POLS 1000 Lecture Notes - Lecture 11: Bill Morneau, Economic Forecasting
Document Summary
Looks at how state programs and policies are created and managed. Infrastructure spending (to stimulate the economy) - key liberal campaign promise. Departmental officials -- economic forecasting -- economic projections -- rate of growth of the. Canadian economy -- projected level of tax revenues/ economic outcomes for the govnt next year based on the rate of growth. Because the price of oil on world markets has fallen the canadian economy is not growing as much, the rate of growth has fallen which means that tax revenues are going to be lower. Lower tax revenues than originally anticipated which feeds back into the budget, less money to spend/ fund infrastructure projects -- balancing political promises with current economic situation-- there has been a political decision to allow the deficit to rise. Bureaucratic rationality is only one aspect of how public policy comes to be determined.
