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It seems the new Parliamentary Budget Officer, Yves Giroux, disagrees.

His office estimated this week that over the next five years, deficits will be on average $8 billion higher than the numbers Morneau revealed three weeks ago.

The discrepancies are attributable to lower income tax and GST revenues, as well as higher operating expenses. The PBO said there was also “downside risk” attributable to lower oil prices.

But Morneau does not believe in adjusting for downside risk – especially not in an election year.

It is entirely possible the PBO’s calculations are too pessimistic and Morneau is right in thinking we do indeed live in the best of all possible worlds.

But the Conservatives sense there is an anxiety in the country – that voters are nervous about what Scheer characterized as “temporary and tiny deficits” ballooning into “massive and permanent” budgetary shortfalls that will have to be paid off by the next generation.

The Conservative leader got personal in the House of Commons when he said Trudeau had never had to worry about money, so was prepared to rack up “reckless deficits”

But, he said, “the federal budget is not a trust fund”.

Morneau does not believe in adjusting for downside risk – especially not in an election year

There are signs the constant drip of questions about deficits is starting to sink in with voters.

The most recent Nanos Research tracking poll suggests the Liberals have fallen five points in recent weeks and are once again running neck and neck with the Conservatives.

Trudeau’s personal numbers are near 12 month lows. (One interesting aside is that the NDP’s Jagmeet Singh is now trailing the Greens’ Elizabeth May when Nanos asked voters about their preferred prime minister, and the Greens have risen to their highest point this year when respondents are asked which party they would consider voting for. Will 2019 be the year the Green Party finally comes into full bloom?)