Given that those who forget the past are condemned to repeat it, the fact that Finance Minister Francois-Philippe Champagne reported a drop in last year’s projected deficit from $78.3 billion to $66.9 billion — a decrease of $11.4 billion — in Tuesday’s spring economic statement should surprise no one.

It’s an old trick used by finance ministers for decades, regardless of political stripe, but perfected by the Jean Chretien Liberal government from 1993 to 2003.

GOLDSTEIN: Mark Carney and the magical, mystery decreasing deficit Back to video

During that time, the average annual budget balance came in $10.7 billion better than initially predicted, year after year.

This results from a deliberate policy of underestimating government revenues and overestimating expenditures at the start of the fiscal year, so that when the actual numbers come in, the government can boast about its sound fiscal management.

In other words, if you want to downplay the seriousness of a........

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