/reductions that have been implemented BY the current government and THOSE deductions/reductions go across the board for personal/corporate as well as the reduction of the GST and have thusly cut taxes for the masses...not good news for a socialist who is suckling from the public teet.

In the grand scheme of things I dont actually care about Canada's national debt as it will never be paid off when I am alive.I do care about how much I pay in TAXES though and that amount would have increased had that hapless ***** wimp Dion been elected as well as Ignatieff the clueless.Truedeau wont get elected as Canadians are just not that dumb and dont want "change" as the leftist media says they do....if it does happen Canadians get soaked with a carbon tax to fight "climate change" which wont change a thing.

Just my .02....oh yeah....I dislike socialists more than door knocking Jehovas Witness's.

FTH

I believe you have mixed up socialist with economic conservative. I don't like debt and unlike you I don't want to leave any for my kids and grand kids. "Conservatives" like you are the reason we are in this mess they only pay lip service to debt, praise the conservatives who pile it up and blame the socialists and liberals for all your troubles.

[ali#1]

Originally Posted by whammy

Flaherty was the most qualified member of Harper's inner circle and his passing was a great loss to our country in my opinion.

The fact remains that the conservatives have been the spendiest government this country has ever seen.

Don't go bringing facts into a political argument. The liberals did everything that's wrong with the country, Harper walks on water and has never made a mistake.