mackaycartoons

Graeme MacKay's Editorial Cartoon Archive

  • Archives
  • DOWNLOADS
  • Kings & Queens
  • MacKaycartoons Inc.
  • Prime Ministers
  • Special Features
  • The Boutique
  • Who?
  • Young Doug Ford
  • Presidents

Philae

Thursday November 13, 2014

November 12, 2014 by Graeme MacKay

Thursday November 13, 2014Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday November 13, 2014

Highlights from Canada’s fiscal and economic update

Finance Minister Joe Oliver delivered his annual fall update and five-year projection of the government’s fiscal situation on Wednesday.

Here are the highlights:

• A small deficit of $2.9 billion expected for the 2014-2015 fiscal year, the same as projected in the February budget.

• A small surplus of $1.9 billion expected for the 2015-2016 fiscal year, much smaller than the $6.4 billion projected last February mainly because of recent announcements for spending increases and tax cuts.

• Surpluses forecast to grow slowly every year after that: $4.3 billion in 2016-2017, $5.1 billion in 2017-2018, and $6.8 billion in 2018-2019.

• Government has set aside $3 billion in contingency funds every year, including the current fiscal year. If not needed, the money goes towards the debt.

• Lower oil prices this year translated into a $500-million hit to the bottom line in 2014-2015, and $2.5 billion per year over the 2015-2019 period.

• Federal debt will rise slightly to $615.8 billion in 2014-2015 before diminishing gradually over the next five years. As a percentage of the economy, the federal debt in 2014-15 is forecast to be 31.5 per cent of GDP, dropping slowly over the coming years to 24.3 per cent in 2019-2020.

• Overall federal tax burden drops to lowest level in 50 years for now, but personal income tax as a percentage of GDP expected to reach 7.1 per cent next year, up from 6.9 per cent this year, and 7.3 per cent in 2019-2020.

• The government has recommitted to introducing balanced budget legislation, a promise made initially more than a year ago in the 2013 throne speech.

• Economists told Ottawa to expect real growth of 2.4 per cent in 2014 and 2.6 per cent in 2015. Those projections were made in September before commodity prices tanked; the government has had to trim expectations for government revenue.

• The employment insurance account has a $3.8-billion surplus in 2014-2015, $3.9 billion in 2015-2016 and $4.5 billion in 2016-17 — allowing the government to stay in the black despite new spending and tax cuts. (Source: Hamilton Spectator) http://www.thespec.com/news-story/5024559-10-highlights-from-canada-s-fiscal-and-economic-update/

Meanwhile, A European robot probe has made the first, historic landing on a comet, but its status remains uncertain after harpoons failed to anchor it to the surface.

Officials said the craft may have lifted off the comet after touchdown before returning to the surface.

Lander project manager Stephan Ulamec said: “Maybe we didn’t just land once, we landed twice.” (Source: BBC News)

 

Posted in: Canada Tagged: Budget, Canada, comet, debt, Economic statement, Economy, Finance, Joe Oliver, Philae, Science, ScienceExpo, Space, Stephen Harper, surplus

Please note…

This website contains satirical commentaries of current events going back several decades. Some readers may not share this sense of humour nor the opinions expressed by the artist. To understand editorial cartoons it is important to understand their effectiveness as a counterweight to power. It is presumed readers approach satire with a broad minded foundation and healthy knowledge of objective facts of the subjects depicted.

  • The Hamilton Spectator
  • The Toronto Star
  • The Globe & Mail
  • The National Post
  • Graeme on T̶w̶i̶t̶t̶e̶r̶ ̶(̶X̶)̶
  • Graeme on F̶a̶c̶e̶b̶o̶o̶k̶
  • Graeme on T̶h̶r̶e̶a̶d̶s̶
  • Graeme on Instagram
  • Graeme on Substack
  • Graeme on Bluesky
  • Graeme on Pinterest
  • Graeme on YouTube
New and updated for 2025
  • HOME
  • MacKaycartoons Inc.
  • The Boutique
  • The Hamilton Spectator
  • The Association of Canadian Cartoonists
  • The Association of American Editorial Cartoonists
  • You Might be From Hamilton if…
  • Young Doug Ford
  • MacKay’s Most Viral Cartoon
  • Intellectual Property Thief Donkeys
  • Wes Tyrell
  • Martin Rowson
  • Guy Bado’s Blog
  • National Newswatch
...Check it out and please subscribe!

Your one-stop-MacKay-shop…

T-shirts, hoodies, clocks, duvet covers, mugs, stickers, notebooks, smart phone cases and scarfs

2023 Coronation Design

Brand New Designs!

Follow Graeme's board My Own Cartoon Favourites on Pinterest.

MacKay’s Virtual Gallery

Archives

Copyright © 2016 mackaycartoons.net

Powered by Wordpess and Alpha.

Social media & sharing icons powered by UltimatelySocial
 

Loading Comments...