Jack Mintz: Liberals need to restore their fiscal cred fpcomment
Martin carried out his objective in two ways. The first was to establish a clear fiscal target that everyone could understand: a balanced budget. The second was to choose realistic targets — you can’t establish fiscal credibility by missing your targets. Martin repeatedly hit his and that gave confidence to international lenders that Canada would pay off its debts.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
The government is sticking with the same fiscal anchor: keep the debt from rising as a share of GDP. We don’t yet know what today’s fiscal update will say but so far there has been no promise to return to the initial 30 per cent of GDP. Instead, holding firm at 45 seems to be the new debt/GDP target.Article content
The lack of a credible fiscal anchor is one problem. Forecast accuracy is another. This week’s release of the public accounts for the fiscal year that ended March 31 makes clear it’s a growing problem.
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