(=_=)
2015-01-15 23:22:30 UTC
Something has gone very, very wrong with their promised "surplus budget".
Remember that advice they were giving all Canadians to not overspend their incomes?
Seems that's exactly what the Harper gang was doing with our tax dollars even
as they were giving us advice . . . . income splitting and tax reductions for
families with fat or inert kids.
What's that old addage? . . . . 'Take my advice . . . I don't use it anyway.'
____________________________________________
CBC News Posted: Jan 15, 2015
Joe Oliver delays federal budget amid market volatility
Many questions about declining oil prices and the impact on government finances
Finance Minister Joe Oliver says he will delay the federal budget until at
least April due to the volatility of the economy.
Oliver said the sharp drop in oil prices is having a complex impact on the
country's economy.
He made the comments in a speech to the Calgary Chamber of Commerce Thursday.
Oliver said he still does not know when the budget will be delivered.
"As the great Yogi Berra once said, 'I wish I had an answer, because I’m tired
of answering the question.' That said, given the current market instability, I
will not bring forward our budget earlier than April. We need all the
information we can obtain before finalizing our decisions."
Joe Oliver in Calgary
Joe Oliver tells a Calgary business crowd that he is delaying the federal
budget. (CBC)
Federal budgets are usually delivered in February or March, before the new
fiscal year begins April 1.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
"It's not unprecedented, but it is very unusual to have a budget after the end
of the fiscal year," said Duane Bratt, political science professor at Mount
Royal University in Calgary. "It shows they need to come up with a new way of
figuring out how to deliver a balanced budget, with this economic hole."
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
All week in Calgary there have been projections about how tough the next 12
months will be in the Alberta city because of low oil prices.
"I appreciate how hard Calgary has been hit by this reality," Oliver told
reporters. "These are tough times for the energy sector but we don't need to
be pessimistic."
Oliver is travelling the country discussing the upcoming federal budget.
The finance minister is pledging the federal government will be able to balance
the budget in 2015 and even post a surplus of about $1.6 billion.
The decline of crude prices has already resulted in layoffs in Alberta's energy
sector, and prompted some economists to predict the province's economy could
contract in 2015 and enter a recession.
"This great province is being sorely tested by an unexpected and dramatic fall
in crude oil prices since last June," Oliver told reporters. "This new
reality poses a great, though not entirely an unprecedented, challenge."
Oliver described low oil prices as a complex problem because of the advantages
and disadvantages to the country. The drop in gas prices acts like a tax cut
for drivers and energy costs are dropping especially for manufacturing and
transportation companies.
"On the other hand, the profits of oil companies will suffer, their capital
investment will slow and royalty payments will fall along with our government's
tax revenues," he told reporters.
Alberta budget
The plunge in oil prices is having a significant effect on the Alberta
government, which may also delay its budget until after April 1.
"We haven't set a date yet," said provincial Finance Minister Robin Campbell.
"Anything is possible."
The Alberta government is currently projecting a $6.7-billion drop in resource
revenue based on forecasting oil at $65 US a barrel in the upcoming year.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
"We'll make sure our department are comfortable where they are headed and then
the premier will make the decision when the budget will come down," Campbell said.
==================================================================
It is horrifying that we have to fight our own government to save the environment
~ Ansel Adams
==================================================================
Remember that advice they were giving all Canadians to not overspend their incomes?
Seems that's exactly what the Harper gang was doing with our tax dollars even
as they were giving us advice . . . . income splitting and tax reductions for
families with fat or inert kids.
What's that old addage? . . . . 'Take my advice . . . I don't use it anyway.'
____________________________________________
CBC News Posted: Jan 15, 2015
Joe Oliver delays federal budget amid market volatility
Many questions about declining oil prices and the impact on government finances
Finance Minister Joe Oliver says he will delay the federal budget until at
least April due to the volatility of the economy.
Oliver said the sharp drop in oil prices is having a complex impact on the
country's economy.
He made the comments in a speech to the Calgary Chamber of Commerce Thursday.
Oliver said he still does not know when the budget will be delivered.
"As the great Yogi Berra once said, 'I wish I had an answer, because I’m tired
of answering the question.' That said, given the current market instability, I
will not bring forward our budget earlier than April. We need all the
information we can obtain before finalizing our decisions."
Joe Oliver in Calgary
Joe Oliver tells a Calgary business crowd that he is delaying the federal
budget. (CBC)
Federal budgets are usually delivered in February or March, before the new
fiscal year begins April 1.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
"It's not unprecedented, but it is very unusual to have a budget after the end
of the fiscal year," said Duane Bratt, political science professor at Mount
Royal University in Calgary. "It shows they need to come up with a new way of
figuring out how to deliver a balanced budget, with this economic hole."
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
All week in Calgary there have been projections about how tough the next 12
months will be in the Alberta city because of low oil prices.
"I appreciate how hard Calgary has been hit by this reality," Oliver told
reporters. "These are tough times for the energy sector but we don't need to
be pessimistic."
Oliver is travelling the country discussing the upcoming federal budget.
The finance minister is pledging the federal government will be able to balance
the budget in 2015 and even post a surplus of about $1.6 billion.
The decline of crude prices has already resulted in layoffs in Alberta's energy
sector, and prompted some economists to predict the province's economy could
contract in 2015 and enter a recession.
"This great province is being sorely tested by an unexpected and dramatic fall
in crude oil prices since last June," Oliver told reporters. "This new
reality poses a great, though not entirely an unprecedented, challenge."
Oliver described low oil prices as a complex problem because of the advantages
and disadvantages to the country. The drop in gas prices acts like a tax cut
for drivers and energy costs are dropping especially for manufacturing and
transportation companies.
"On the other hand, the profits of oil companies will suffer, their capital
investment will slow and royalty payments will fall along with our government's
tax revenues," he told reporters.
Alberta budget
The plunge in oil prices is having a significant effect on the Alberta
government, which may also delay its budget until after April 1.
"We haven't set a date yet," said provincial Finance Minister Robin Campbell.
"Anything is possible."
The Alberta government is currently projecting a $6.7-billion drop in resource
revenue based on forecasting oil at $65 US a barrel in the upcoming year.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
"We'll make sure our department are comfortable where they are headed and then
the premier will make the decision when the budget will come down," Campbell said.
==================================================================
It is horrifying that we have to fight our own government to save the environment
~ Ansel Adams
==================================================================