Medieval may be in vogue these days but why we have a national policy to promote the drinking of mead is a head\u002Dscratcher
Table 1 of the update starts off by telling us what the April budget said the deficit was going to be between 2021 and 2027. The news was all bad: deficits as far as the eye could then see, a total of $261.3 billion in deficits.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
But that’s it. End of story for 2021-22. There were no further changes in the deficit from actions taken either since the budget or in the fall update. How could there be? The 2021-22 fiscal year was over. Any action would have had to be taken backward in time. Yes, we’re putting not-so-small fortunes into innovation these days but Ottawa’s pretend Elon Musks haven’t yet mastered time travel. So what happens for 2021-22 is that 100 per cent of the fiscal windfall goes to deficit reduction.
The fiscal update adds a hefty $30.6 billion to the next five years’ deficits. But windfall-spenders never sleep. Actions since April’s budget had already added $21.6 billion.
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