Jim Flaherty delivered his fiscal update yesterday, and what do you know? All of that global economic uncertainty and lowered commodity prices means that we’ll be in deficit for an additional year. Looks like all of those “wait until the budget is balanced” promises from the last election won’t happen before the next one. Meanwhile, Macleans.ca’s Econowatch explains the difference between the $5 billion and $7 billion deficit figures (which boils down to choosing optimistic or pessimistic forecasts), while economist Stephen Gordon says that Flaherty should pretty much stay the course (thanks in large part to the thicker cushion left to him by the debt reduction efforts of Paul Martin and company).
Embattled minister Peter Penashue didn’t hold a meeting yesterday as promised to explain the irregularities with his campaign spending and donations. Constituents were told they could write him if they have questions, while a one-question phone survey has been going around the riding about whether or not people would vote for him again. It’s all a bit odd. Penashue did put out a letter on his website, in which he pretty much blames his former Official Agent for everything, which is convenient, and would show negligence on his own part for not keeping an eye on things as the candidate who is ultimately accountable.