MARKHAM – Industry Minister Tony Clement today admitted that the Conservative numbers are “all over the place” and that they are doing little more than “gazing into a crystal ball” when making deficit projections, Liberal Finance Critic John McCallum said today.
“Mr. Clement’s admission was particularly startling on a day it was announced that personal bankruptcies in Canada were up by more than a third in July,” said Mr. McCallum. “In less than 10 months, Minister Flaherty has gone from projecting a surplus in 2009 to projecting a $34 -billion deficit, to a $50-billion deficit and now a $56-billion deficit.
“He has virtually no credibility left in the financial community where everyone is wondering just how high this number will go.”
Minister Clement made the comments today while on the Dave Rutherford show on 770 CHQR radio in Calgary.
Yesterday’s Fiscal Update revealed that the federal government has once again increased the size of its deficit projections by $6 billion to a record $56 billion for the current fiscal year. Over the next five years the Conservative government plans to run a total deficit of $144 billion. Mr. McCallum pointed out that the constantly changing numbers have damaged the credibility of the Conservatives’ fiscal management.
By 2014-2015, Canadians will have to spend an estimated extra $10 billion every year to cover the interest costs of Stephen Harper’s new debt.
Mr. McCallum said that while some deficit spending can be expected during a recession, the current ballooning deficit is much worse because of Conservative mismanagement. Before the recession began Stephen Harper’s Conservatives were the biggest spending and most wasteful government in Canadian history.
“In his first three budgets, prior to the recession, Stephen Harper increased federal government spending by more than $31 billion,” added Mr. McCallum. “That’s roughly $1000 more, per year, for every man, woman and child in Canada with almost nothing to show for it. Any responsible spender will tell you that simply isn’t sustainable.
“Canadians deserve better.”
To hear the radio clip click on the link: http://onprobation.ca/110909clement.wma
