Tue, May
5
2009

The Last Days of Being in the Black

Tue, May 5, 2009

From the Toronto Star I learn that the federal government remains in surplus, through the first eleven months of the 2008-9 fiscal year.

The surplus is small — $1.3 billion, a far cry from last year’s $13 billion repayment on our debt — and the numbers could still be reduced if March’s numbers are bad, but it’s still a surplus, despite significant downward pressures on the economy throughout this past year.

I don’t know what to say about that, except that I should probably correct the record and say that it turns out the Conservatives didn’t bring us into debt before the release of the stimulus budget after all, as I had claimed. We may be clinging to a balanced budget by our fingernails, but it’s still a triumph of small-c conservative estimates, it seems.

I’m not sure what to do about the $1.3 billion surplus. Divvy it up to Canadians in $50 cheques as an extra stimulus package, or roll it into next year’s numbers, even if it is a drop in the coming tidal wave of red ink?

In truth, the money will go into paying down our debt. So, let’s tip our hats to the fact that we were able to do that one more time before the decade is out.


On This Day

blog comments powered by Disqus