I have read the fiscal update at Nov 1, 2016 which is out not all that long ago.
Even the worst case scenarios in there appear to be looking at a deficit for 16/17 of $26B.
Looking to the fiscal monitor, which only goes to August, we see year to date a deficit of $5.4 B.
The month of August is terrible for the defict, adding $2.7B to it however that compares to $2.3B in 2015.
So, given these facts, what part of the process is understating the fiscal year deficit?
Should they be expecting a black swan event in CDN housing?
Maybe, since the typical Canadian has taken on debt with a nod to there being no tomorrow.
Maybe they should have expected the Trump increase in interest rates?
Exactly how should the government budget for such events though?
They already build in contingencies and presumably will adjust the budget each year as we move forward whoch is the same as any government would do.
In fact, 2017 budget consultations are already started.
So, specifically, how, where, and in what ways are they demonstrating "no clue" about running the economy?
Keep in mind that we already have at least one pipeline in the works and likely will get another one approved next week so don't expect to be taken serioulsy on that.
We also have Keystone to look forward to.