Believe it or not, this is really bad news in Canada:
The report projects a deficit of $3.9 billion in 2009-10 andHere’s the kicker, and something Canadian conservative have in common with Republicans in the U.S., their inability to build up surplus’ for unexpected economic downturns and more corporate tax cuts. Predictable.
$1.4 billion in 2010-11, with a return to modest surpluses of $1.6 billion in
2011-12 and $3 billion in 2012-13.
Though Canada's disappearing surplus is partially the result of a global financial crisis, the report says the minority Conservative government shoulders some of the responsibility because of policy decisions during Prime Minister Stephen Harper's first term in office. It pinpoints the government's second one-percentage-point reduction in the goods and services tax and reductions in corporate income taxes for causing the lowest budget balance in the first five months of the fiscal year in recent times.Proving my point again: There is a mental disconnect in the conservative mind, whether chemical or just a chunk of brain mass missing, that fails to acknowledge anything past the next election or sound money management (just a partial list).