Federal Economic Update 2011
Canada’s former Finance Minister Jim Flaherty made headlines when in November 2011, when he admitted the government’s goal of a balanced budget by 2014 was no longer realistic, pushing the target to 2015. While pundits and political critics seized on the announcement, this article applauds the rare display of honesty in federal fiscal planning. The post explains how global economic instability, job losses, and shrinking tax revenue contributed to the shift—reminding readers that even governments must revise their plans when reality changes. Amid rising deficits and political spin, it’s a thoughtful take on transparency, economic adaptability, and why sticking rigidly to budget promises may do more harm than good.
Keywords: balanced budget, Jim Flaherty, Canadian economy, government spending, federal deficit, fiscal policy, budget targets, economic planning, 2014-2015 budget, political accountability
