Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Monday, February 27, 2012

No need for Canada's Jim Flaherty to be aggressive in budget: BMO

Flaherty need not cut aggressively
BMO Nesbitt Burns wonders today why there's so much fuss over the need by Canada's finance minister to slash aggressively in his upcoming budget.

Deputy chief economist Douglas Porter notes that Canada's finances are in much better shape than anticipated in its current fiscal year, its deficit narrowing by almost $10-billion in the first nine months to $17.7-billion from $27.4-billion a year earlier.

The fiscal year ends March 31, and Finance Minister Jim Flaherty is preparing his next budget, expected in about a month.

"Even if we assume no further gains in the final three months of fiscal year 2011-2012, and even allow for some slippage, the full-year deficit will still come in at around $25-billion, or less than 1.5 per cent of GDP," Mr. Porter said in a research note.

"That compares with a $33.4-billion gap the prior year, the latest estimate of $31-billion for this year, and even below the forecast of $27.4-billion for next year. For all the talk about Ottawa preparing to cut more aggressively, it’s fair to again to ask ... precisely why? The current plan seems to be working quite well all by itself."

As The Globe and Mail's Bill Curry reported this weekend, Mr. Porter is not alone among economists in believing there's little pressure on Mr. Flaherty for deep cuts.
Original Article
Source: Globe
Author: Michael Babad

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