[Newsbot]

Title: Ottawa posts $941M deficit for October
Category: Economics
Posted By: DrCaleb
Date: 2015-12-23 06:00:09
Canadian

[Alta_redneck]

$941M for basically the last week of Oct cause we didn't have a Government for the first 2 weeks and then it took another week to swear them in. Well done.

[martin14]

And it's only the beginning.

[andyt]

What a couple of idiots. These are year over year figures, and show that Harper reduced the deficit from 3+ billion to less than 1 billion. It's a win for your guy, got nothing to do with Trudeau.

But if you want to read it as comparing October to October, then Trudeau reduced the deficit from 3+ billion to <1 billion. So if it's only the beginning, Martin, then we're off to a great start.

What a couple of Maroons.

Edit: Although I grant you the headline is misleading and I had to actually read the article so find out what it was trying to say. But that, of course, takes more than a knee jerk.

[Alta_redneck]

Fuck nuts like you andy need to get after this poll, Justine is getting hammered.

Justin Trudeau Poll
Will Trudeau Do A Good Job as PM? Angus Reid Wants Your Opinion, Now.

[andyt]

This OP isn't about a poll, but the actual year to year govt expenditures, rather than those forecast in the budget. These are the figures that count, but instead we get all wet about the budget figures, which as we know can turn out to be absolute bullshit.

But nice diversion to talk about some poll. Doesn't change the fact that you and Martine are being idiots in your responses to this story. Y'all have good reflexes tho with those knee jerks.

[sandorski]

Alta_redneck Alta_redneck:

$941M for basically the last week of Oct cause we didn't have a Government for the first 2 weeks and then it took another week to swear them in. Well done.

Protip: Government spends money on things other than Politicians and don't require Politicians to spend it.

[andyt]

Fer Christs sake, that's the deficit for the whole year, not for the month of October. If the govt is running deficts of 1 bil a month, they'd never get the deficit under control.

But yes, your point stands. Of course the govt didn't shut down just because there was an election. Hell, costs rise as Elections Canada has to spend all that money. Just shows what a couple of ignoramuses Martine and Redneck are.

[desertdude]

I dont have a horse in this race, but to expect a new govt come and start performing miracles overnight, not in just in Canada but any country in the world is just plain dumb.

[BartSimpson]

Realistically speaking $941m is not a big deal for an economy like Canada has. Retail tax revenue for November and December will likely and easily cover the shortfall with more to spare.

[andyt]

BartSimpson BartSimpson:

Realistically speaking $941m is not a big deal for an economy like Canada has. Retail tax revenue for November and December will likely and easily cover the shortfall with more to spare.

For farks sake, this is not the deficit for October. Its the annual deficit as of October. Do you think government spending stops for Christmas? While there may be increased tax revenue from Christmas sales, there are increased costs for the Syrian Refugees, unemployment, low resource income etc. The govt can't sit back like a retailer, rub its hands and say "there, we made our nut for the year." Everything we've seen so far, from a shrinking economy to Trudeau's promises indicate that come next October the deficit will have risen again.

Maybe this article explains it more clearly than the CBC one: http://www.cbj.ca/deficit-dropped-to-941m-in-october/

[Brenda]

desertdude desertdude:

I dont have a horse in this race, but to expect a new govt come and start performing miracles overnight, not in just in Canada but any country in the world is just plain dumb.

Thank you.

[andyt]

This figure has nothing to do with the new government. It's Harper's doing. He managed to reduce the deficit from 3 bil to 1 bil compared to last year. By the end of March, end of fiscal year, the deficit will likely be higher again. But we won't know what the actual deficit for 2015/16 was until Sept. 2016, when the actual figure, rather than a projection is released. But nobody pays attention to that, by then Trudeau will have released a budget, and everybody will be yammering about the projected deficit in that budget, rather than focusing on the actual figures.

[BartSimpson]

andyt andyt:

BartSimpson BartSimpson:

Realistically speaking $941m is not a big deal for an economy like Canada has. Retail tax revenue for November and December will likely and easily cover the shortfall with more to spare.

For farks sake, this is not the deficit for October. Its the annual deficit as of October. Do you think government spending stops for Christmas? While there may be increased tax revenue from Christmas sales, there are increased costs for the Syrian Refugees, unemployment, low resource income etc. The govt can't sit back like a retailer, rub its hands and say "there, we made our nut for the year." Everything we've seen so far, from a shrinking economy to Trudeau's promises indicate that come next October the deficit will have risen again.

Maybe this article explains it more clearly than the CBC one: http://www.cbj.ca/deficit-dropped-to-941m-in-october/

Again, it's not a big deal for Q2FY to start off with a shortfall. California does the same thing every year and our economy is roughly the same size as Canada's. The Controller's Office takes out short term loans (usually from state agencies like mine that have huge reserve funds) to cover the shortfall and then repays the loans when end-of-Q2 tax revenues come in.

And, yes, I understand it's the gross annual deficit we're discussing because neither your country nor my state runs monthly budgets.

[andyt]

Yes, but the govt won't "make up" the shortfall around Christmas. By years end, as I say, the deficit will likely be higher than now. And I doubt with a government that's been running deficits for 10 years, that that loans are short term. And not made from crown agencies either. They go to the banks, like everybody else. Can't speak to California, but your federal govt will be in the same position.