ECON 318 Lecture 22: Econ 318_F2016_Chapter_022_Debts Deficits in Post-War Canada
12 Nov 2016
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Econ 318: canadian economic policy & institutions 2016-2017. Statistics canada, cansim table 191-0002, central government debt, monthly http://www5. statcan. gc. ca/cansim/pick-choisir?lang=eng&p2=33&id=1910002. Parliamentary budget officer, fiscal sustainability report 2016 http://www. pbo-dpb. gc. ca/en/blog/news/fsr_2016. Between 1969/70 and 1996/97 the federal government registered a budget deficit in every year. The peak deficit of b in 1993/94 amounted to 3. 5% of gdp. This run was followed by a dramatic turnaround which, three years later saw a surplus that continued for ten years (until 2007/08) The onset of the global recession in 2008 resulted in the government of canada posting large budgetary deficits. The deficits were the result of the following: extra support provided to canadians through higher employment insurance (ei) benefits, personal income tax reductions, and undertaking of numerous infrastructure projects as part of canada"s. Economic action plan: the recession resulted in a weakening in tax collections. Canada"s fiscal management has been hailed internationally.
