The Parliamentary Budget Office (PBO) yesterday released its assessment of the federal government's October economic update. In its October update, the government projected that the federal deficit would be eliminated in 5 years. Yesterday's PBO report argues that there is an 85% chance that the deficit will persist after 5 years. The independent office "...believes the magnitude of the Government's risk adjustment is minimal and does not adequately reflect the magnitude of the downside risks..." In other words, the PBO's view is that the government is overly optimistic and it is not adequately preparing Canada for future shocks to the economy.
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