Plunging Oil Prices Send Harper’s Hidden Deficit Higher, They Say!
The Stephen Harper Conservatives had projected a balance budget this year but it looks there will be a $1 billion in deficit but that deficit could go much higher and Liberals want Harper to stop lying and come clean. Projected in this year’s Budget to be $54 per barrel in 2015 (Table 2.2 on page 61), the price of oil dropped to $40 last week – its lowest level since early 2009.
OTTAWA – Plunging oil prices and the shrinking economy mean the hidden Conservative budget deficit is growing, Liberal candidate for Kings–Hants, Scott Brison said this week.
“Canadians already know Stephen Harper was hiding an eighth consecutive deficit; the Parliamentary Budget Officer said so in July,” said Brison. “Now with plunging oil prices and negative GDP growth, that deficit is becoming even larger. The numbers don’t lie.”
Projected in this year’s Budget to be $54 per barrel in 2015 (Table 2.2 on page 61), the price of oil dropped to $40 last week – its lowest level since early 2009.
And even before the recent drop in oil prices, the Bank of Canada slashed the Budget’s 2 percent growth forecast down to 1.1 percent. Based on the government’s own numbers, even before the recent oil price drop, this equals a new $3.7 billion gap between the truth and Conservative spin. The Parliamentary Budget Officer said in July this gap means the Conservatives are running at least a one billion dollar deficit.
“The government of Canada keeps an up-to-date record on the state of Canada’s finances. Before election day, Stephen Harper must stop misleading Canadians about the deficit and allow our public servants to publish the truth,” said Brison. “If the Conservatives do not admit to a deficit, we know they’re not telling the truth.”
“The truth is the Conservatives have had eight consecutive deficits including this year, despite Harper’s claims to the contrary,” said Brison.
Brison concluded by noting that between Harper and the last Conservative Prime Minister, Brian Mulroney, the Conservatives have contributed $439 billion to the total national debt of $616 billion.
Liberals further charged that Harper is blaming everyone but himself for his dismal economic management.
“…we are in an economy that is very challenged and very risky and unstable. None of these problems originate in this country and Canadians understand that…”
(Stephen Harper, Press conference in Clarence-Rockland, ON, August 23, 2015)
Canada is the only G7 country in recession – the second recession on Harper’s watch – because of reckless Conservative mismanagement.
* Harper has the worst economic growth record of any Prime Minister since R.B Bennett in the 1930’s.
* Harper’s policies benefit the wealthy while letting the middle class fall behind.
* Harper ignored warnings about housing bubbles and banking weaknesses in the United States.
* Harper overspent by three times the rate of inflation.
* Harper eliminated all previous federal contingency reserves and prudence factors.
* Harper has run eight consecutive deficits, and despite claims to the contrary, will run another one this year.
Just as in his PMO scandal with Mike Duffy, Stephen Harper is not telling Canadians the truth. He cannot be trusted.
