On November 24, 2015 I posted regarding the Syrian refugee promise:
‘But this is the double speak of regular politics today. And one wonders why people are cynical ? It is reported that the Pinceling allocated $100 million for this promise. His own Minister is now saying over $600 million. Six times more . When one looks at the other Princeling’s promises , like housing and urban transportation don’t be surprised to see the dollars pile up.’
OK, I’ll make a promise . More broken promises to come. I doubt whether I will have to break that one.’
And in my post today you saw that the new number for this program is now at least $700 million–7 times the original estimate.
And the numbers are piling up as I forecasted.
Now, look, one has to ask : when you are seven times off, isn’t there a problem. Well the way all of this is carried we have vacated reality and live almost permanently in the world of spin.
The Minister of Finance, trying to spin his latest budget projections, asks us to swallow:
‘The Government is moving forward with a fundamentally new approach—a new plan to transform the economy for the benefit of every Canadian. Now is the time to make investments to build a stronger middle class and foster long-term growth.
“At its core, this approach will be about middle class Canadians—our quality of life, the kind of communities in which we live and work, the standard of living we can expect to enjoy, and the kind of opportunities our children will have in the coming decades.”
– Bill Morneau, Minister of Finance’
This is the gobble gook we are asked to digest in light of an admission by the Minister that even the deficits that were ‘ promised’ capping at $10 billion a year are going to be almost twice as large. .
This is part of the admission:
‘The fiscal outlook has deteriorated since the Fall Update
Chart 2 Budgetary Balance
We have gone from $3.9 billion deficit to $18.4 billion in three months. Astounding!
You see the middle class tax cut was not there earlier or the full Syrian Refugee Program. Or the middle east effort without the planes is $500 million this year and next.
And right now the deficit is projected to be $18.4 billion next year . And given the record of projections by this new inept crowd who knows?
But they really don’t know what they are doing since the Minister is going appoint a new group for further advice.
Listen Minister : we have the Conference Board of Canada, the C. D. Howe Institute, the Fraser Institute, the Frontier Institute , etc all doing work every day on public policy issues .
You don’t need another COMMITTEE. Just ask them . And the Banks?
Hey , you laid out a platform, don’t you believe it anymore, just a few months after the platform was released?
While I am at it, I notice the National Post in carrying this story had the Federal Debt at $616 billion in 2015 soaring to $650 billion in 2017/19 . The Public Accounts for 2015 on page 43 has our net debt at $686 billion .
So, I’ll take the ‘Public Accounts’ figures .
That means a net debt of over $700 billion( $686B plus $33.9B) in 2018 , using today’s projections, which we know are likely to be higher.
The Receiver General of Canada who is the author of the Public Accounts defines net debt:
The total liabilities of the government less its financial assets.