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🧵For those fretting that incremental measures in today's 🇨🇦 #Budget2023 will somehow fan the flames of inflation, please remember: The fiscal foot has been firmly on the brake for 2 yrs. Program spending is down 1/3 since COVID peak. Down 12% in first 9 mos of this fy #cnecon /2 
And for those who believe inflation is caused by deficits, please remember: 98% of the COVID deficit has been eliminated. Deficit over 1st 9mos of this fy was just $5.5b (Fiscal Monitor). Year-end deficit may be padded in the budget. But the deficit is effectively gone. /3
And for those who claim giving a tidbit of aid to low-income households (through extension of enriched GST credit) will fuel inflation, please remember: the $2.5b cost of that credit = 0.4% of total consumer spending (over 6 mos). No possible impact on overall price level. /4
