A former parliamentary budget officer has voiced disagreement with the current fiscal watchdog, stating that it is incorrect to suggest that the federal finances are unsustainable. Kevin Page, who served as Canada’s first parliamentary budget officer starting in 2008, expressed his differing opinion from the current PBO, Jason Jacques. Page emphasized that the language used by Jacques, who was appointed interim PBO last month, has raised concerns about Canada’s fiscal situation that do not align with the actual numbers.
Page, now leading the Institute of Fiscal Studies and Democracy at the University of Ottawa, mentioned that the language employed by Jacques is atypical for a non-partisan position and expects a more measured approach in the future. The PBO serves as an independent officer of Parliament, offering objective economic and financial analysis to the Senate and the House of Commons.
While Page did not dispute the recent PBO report projecting a $68.5 billion deficit for the year, he argued that Canada is in a relatively strong fiscal position compared to other G7 nations. Despite acknowledging the increase in deficits due to economic slowdown and NATO commitments, Page believes that Canada’s financial situation remains sustainable.
Prime Minister Mark Carney has acknowledged the growing deficit, attributing it to U.S. tariffs and increased government spending. The PBO report, setting the stage for the upcoming budget on Nov. 4, forecasts a rise in the annual deficit from $51.7 billion last year to $68.5 billion this year.
CBC News has attempted to reach out to the PBO for comment on the matter.