OTTAWA – With oil prices falling 25 per cent and the Toronto Stock exchange posting its worst day since 1987, Finance Minister Bill Morneau said the government has the fiscal room to weather the storm.
The Liberals are forecasting a $26 billion deficit for this financial year and $28 billion in 2020, but Morneau stressed that as a share of the broader economy, it’s a small number and that gives the government fiscal room to respond. The government has not yet announced a budget date, but Morneau said he would not wait for that budget to act.
The oil crash will hit energy dependent provinces particularly hard. Alberta based its budget on an average oil price of US $58 per barrel, every dollar off that average next year will cost the provincial treasury $310 million. Conservative finance critic Pierre Poilievre said the government had wasted taxpayer dollars for years and was now completely unprepared to handle a crisis.
“How could they have left common sense behind and made us so weak and vulnerable?” he asked in the house.
Nope nope we don’t.
Put in a 100% french chateau tax, then we will believe you.
This dude cant count past ten without taking off his shoes. No credibility at all, just a enabler of malfeasance.
But not a housing collapse, cool. Must be indicative there foreign investment into services and real estate will keep flowing.
Lol he said that with a straight face?
Lol they spent the country into bankruptcy and have no plan to help Canada during a recession. They also killed the oil and gas industry. Have fun with a 50 cent loonie.
What? Have you got your Loan Shark ready to give you another couple of $hundred billion?
Really? Where
Unfortunately the Federal government does not represent the plurality of public spending in Canada. Almost all of the big items: Healthcare, Education, Municipal infrastructure that people rely on daily are funded locally or provincially.
This is manifestly false and deluded. Why would you make it a headline?
SUNNY DAYS
More 'modest deficits' on the way Bill?
Morneau loves debt
Canada is broken underJustin Trudeau 😢
What is it ?
😂🙄😂🙄 We are so f*d. You've gutted our nest egg (oil). LOL!
He lies.
Fiscal room? Are you kidding? Canada’s economy is in the tank and will offer very little wiggle room going forward. If the media were responsible perhaps we’d get some independent analysis rather than simply accepting Liberal government talking points.
Liberals suck - election please at least Harper was an actual economists
From this massive deficit? Who does he think he's kidding.... lol
Like hell we do. The Trudeau Recession is here.
He’s delusional - or he’s lying. He knows we’re not...
Justin Trudeau’s Liberals have been misleading Canadians since day one. There’s no reason to have any confidence in anything any Trudeau Liberal has to say now or ever again. cdnpoli
What a bunch of political BS Morneau.
Yep, I can feel him right behind me...
bullshit . he thinks they got it made and are going to rule with the dictator .
absolute bullshit.
Nonsense.
And the budget will balance itself.
Impossible. Massive billion dollar deficits every single year is not a good position. Spending more than any other gov in history in a non war climate is not a good position. Losing billions in energy investments due to failed policy is not a good position.
God Help Us All
WTF. “Strong fiscal position. ⬇️debt as a function of the 🇨🇦economy”? Fiscal deficits have been rising and GDP has been falling, sequentially for 4 years for both metrics. WCS heavy FP crude is sub $30/bbl 🇨🇦 for the next 3 years. Where’s equalization $$ going to come from?
Is he just going to print more money?
Exactly which Canadians are you referring to Mr. Morneau?
A good position? - billions in global funding commitments -billions for Immigration, refugee resettlement - no funding for increased demand on healthcare, education, social services. - high household debt - high debt and deficits. cdnpoli
And by Canada, I’m guessing he means the Liberal cabinet because he sure as hell doesn’t speak for Canadians
The budget will balance itself!!
Maybe he does know something we don’t ...he does possibly have connections...he was accused of insider trading in his past...
deficit We have a Huge deficit! Who is he kidding? Only the Liberal faithful could stomach that spin.
He forgot he owned a French villa, Canada is in big trouble.
😳🤔🤔🤣🤣🤣🙏🙏🙏
Sure take the rest of my paycheck, I don't need to eat.
He is so full of shit its coming out of his pores...
🤡🌎
What scares me is an HR manager for Morneau Chapel turned into a finance minister making ’feel good’ claims after the fiscal carnage he’s created.
Morneau says Canada has resources to respond to a Martian invasion as well. 🙄
Translated...the banks are willing to lend the govt more money.
Lying snake
What fairy tale is Morneau living in? 🤔 🇨🇦 Dying a slow death. .
He always has enough to bail out Quebec, even if he has to take it from our kids.
They ran out of room 4 years ago already, this is bs!
I truly don't believe Bill_Morneau
Bill_Morneau and the liberal_party would never want to gamble on Canadians. With interest which are very low now is the time for a massive investment in infrastructure and manufacturing, in order to cut our reliance on foreign countries and get all of Canada working. cdnpoli
“These things don’t happen by accident, they happen because we have been putting measures in place to grow the economy.” I see, they only happen by the visible, iron hand of the state.
Morneau: “We are in a good position with fiscal room to respond- we still have cheques in the cheque book”.
Can you tell us how we are so well positioned to ride out this recession that is right around the corner. It's going to happen and just like the other ministers in Trudeau's 3 ring circus, all they provided is word salad..
I sure as hell would hope so, considering we’re taxed to the gills in this country.
How the fck is that even possible?! We are so far in the hole CANADA won’t see light for decades.
Yea. If I had personal access to a vast family fortune, that would be my response as well. The liberals and their corrupt UN associates never have to worry about Canadian Joe tax payer. Life is always “good” when your in control.
Planting a few more money trees?
In what universe? The coffers are bare.
What does a liar look like? Bill Morneau!
Time will tell
🤦♂️
Yeah they'll just borrow more money
Ya right and budgets balance themselves. Ever time these liberals lips move just more lies.
There sure are a lot of people who want Canada to fail. Just read some of the comments in this thread. It makes me wonder what their agenda is.
We don't
The comments in this thread: Why would I listen to our qualified Finance Minister when I can listen to ZERO financial knowledge Pierre Poilivier and his group of CPC charlatans?
haha
Liberals haven't had any room in their whole reign. They create nothing but debt.
MMT
Liar
No we don’t. Can you explain how?
We’ve got squat.
Total f’ing bullocks!