Welcome to the 1980s.
Trudeau ushered in the era of big deficits, and Mulroney kept it going. Now after over a decade of surpluses we are going to have to sit through a blast from the past.
Yesterday, the Ontario Government announced a $500M deficit, today the Federal Finance Minister Jim Flaherty said we might not be able to avoid it, but he is "confident" we can.
Its time to bring out the scalpal (not the axe) and start trimming the budget. Perhaps it wasn't such a great idea to slash the GST after all.
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