Report: 2018-2019 Federal Budget Deficit To Be $4 Billion Higher Than Government Said

And the deficit for 2019-2020 will be $4 billion higher as well.

From now until 2020, the federal budget shortfall will exceed the projections made by the Trudeau government by many billions of dollars.

The combined deficit in the next two years will be a full $8 billion higher than the government had said.

That’s according to the Parliamentary Budget Officer.

As reported by the CP, “A new analysis by the parliamentary budget officer estimates Ottawa will post a $22.1-billion shortfall this fiscal year, which would be $4 billion more than the government’s projection of $18.1 billion in its February budget. For 2019-20, Jean-Denis Frechette’s team predicts a $21.4-billion deficit, $3.9 billion higher than the government’s forecast of $17.5 billion.”

A key part of the higher deficits are increased costs from servicing the debt. This is the risk of running budget deficits that many have pointed out, and rising interest rates makes it even worse.

This can lead to a worsening situation in which higher debt charges lead to higher deficits, which then leads to higher debt, which leads to higher debt charges and the cycle repeats again.

Higher than projected government spending is also responsible for part of the higher deficit, according to the PBO.

After just over two years, we are already seeing the Trudeau government pushing our national finances out of control. Their own projections have been proven false, and their deficits are starting to compound in higher and higher debt charges, leaving less money for tax cuts, less money for healthcare, less money for infrastructure, and less money for everything else.

With these continued deficits and higher debt charges, the only people benefiting are the international banks getting rich off our debt.

Spencer Fernando

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tommy hawkClive EdwardsIvan HawkesAllis ChalmersRalph Knapp Recent comment authors
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Ralph Knapp
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Ralph Knapp

If anyone is at all surprised by this mess, rub on some anti delusional cream. In the meantime, the Boy is just getting started. He will continue to operate like this until he’s kicked to the curb.

Allis Chalmers
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Allis Chalmers

This country would be better with the Hells Angles in control. At least they would strive to stay out of debt

Ivan Hawkes
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Ivan Hawkes

With the multiples of BILLIONS that Justin GAVE AWAY, and the dozens of MILLIONS that Justin removed from the Canadian people to stick into his own foundation and the Clinton foundation (among many other stupid directions), four BILLION more than the LIEberals claimed to waste isn’t surprising at all. Misappropriation of funds, irresponsible waste of money on ridiculous projects, blowing through unlimited amounts or our hard earned dollars with no constraint is the LIEberal trademark.

Clive Edwards
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Clive Edwards

Don’t worry, when our economy is run into the ground and our dollar is worthless Turdeau will issue us all a “carbon credit card/universal ID”. Meanwhile the global bankers Turdeau blows are getting more and more compound interest out of us. Pete Turdeau, the kid’s dad, screwed us out of our own Bank of Canada and served us up to the global bankers. The kid is just seeing if we are “done” yet.

tommy hawk
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Oh, gee — now who wudda guessed that one, eh?

Not to worry: “The budget will balance itself.”

The above are the words of an idiot — among other things.