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(RPT) MNI INTERVIEW: Canada Lacks Fiscal Restraint-Ex Deputy

(MNI) OTTAWA
OTTAWA (MNI)

Repeats story first published Nov. 4.

Canada's fiscal update showed little of the restraint touted by Finance Minister Chrystia Freeland and pressure to spend may break open in next year's full budget and wipe out projections of a return to a surplus in five years, former top finance department official Don Drummond told MNI.

The fiscal update Thursday spoke about targeted spending and holding back on big projects because stimulus would make the Bank of Canada's inflation battle more difficult. While the economic rebound and inflation pared Canada's deficit forecasts in coming years, new spending has already taken up a good chunk of the windfall.

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Canada's fiscal update showed little of the restraint touted by Finance Minister Chrystia Freeland and pressure to spend may break open in next year's full budget and wipe out projections of a return to a surplus in five years, former top finance department official Don Drummond told MNI.

The fiscal update Thursday spoke about targeted spending and holding back on big projects because stimulus would make the Bank of Canada's inflation battle more difficult. While the economic rebound and inflation pared Canada's deficit forecasts in coming years, new spending has already taken up a good chunk of the windfall.

Keep reading...Show less