In his initial months as the interim parliamentary budget officer (PBO), Jason Jacques gained valuable insights into the significance of selecting words thoughtfully. His sudden rise from a lesser-known bureaucrat to a prominent figure challenging the Liberal government commenced when Yves Giroux’s term as the budget officer concluded without a definitive successor. Appointed over the Labour Day weekend for a six-month term, Jacques promptly stirred attention among lawmakers and the press with his direct evaluation of Ottawa’s financial management.
Following Jacques’s release of a fiscal projection in September, he informed MPs on a parliamentary committee that the current state of federal finances was “unsustainable,” “shocking,” and “stupefying.” Ahead of Prime Minister Mark Carney’s highly anticipated initial federal budget in November, politicians and analysts leveraged Jacques’s remarks as evidence of the Liberals’ “reckless” spending approach.
Reflecting on his statements in a year-end interview with The Canadian Press, Jacques admitted he would have refrained from using such strong language if given the chance to revisit the past three months. Before assuming the interim PBO role on September 3, Jacques had been a longstanding member of the office, initially recruited in 2008 by the inaugural PBO, Kevin Page.
Page, now heading the Institute of Fiscal Studies and Democracy at the University of Ottawa, publicly disagreed with Jacques’s warning that Ottawa’s finances were heading towards a “precipice.” He contended in a piece in Public Affairs magazine on October 14 that while the Carney government’s fiscal shift was significant, its ambition aligned with the challenges posed by U.S. trade aggression.
The Liberal budget unveiled on November 4 revealed a significant deficit of $78.3 billion for the year, with substantial but diminishing deficits on the horizon. Presented as a “generational” investment strategy to enhance Canada’s productivity and reduce its economic dependence on the United States, the budget sparked varied reactions.
Jacques noted in his budget evaluation that while the federal finances’ long-term projections seemed sustainable, he expressed doubts about the Liberals meeting some of their new fiscal goals. He acknowledged the potential for an economic surge resulting from the government’s economic realignment, leading to a substantial improvement in Ottawa’s fiscal position in the future. However, Jacques cautioned that if Carney’s increased capital investments fail to yield results, the elevated spending levels could compromise the government’s resilience against future economic shocks.
Emphasizing the need for clear communication, Jacques highlighted the importance of using appropriate language in his role to provide an objective view of the government’s finances without politicization. As the search for a permanent PBO proceeded, Jacques expressed his commitment to maintaining the office’s reputation as a reliable source of fiscal policy analysis for parliamentarians across party lines. Despite planning to pursue the permanent position, Jacques acknowledged the historical trend of the role never being filled by an internal candidate. Post his interim term conclusion in March, Jacques aims to continue his mission of elucidating parliamentary finances for those relying on the budget office, irrespective of his official title or role.
