Former parliamentary budget officer Kevin Page has expressed disagreement with the current fiscal watchdog, Jason Jacques, over the characterization of Canada’s federal finances. Page, who served as Canada’s first parliamentary budget officer starting in 2008, stated that the language used by Jacques is misleading and should be retracted. Jacques, appointed interim PBO last month, had described the country’s financial state as “stupefying,” “shocking,” and “unsustainable.”
During a recent appearance before MPs, Jacques emphasized the need for concern regarding Canada’s fiscal situation. Page, now leading the Institute of Fiscal Studies and Democracy at the University of Ottawa, criticized the language employed by Jacques, noting that it deviates from the non-partisan nature expected in such a role. Page anticipates a shift towards more measured language from Jacques moving forward.
The Parliamentary Budget Officer serves as an independent officer of Parliament, offering unbiased economic and financial analysis to the Senate and the House of Commons. Page urged for a retraction of the contentious language used by Jacques and suggested that the current PBO recognizes the misstep. CBC News sought a response from the PBO regarding the matter.
The latest report from the PBO projects a $68.5 billion annual deficit for the federal government, an increase from the previous year. Prime Minister Mark Carney acknowledged the growing deficit, attributing it to U.S. tariffs and increased government spending. While Page acknowledged the findings of the report, he maintained that Canada’s fiscal position remains favorable compared to other G7 nations. Page emphasized that the deficit increase is reasonable given economic conditions and international commitments, asserting that Canada’s financial situation is sustainable.
