Sunday, November 30, 2014
Stephen Harper and the Incredible Shrinking Surplus
Well it was only a matter of time before somebody totalled up the damage from the plunging price of oil.
Added it to Stephen Harper's reckless decision to spend billions trying to buy votes.
And concluded that the Con regime's mighty surplus has just about vanished.
The Conservative government’s long-promised surplus for next year is shrinking fast due to recent spending announcements and falling oil prices, leaving virtually no room for new measures in the 2015 budget.
When combined with Prime Minister Stephen Harper’s announcement this week of new federal infrastructure spending, that could bring Ottawa’s recently projected $1.9-billion surplus for next year down to about $100-million.
Leaving Harper and his hapless Finance Minister Joe Oliver to count the oily eggs that didn't hatch...
Mr. Oliver’s Nov. 12 fiscal update made significant downward adjustments to federal revenue forecasts to account for the impact of North American crude prices dropping from $98 (U.S.) a barrel in September to $81 (U.S.) a barrel around the time of the update.
However, the price of oil has fallen even further since, closing Friday at $65.15 a barrel after the Organization of Petroleum Exporting Countries announced Thursday it would not cut its production.
Pray that the price of oil doesn't fall even further, so that their cherished surplus doesn't into a large deficit or a tiny pumpkin...
Desperately trying to hide the price of Harper's War.
While the Conservative government won’t publicly put a price tag on Canada’s war in Iraq, a Citizen analysis estimates the first week of air operations against the Islamic State cost taxpayers between $2.7 million and $4.1 million. That means if the Canadian military aircraft tasked with helping the U.S. fight ISIL continue flying at their current pace, the initial six-month mission will cost Canadian taxpayers between $60 million and $90 million.
Which will almost certainly reduce what's left of their $100 million shrunken surplus to a heap of smoking rubble.
Full costs, however, would include everything associated with operating the aircraft, including personnel salaries, depreciation and general maintenance. The full cost of the first week comes in at between $8.1 million and $12.1 million – or $178 million to $266 million for six months.
But still defending their reckless decision to try to buy the votes of some Canadians with money they didn't have...
In an interview with BNN Thursday, Mr. Oliver made no apologies for allocating future surpluses before they materialize. “The surplus is not there to look at. The surplus is there to provide benefits to Canadians,” he said
And all I can say is the chickens have indeed come home to roost, and if Stephen Harper was planning to run on his economic record he can forget about that now.
Because after this debacle, nobody but NOBODY will believe that he is a Great Economist Leader...
Which should make it almost impossible for him to win the next election.
Yup, as I said yesterday, the fickle hand of fate has changed everything.
We have them where we want them. At last.
And we ARE going to destroy them...
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