During the 2015 election campaign, the Trudeau Liberal platform was clear: if elected to form a government, they would run three “modest” deficits of under $10 billion per year, with a return to balance in the fourth year.
So how have the Trudeau Liberals fared so far?
Rather than the promised “modest” deficits, they’ve run much larger ones: $17 billion for 2016-17, and $19 billion for 2017-18. In the process, they have added almost twice as much public debt as originally promised. Even worse, they have still not presented any plan whatsoever to get back to balance (although thankfully, the Department of Finance’s long-term fiscal projections show the government is still on track to balance by … 2045.)