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.
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