Yesterday we were treated to an "economic update" from the Finance Minister, Jim Flaherty It was big news on the CBC yesterday and in this mornings papers. The deficit is up. The Globe & Mail shouts "Surprise $7- Billion Deficit Surge" on the top of the front page. The Regina Leader Post puts a bigger headline on the front page of the business section.
Holy smoke. it all seems to say. "Boy, were we taken by surprise."
|Sure Jim, Sure|
The spin now put on the story is that commodity prices are to blame. No mention of those corporate tax cuts.
The Globe & Mail quotes one unnamed bank economist as saying the government's financial credibility could now be in jeopardy.
Only now? These guys' credibility period, is already shot. Jim Flaherty is one of the old Mike Harris mafia and the Prime Minister, Stephen Harper already is the least trusted leader in the Western Hemisphere.
Flaherty says "You can be assured, we have contingency plans."
Sure Jim, sure.