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  1. Ottawa has a big spending problem

    As the dust settles from Monday’s federal economic and fiscal update, it becomes ever more apparent that Ottawa does not have a revenue problem but a massive spending problem. From budgetary revenues of $332.2 billion in 2018-19, the ...

  2. Canada’s federal finances at risk—repeating mistakes of the past

    Appeared in the Daily Gleaner, August 29, 2019 The latest economic news from the United States foreshadows recession. Recently, the U.S. stock market had its worst day in 2019, plunging 800 points. The bond market is showing weakness with short-term ...

  3. Federal Deficits Then and Now: Is Canada Repeating the Fiscal Mistakes of 1965 to 1995?

    From 1965 to 1995, the Canadian federal government repeatedly ran deficits, accumulating debt, a habit that culminated in the near crisis of the mid-1990s. After a period of reform beginning in 1995, Canada returned to deficits in 2008/09. While ...

  4. Another broken promise—federal government ditches latest fiscal pledge

    By 2019/20, Canada’s debt-to-GDP ratio is forecasted to be 31.5 per cent. ...

  5. Budget 2017 spells end of the Chrétien Consensus?

    Under the Trudeau government, deficits continue with no end in sight, debt is growing and taxes have increased. ...

  6. Morneau’s ‘Plan for Middle Class Progress’ cuts GDP by $131 billion

    Appeared in the Toronto Sun, November 2, 2016 On Tuesday, Federal Finance Minister Bill Morneau released his government’s Fall Economic Statement titled A Plan for Middle Class Progress. As noted in the release, “Finance Minister Bill Morneau announced ...

  7. Federal deficits could total nearly $200 billion over next five years

    Appeared in the Financial Post, May 12, 2016 As the saying goes, a moving target is hard to hit. That is why repeated shifts in the federal government’s deficit and debt goals over the past six months have been so concerning. What started as a promise to ...

  8. Moving Targets: Re-estimating Federal Deficits and Debt-to-GDP through 2020/21

    The federal government has repeatedly shifted the goal posts on its own “fiscal anchors.” This bulletin examines the robustness of the current “fiscal anchor” to reduce the debt-to-GDP ratio by the government’s first mandate. The 2016 federal budget ...

  9. Why waste a budget? Trudeau should learn from Chretien and Martin

    Appeared in National Newswatch, March 18, 2016 As Prime Minister Trudeau delivers his first budget next week, one that reportedly contains a deficit in excess of $30 billion, his government may want to consider the lessons learned by former Prime Minister ...

  10. Moving targets, routine deficits, and Canada’s short-lived federal ‘fiscal anchor’

    Appeared in the Financial Post, February 25, 2016 During last fall’s federal election, the Liberals campaigned on a commitment to run budget deficits for its first three years, while promising that the size of those deficits would be capped at $10 billion ...