The feds are hoping our stagnant economy picks up pace on its own and brings a new round of growth — in both the economy and taxes heading into the federal coffers.
That budget will be a forerunner of the provincial document that should not be far behind.
That’s where the real interest will lie for the people of Newfoundland and Labrador.
There has been plenty of discussion and details made public about what we can expect in the provincial budget and it will not be as benign as on the federal side.
Provincial Finance Minister Jerome Kennedy has already begun cutting and there is more to come.
This doesn’t appear to be a case of flooding taxpayers with bad news before the budget and then delivering less severe results.
The province is facing serious financial problems over the next couple of years and action has to be taken.
It’s just too bad some of the corrective action wasn’t taken last year when the premier was warning that spending would have to be cut, but little, if any, changes were made.
The Tories have known for years that a money crunch was going to hit and they did nothing to prepare for it or lessen its impact.
This year they have no choice in the matter and the cuts will be deep.
In this case it’s likely going to be a matter of too much, too late.
