Apr 12 2018 — C. Scott Clark and Peter DeVries — There has been lots of hand wringing by fiscal conservatives over the failure of the 2018 federal budget to commit to eliminating the deficit by a fixed date. This, despite the fact that the federal deficit will be less than 0.5% of GDP and the ratio of debt to GDP (the debt burden) will fall […]
Mar 31 2018 — C. Scott Clark and Peter DeVries — National Newswatch — The print and TV media recently picked up on a statement in the 2018 Budget that the federal government’s “market” debt would exceed $1 trillion. They reported this as the tipping point for federal finances, as if the government had hit the proverbial “fiscal wall”. The former Parliamentary Budget Officer, Kevin Page, observed, “the $1 […]
Mar 5 2018 — C. Scott Clark and Peter DeVries — National Newswatch — Most economists who follow federal budgets probably didn’t think much of Mr. Morneau’s recent budget. In their view, there is too much new spending; spending on government operations is growing too fast; and, there is no commitment to deficit elimination. They would probably give the budget a failing grade in judging its overall fiscal credibility. […]
Feb 9 2018 — C. Scott Clark and Peter DeVries — National Newswatch — Finance Minister Bill Morneau is busy planning his 2018 budget but no one seems to care very much. The upcoming budget is receiving very little media attention, and in fact surprisingly no media attention at all. In the past there would have already been considerable speculation about the deficit outlook and what new policies might […]
Jan 15 2018 — C. Scott Clark and Peter DeVries — National Newswatch — By now the Finance Minister should be close to putting the “finishing touches” on his 2018 budget. He recently presented his updated economic and fiscal outlook to the Cabinet in London, Ontario and he has finalized his own budget consultations and received the budget recommendations of the House Finance Committee. Putting “finishing touches” on a […]
Oct 26 2017 — C. Scott Clark and Peter DeVries — National Newswatch — Poor Mr. Morneau, his credibility as Finance Minister already in the tank, desperately needed to do something in his Economic and Fiscal Update to begin restoring it. And there was a lot for him to brag about. The economy is doing well; in fact the Canadian economy has been doing better than any other G7 […]
Oct 12 2017 — C. Scott Clark and Peter DeVries — National Newswatch — Finance Minister Bill Morneau did not have a very good summer. So far the fall has also not been good to the Finance Minister and, unfortunately, it is unlikely that the months leading up to the 2018 budget will get any better for him. He has only himself, or perhaps his department, to blame for […]
Mar 28 2017 — C. Scott Clark and Peter DeVries — National Newswatch — In its first report, released last October, the Finance Minister’s Advisory Council on Economic Growth recommended the creation of an independent “Canadian Infrastructure Bank (CIB)”. In his fall economic and fiscal update, the Finance Minister supported the Advisory Council’s recommendation, saying that that this represented “a great opportunity for the government to leverage its investments […]
Mar 23 2017 — C. Scott Clark and Peter DeVries — National Post — Last Wednesday, Finance Minister Bill Morneau delivered the government’s second budget. For weeks before the budget, the government had been preparing the public for a budget that would not include any new spending or ambitious policy initiatives. In addition, recognizing worsening global growth prospects and the complete “mystery” as to what the Trump government might […]
Aug 16 2015 — C. Scott Clark and Peter DeVries — Toronto Star — The economy and jobs have always been the priority election issues for most Canadians. Today, with the possibility that the economy could be in a technical recession (two quarters of negative growth), that’s especially true. Canadians have every right to be concerned. The economy has been seriously underperforming for the past seven years and there’s […]
Jul 29 2015 — C. Scott Clark and Peter DeVries — Toronto Star — In the fall of 2008, private sector economists were forecasting that the Canadian economy was already in a recession due to the financial crisis. Prime Minister Stephen Harper and his finance minister, the late Jim Flaherty, ignored these warnings and told Canadians there was nothing to worry about. The prime minister even advised Canadians that […]
Apr 28 2015 — C. Scott Clark and Peter DeVries — iPolitics — In the days since Finance Minister Joe Oliver emerged from his winter den to deliver a long-delayed budget, members of Ottawa’s pundit corps have been falling over each other trying to describe the Harper government’s fiscal platform as a masterstroke of political tactics — a ‘clever’ bit of election-year maneuvering meant to paint the New […]
Apr 22 2015 — C. Scott Clark and Peter DeVries — iPolitics — Finance Magician Joe Oliver did the expected, pulling a handful of rabbits out of his hat to achieve the long-promised balanced budget for 2015-16. “Mission accomplished” for the Conservatives? Not quite. Prime Minister Stephen Harper will be happy. Finance Minister Joe Oliver will be happy, as will every member of the Conservative caucus. Most importantly, […]
Apr 14 2015 — C. Scott Clark and Peter DeVries — iPolitics — Nobody ever gives Joe Oliver credit for his sense of humour. But the speech he gave to the Economic Club of Canada last week has to rank among the best stand-up routines in Canadian comedy history. The punchline, of course, was the Finance minister’s vow to introduce balanced budget legislation, to fulfil a commitment made […]
Apr 2 2015 — C. Scott Clark and Peter DeVries — iPolitics — It’s been like some strange political pastiche of Hinterlands Who’s Who: The Canadian finance minister … a shy, reclusive creature who nests in the oilsands and tends to hibernate whenever the price of oil drops below $70. Joe Oliver is expected to come out of his cloister Thursday morning with a promised “announcement” at the […]