Budget Surplus Feb. 2009

[Cameron]

There was a budgetary surplus of $0.8 billion in February 2009, compared to a surplus of $3.0 billion in February 2008. Budgetary revenues were down $2.7 billion, or 11.9 per cent, from February 2008, largely reflecting lower corporate income tax and goods and services tax (GST) revenues. Program expenses decreased by $0.1 billion, or 0.6 per cent, compared to February 2008, largely reflecting lower operating expenses of departments and agencies. Public debt charges decreased by $0.4 billion compared to February 2008.

The Link!

Not bad for rubbish economic times. But we still have a lot of work to do.

[Alta4ever]

Not bad for rubbish economic times. But we still have a lot of work to do.

Now where is everyone who said that Harper was running a deficit in the 2008 year?

[Smallc]

Now where is everyone who said that Harper was running a deficit in the 2008 year?

I'm pretty sure even Flaherty said that they would.

[daniel]

He didn't make it up out of the blue. He must have known he was getting into trouble and therefore presented some diversionary tactic to blame the Liberals.

http://www.thestar.com/article/413170

And sure enough by August,

http://www.economicnews.ca/cepnews/wire/article/145925

Edited April 24, 2009 by daniel

[Alta4ever]

He didn't make it up out of the blue. He must have known he was getting into trouble and therefore presented some diversionary tactic to blame the Liberals.

http://www.thestar.com/article/413170

Umm the original artical is about the 2008 budget not the 2009 (which the star is refering to).

[Smallc]

Umm the original artical is about the 2008 budget not the 2009 (which the star is refering to).

The consensus was that we would run a deficit of about $1B for 2008 - 2009...and we still may.

[jdobbin]

Now where is everyone who said that Harper was running a deficit in the 2008 year?

Actually, most people thought that for the year there would be a surplus albeit a small one and that 2009 was going to be a very tough year.

Who exactly said that they were going to run a deficit?

[Smallc]

Who exactly said that they were going to run a deficit?

Actually, I believe almost all of the media reported a deficit of $1.1B for last year. I can't find the stories now, but I'm almost certain. It seems they were wrong, and if they were, it's good news.

Edited April 24, 2009 by Smallc

[Smallc]

.

Edited April 24, 2009 by Smallc

[Smallc]

It was Flaherty.

Finance Minister Jim Flaherty budgeted for a $1.1-billion shortfall for the fiscal year that ended March 31, with massive deficits to follow going forward.

Ottawa clinging to $1.3-billion surplus as fiscal year end nears

Edited April 24, 2009 by Smallc

[daniel]

There goes the theory that conservatives are good money managers.

[Smallc]

Yeah, they're always underestimating the surplus....lol

[Alta4ever]

Yeah, they're always underestimating the surplus....lol

Better then the liberals who over taxed us year over year by billions of dollars.

[Smallc]

Better then the liberals who over taxed us year over year by billions of dollars.

Yes....so, with this deficit, how are the Conservatives supposed to continue their military rebuild? 'm willing to give up more of my money for better equipment, are you? Overtaxed....well, that's an opinion isn't it.

[August1991]

From the Statcan link in the OP:

There was a budgetary surplus of $0.8 billion in February 2009, compared to a surplus of $3.0 billion in February 2008. Budgetary revenues were down $2.7 billion, or 11.9 per cent, from February 2008, largely reflecting lower corporate income tax and goods and services tax (GST) revenues. Program expenses decreased by $0.1 billion, or 0.6 per cent, compared to February 2008, largely reflecting lower operating expenses of departments and agencies. Public debt charges decreased by $0.4 billion compared to February 2008.

First of all, the fiscal year runs from April to March so presumably this small budget surplus will show up in the 2008-09 fiscal year. Talk of a deficit referred to the next fiscal year, 2009-10 and I don't think that there's any doubt that it will be in deficit.

Secondly, note what is going on: revenues are falling but expenditures are not rising. Now, if you are an old line Keynesian, you would call that bad news since what the economy needs is a "stimulus package", immediately. (I suspect that Harper has wisely paid lip service to this stimulus package idea and I'm only surprised that the criticsm has been muted.)

Thirdly, government budget numbers are an art form, not a science. Among various economic indicators, a government budget/surplus is probably the most likely to be fudged.

[Smallc]

Talk of a deficit referred to the next fiscal year

It also included 2008 - 2009. I already posted the information stating as much. I'm happy things are better than expected, but we can't pretend that Flaherty didn't predict a deficit.

[Alta4ever]

Yes....so, with this deficit, how are the Conservatives supposed to continue their military rebuild? 'm willing to give up more of my money for better equipment, are you? Overtaxed....well, that's an opinion isn't it.

I am willing to give most of the social safety net to pay for it are you?

[blueblood]

I hope the loony left in this country is happy with themselves. Here we have whining and complaining about Harper's books, and low and behold when the market bottomed out they were balanced. Now with the threat of coalition, Harper is forced to open the spigot and burn through money like crazy. We could of had the feds, MB and SK in surplus position with no deficit, with Harper keeping the books the way they were. Now we are going to be spending stimulus money right in the middle of an economic recovery when it isn't needed.

The left forced Harper with this deficit, the left can wear it.

[Smallc]

I am willing to give most of the social safety net to pay for it are you?

No.

[Smallc]

The left forced Harper with this deficit, the left can wear it.

Nobody forced Harper to do anything. He will wear the deficit, just as he should. Oh, and multiple sources have already stated that the budget was never balanced for 2009 - 2010.

Edited April 27, 2009 by Smallc

[daniel]

...

The left forced Harper with this deficit, the left can wear it.

Conservatives to Harper:

"You had an option, sir. You could have said, 'I am not going to do it. This is wrong for Canada, and I am not going to ask Canadians to pay the price.' You had an option, sir--to say 'no'--and you chose to say 'yes' to the old attitudes and the old stories of the Liberal Party. That sir, if I may say respectfully, that is not good enough for Canadians."

Edited April 28, 2009 by daniel

[Alta4ever]

No.

So you are entitled to your entitlements?

[Smallc]

So you are entitled to your entitlements?

They aren't entitlements. They're benefits of living in Canadian society....benefits that we all share.

[Hydraboss]

Yes, benefits we all share. But not all of us paid for them, eh? How long have you been paying taxes to support these "benefits"? Maaayyybbeee two years?

[Smallc]

Your point being? Nonexistent perhaps? Face it, you're thinking isn't anywhere close to being in step with mainstream Canada. Things aren't about to change to the way that you want them because the people don't want them to.