Deficit hits record $55.6B, Flaherty says Deficit, hits, record, Flaherty, says

peter236

Deficit hits record $55.6B, Flaherty says

Vows to wipe out deficit by 2015-16
Last Updated: Tuesday, October 12, 2010 | 11:18 PM ET
CBC News

http://www.cbc.ca/canada/story/2 ... .html#ixzz12ruVTO2N

Finance Minister Jim Flaherty says Canada is 'on track' to return to surpluses in the 2015-16 fiscal year. Finance Minister Jim Flaherty says Canada is 'on track' to return to surpluses in the 2015-16 fiscal year. (CBC)Canada's federal deficit for the 2009-10 fiscal year is a record $55.6 billion, Finance Minister Jim Flaherty announced Tuesday.

That figure is almost $2 billion higher than the $53.8-billion deficit projected in the federal budget last March, and was largely prompted by a one-time transfer of $5.6 billion to Ontario and British Columbia to help them make the transition to the harmonized sales tax.

But thanks to more robust growth earlier this year, the deficit for the current 2010-11 fiscal year will likely come in $3.7 billion lower than the $49.2-billion figure projected earlier, Flaherty told a business luncheon in Mississauga, Ont.

The finance minister said the country's books will continue to improve, with a small deficit of $1.7 billion now forecast by 2014–15 and a surplus of $2.6 billion by the following year.

Flaherty said the economy remained the government's "No. 1 priority." His speech contained no new spending or tax announcements. Current stimulus measures are scheduled to wind down next March.
GDP growth slowing

Flaherty met last week with more than a dozen private-sector economists. He said their consensus has Canada's GDP growth slowing to 1.8 per cent in the third quarter of this year.

According to the economists, growth should pick up to an average of about 2.5 per cent in the following three quarters, Flaherty said.

"They also highlighted that the near-term global economic outlook remains uncertain, with the balance of risks tilted to the downside," he said, adding that the strength of the U.S. recovery remains a potential trouble spot for Canada.

Canada is the only G7 country to have recovered most of its economic activity since the recession began, Flaherty said.

"As a result of Canada's solid economic performance over the recovery to date, nearly 423,000 jobs have been created in Canada since July 2009, more than were lost as a result of the global recession," he told his audience.

peter236

大佬，就算係股災果陣，如果你買咗跌市嘅話，你都會笑到唔識收聲啦～就算係家陣貧富懸殊嘅香港，班大有錢佬 ...
Lik 發表於 2010-10-20 14:20

Hong Kong government maintains a budget surplus and low tax rates.
Canada has a big deficit, national debt and high taxes.

Lik

大佬，就算係股災果陣，如果你買咗跌市嘅話，你都會笑到唔識收聲啦～就算係家陣貧富懸殊嘅香港，班大有錢佬夠不知幾咁開心啦，但咁樣代唔代表特衰政府做得好？

-力

快樂牛郎

Or would you rather not have the federal government take action and pump in a bunch of $$$ via various forms of economic stimulus packages during tough times and let the economy go down into the dumps, and have whole country suffer and eat shxt? Lik 發表於 2010/10/20 10:29

Don't speak for the whole country.  Only those who open their arms and beg for gov support would eat shxt.

And for those who bought assets during SARS, they are faring really well.  There's nothing wrong at all.

sheep

Meanwhile, the Canada national debt continues to increase.

Hong Kong maintains a budget surplus, th ...
peter236 發表於 2010-10-20 12:18

    攬埋入棺材

peter236

Meanwhile, the Canada national debt continues to increase.

Hong Kong maintains a budget surplus, the fiscal reserve keeps increasing.

Lik

What is Lik going to say about this?
peter236 發表於 2010-10-19 20:44

Moron,

What is there to say about Canada's budget deficit? Given the global recession we ran into a while back, is the deficit anything to be surprised about? Or would you rather not have the federal government take action and pump in a bunch of $$$ via various forms of economic stimulus packages during tough times and let the economy go down into the dumps, and have whole country suffer and eat shxt? This is more or less what the HKSAR government did during the triple whammy of SARS, Asia financial crisis when they have steadfastedly refused to adjust the pegging of the HKD to the USD, and we all know how long HK suffered and ate shxt as a result of that lack of action.

By the same token, critics lambasting the Obama government for their record deficit and stimulus packages are idiots as well. It is true that the stimulus package didn't create as many jobs and boosted the economy as well as everyone wished. But what would have happened in the US had it not been put forth? The country and the economy would have been in far greater perils had the stimulus package not been done.

-Lik

lo_pak

I think the budget is inline with the forecast after you get rid of BC & Ont HST rebate. You can't blame too much if you compare this with last year economic environment.

快樂牛郎

Do deficits matter anymore?  Now it's the savers who are dumb.

sheep

有借有還
上等人