Further to our economic discussions this week – monetary and fiscal policy, basis points and stuff like that – we have an important update.

The deficit will not be the $47 billion to $50 billion I referenced, but $55.9 billion. This is 50% deeper than the hole we dug for ourselves in the early Nineties. Further, the finance minster says it will be 2015 before we come up for air. Given his recent track record for accuracy, that might well be 2020.

Mr. Flaherty adds there will be no tax increases to get us out of this. No magic GST that came to the rescue last time. The path forward, though, will be ‘difficult’ and ‘not without pain.’ I’ll leave that to your imagination. But I’d be kissing goodbye to that dollar store VRM.

Stating the obvious, I’ll say this trip from a $15 billion surplus in 2006 to a $60 billion deficit in 2009 has been the fastest deterioration in national finances in the country’s history. The consequences of this should be obvious to everyone. You might want to get ready.

Meanwhile, what better moment than this to relaunch a suicidal political blog?