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Trudeau’s deficit pledges were a fiscal fantasy

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There was good news and bad news in Tuesday’s economic and fiscal report on the Trudeau government by Parliamentary Budget Officer Yves Giroux.

The good news is he estimates the federal deficit this year will be $16 billion, $3.4 billion lower than he predicted in October and $2.1 billion lower than the Trudeau government predicted in November.

The bad news is that at $16 billion, Justin Trudeau’s deficit is $10.3 billion, or 181% higher than the $5.7 billion deficit he predicted for 2018-19, when he was running to become prime minister in the 2015 election.

Even assuming the federal government will not have to spend the $3 billion annual deficit contingency fund it includes in budget calculations to pay for unforeseen economic risks, given the relative strength of the Canadian economy (so far), Trudeau’s estimated deficit for........

© Edmonton Sun