Kruggel: Liberals are 9 for 9 budgets in deficit and 9 for 9 budgets where they have completely missed their targets

Early estimates are that the budget deficit will be $46 billion on the low end, for 2024/25, and $55 billion on the high end. Fiscal 2023/24 the deficit was $50 billion for comparison.
 

We now have a date of December 16. Chrystia Freeland will stand in the House of Commons and give the update as to the government's finances and how the government is on track to meet its budgetary promises and obligations. The government will then break for their Christmas holidays a couple of days later.

Ms. Freeland stated when she delivered the budget last spring that she would cap the deficit at $40 billion. It was her way of taking the deficit story away from the Conservatives by promising she had it under control.

The Parliamentary Budget Officer has warned for months that the $40 billion cap was never going to be met. He's cited several erroneous assumptions on revenues and the economy. He noted that spending had already far exceeded the Liberals budgetary promises.

He wasn't alone Banks, their experts that watch the budget and government finances, have said the same thing.

Early estimates are that the budget deficit will be $46 billion on the low end, for 2024/25, and $55 billion on the high end. Fiscal 2023/24 the deficit was $50 billion for comparison.

In practice none of this really matters.

We are talking sovereign debt. The government and the Bank of Canada can create money out of thin air for use within the country. Creating too much does create inflationary pressure. That's the only real problem. That inflationary pressure can become substantial. Venezuela, Argentina, Zimbabwe, and Wiemar Germany are all good examples of this.

The main issue here is that the Liberals are 9 for 9 budgets in deficit and 9 for 9 budgets where they have completely missed their targets I do not fault them for 2020 - 2022. The pandemic was beyond their control. Since then, they have failed to unwind spending as they promised.

This becomes the public relations disaster. The Liberals know this too. They delayed the Fiscal Update to minimize discussion in Parliament. Pierre Poilievre made it clear he'd pause his partisan games on the documents debate for the Update a few weeks ago. Freeland remained silent.

Fact is, the Liberals cannot escape this becoming a big, black eye for them.

Poilievre, speaking to reporters the other day summed it up with a new line of attack stating that the Prime Minister has lost control of the budget, lost control of the border, and lost control of his own party.

A government that has lost control. That's rather ironic.


ABOUT DEVON KRUGGEL:
I'm a 50-year-old Caucasian male and was a right winger of sorts from the age of 16 until I was about 47 or so. I have got a degree in History and Political Science and one in Computer Science. Bachelors. I've been in BC since 1990, and have lived on Vancouver Island since 1993.