The projected federal deficit may just be the tip of the iceberg.
Finance Minister Bill Morneau forecasts the shortfall to be just over $18-billion next year.
That’s nearly five times the amount announced by the Liberals three months ago.
Kevin Page was the first ever Parliamentary Budget Officer, holding that position from March 2008 until March 2013. He believes that stimulus money will only add to the deficit.
“We’re probably talking about a deficit that’s closer to $30-billion for 2016-17,” Page told 680 CJOB’s Geoff Currier. “And we haven’t even seen the budget yet with the measures.”
Page believes the government has to lay out a firm plan in the upcoming fiscal blueprint.
“They need to have some discussion. Do they have a budgetary constraint? What is the cut-off point?”
He says Canadians deserve a bottom line and that the Trudeau Liberals need to better explain why the projected deficit grew so much.