Canada election: Former budget watchdog weighs in on Conservative and Liberal platforms

The Liberal party has recently received a “good” grade from Kevin Page’s team at the IFSD for their costed platform. This assessment was based on three key principles: realistic and credible economic and fiscal assumptions, responsible fiscal management, and transparency.

In all three areas, the Liberals received a “good” rating, showcasing their commitment to sound economic principles and transparency in their policies. In comparison, the Conservatives were given a “pass” on the first two principles and a “good” on transparency. However, neither party received a failing grade on any of the principles evaluated.

One significant difference between the two parties is their projected deficits over the next four years. The Liberals have a projected deficit of $131.4 billion, while the Conservatives’ projected deficit is $100 billion. It is worth noting that the Conservatives included potential revenues generated by policy changes in their calculations, which could potentially narrow the deficit gap between the two parties.

Kevin Page also highlighted the likelihood of the economy heading towards a recession, which typically results in a higher deficit. Despite this challenging economic outlook, the Liberals have set a “hard target” to balance the country’s operating budget by 2029. Page expressed skepticism about the feasibility of this target, suggesting that Parliament could hold the Liberals accountable for meeting this ambitious goal.

Overall, the assessment from the IFSD underscores the Liberals’ commitment to responsible fiscal management and transparency in their policies. As the election approaches, voters can consider these evaluations when making their decision at the polls.