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Thursday March 24, 2016

March 23, 2016 by Graeme MacKay
Editorial Cartoon by Graeme MacKay, The Hamilton Spectator - Thursday March 24, 2016 Canada government tries to fend off critics worried about deficits Canada's government on Wednesday sought to deflect criticism that it had condemned the country to years of budget deficits, saying it could balance the books within five years if efforts to boost the economy succeed. The ruling Liberals on Tuesday projected a C$29.4 billion ($22.3 billion) deficit for fiscal 2016-17, nearly three times larger than what they promised during last year's election campaign. The Liberals, who say the spending will help boost growth, gave no target date for returning to balance, with the budget still expected to show a deficit of C$14.3 billion in 2020-21. Opposition politicians and influential media commentators said they feared Canada would face a long string of shortfalls of the kind it has not seen in two decades. This could cause problems for Prime Minister Justin Trudeau. "We're hoping to increase the growth rates," Trudeau told CBC Radio on Wednesday. If the government can stimulate the economy, "we get to balance in the coming five years," he said. "There is a track to that if we increase the growth in the economy." Trudeau faces no immediate political threat, since he only took power last November and is sitting high in the polls. But the longer the deficits last, the greater the potential political risk. (Source: Reuters) http://ca.reuters.com/article/domesticNews/idCAKCN0WP1R2 Canada, Justin Trudeau, Bill Morneau, growth, economy, budget, debt, spending, government

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday March 24, 2016

Canada government tries to fend off critics worried about deficits

Canada’s government on Wednesday sought to deflect criticism that it had condemned the country to years of budget deficits, saying it could balance the books within five years if efforts to boost the economy succeed.

The ruling Liberals on Tuesday projected a C$29.4 billion ($22.3 billion) deficit for fiscal 2016-17, nearly three times larger than what they promised during last year’s election campaign.

The Liberals, who say the spending will help boost growth, gave no target date for returning to balance, with the budget still expected to show a deficit of C$14.3 billion in 2020-21.

Opposition politicians and influential media commentators said they feared Canada would face a long string of shortfalls of the kind it has not seen in two decades. This could cause problems for Prime Minister Justin Trudeau.

“We’re hoping to increase the growth rates,” Trudeau told CBC Radio on Wednesday.

If the government can stimulate the economy, “we get to balance in the coming five years,” he said. “There is a track to that if we increase the growth in the economy.”

Trudeau faces no immediate political threat, since he only took power last November and is sitting high in the polls.

But the longer the deficits last, the greater the potential political risk.  (Source: Reuters)

 

Posted in: Canada Tagged: Bill Morneau, Budget, Canada, debt, Economy, government, growth, Justin Trudeau, spending
← Wednesday March 22, 2016
Monday March 28, 2016 →

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