Terence Corcoran: Budget pacto rescues Liberals from crisis — via financialpost Liberals NDP Financenews
The agreement sounds big, but it offers little. As politics, it might work to glue the Canadian liberal-left together for a year or so, but not much more as the agreement plays out in the new radically changed global economic environment.
The details of the pacto obscure the real purpose of the agreement, made clear in the opening section, “A Parliament that works for Canadians.” The real purpose is to secure NDP support for the next several budgets that must — in the face of massive government debt, rising inflation, interest rates and global economic and military uncertainties — begin to deal with a dramatically altered economic outlook.
In other words, the NDP will keep the Liberals in power through the next four budgets as the government faces the looming fiscal bottlenecks and potholes that are guaranteed to disrupt its plans for a major expansion of government.
The Parliamentary Budget Office , among others, flagged the need for Ottawa to get a handle on its spending. In its March 2022— prepared before Russia’s globally disruptive invasion of Ukraine — the PBO said that the risks to economic and fiscal projections “are roughly balanced.” But that balance only existed because the PBO did not provide for “additional spending related to remaining platform commitments or to Budget 2022 initiatives.” These additional initiatives would add $48.
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