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RSS FeedsMartin Regg Cohn: Ontario finance minister´s supersized deficit now gives him room to manoeuvre
(The Star Fashion & Style)

 
 

22 september 2018 03:41:04

 
Martin Regg Cohn: Ontario finance minister´s supersized deficit now gives him room to manoeuvre
(The Star Fashion & Style)
 


After a “change” election, every new government changes the books — and accuses its predecessor of “cooking the books.”We’ve seen this movie before. When the last Progressive Conservative government moved into opposition, the newly empowered Liberals called in the former provincial auditor who verified … surprise … that the Tories had understated their pre-election deficit by a whopping $5.6 billion.Now, with the roles reversed, it’s the turn of Finance Minister Vic Fedeli to have fun with numbers. Relying on his own outside panel, he is supersizing this year’s projected deficit by more than $8 billion — and accusing the last Liberal government of a witch’s brew of “accounting tricks,” while “deliberately” engaging in a “cover up” of their “crippling hidden deficit.”But beware doomsday claims of hidden deficits, which politicians invoke to camouflage their own hidden agendas. Back in 2003, an earnest Dalton McGuinty wrecked his honeymoon by suddenly declaring a new health tax to dig the province out of that newfound deficit hole.Fast forward to Fedeli’s fulminations, and Premier Doug Ford’s playbook. While all three major parties made fiscally reckless promises, independent economists were virtually unanimous in assailing the Tories for failing to account for fanciful tax cuts that simply didn’t add up. The only way to square that circle, of course, is to cut government spending — not just massively, but recklessly — in a way that Ford solemnly pledged never to do.Now, amid all that hyperbole over hidden deficits, they are laying the groundwork for their own hidden agenda of slash and burn — softening up Ontarians for cuts that will be hard to swallow. Fedeli’s predictable claim of Liberal shenanigans will find an audience among true believers, but it won’t wash on Bay Street, where credit rating ...


 
7 viewsCategory: Culture > Fashion
 
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