THE GOVERNMENT HAS REPEATEDLY MOVED THE GOALPOSTS AND BROKEN SEVERAL PROMISES.
would prevent rapid deterioration in Ottawa’s fiscal position. At the same time, the prime minister promised to reduce the ratio “every single year” because “that’s what’s important for the fiscal health of our country.”
Yet the government failed to deliver on this pledge. Just months after the above pronouncements, the 2016 budget showed the debt-toGDP ratio would tick up in 2016/17 from the previous won’t be kept either.
Why? Because in 2014/15, the year before the government was elected, the ratio stood at 30.9 per cent. By 2019/20, the last year of its current mandate, the 2017 budget forecasts the debtto-GDP ratio will be 31.5 per cent. So contrary to the government’s latest promise, the ratio is not going down over its mandate — it’s going up.
And crucially, there are a number of reasons why the