This excerpt from Tuesday’s federal budget speech seems aimed at province’s like Newfoundland and Labrador where the government promised the same day that they’d be piling up more debt on top of their current record debt levels until at least 2021:
Maintaining Fiscal Balance in the Federation
There is no fiscal imbalance between the federal . . . → Read More: The Sir Robert Bond Papers: Pre-emptive rebuttal #nlpoli
“Muskrat Falls is a project that will not impact net debt by a single dollar,” finance minister Tom Marshall said in a provincial government news release.
Unfortunately for taxpayers, they won’t pay the net debt. That’s an accountant’s calculation of what the provincial government owes less any assets they could theoretically sell off if they . . . → Read More: The Sir Robert Bond Papers: A Crisis. Or Not. #nlpoli
As part of the orchestrated campaign to attack the people making the comments instead of the comments themselves , finance minister Tom Marshall trotted out in front of the news media on Friday to lace into a group of five lawyers.
Marshall said comments by five lawyers opposed to Muskrat Falls were “nothing new” and . . . → Read More: The Sir Robert Bond Papers: Not exactly, there, Tom, b’y #nlpoli
The provincial government set its budget this year based on an oil price forecast of US$124 a barrel in 2012.
As we move up on the midway point in the fiscal year (it starts on April 1), oil is well below that. The result is that the provincial government could wind up with a deficit . . . → Read More: The Sir Robert Bond Papers: The Art of Budget Forecasting #nlpoli
Premier Kathy Dunderdale decided to talk about reality on Monday.
A reality check she called it:
“Everybody sees what’s happening with the price of oil, and I see every day what that’s doing to our budget,” the premier said. [CBC online story]
Dunderdale warned that the provincial government’s deficit this year might reach $700 million. . . . → Read More: The Sir Robert Bond Papers: There’s reality and … #nlpoli
Via labradore, a chart that plots Conservative unsustainable public spending since 2003 with recently announced controls on discretionary spending.