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The government concluded its reelection pitch by claiming it has fulfilled a third of its mandate promises, with “progress made” on the other two-thirds.

For a government heading back to the polls next year, it is, at first blush, a solid base from which to launch a campaign for another mandate.

Finance minister Bill Morneau said Wednesday that a middle-class family of four is now $2,000 better off, thanks mainly to the Canada Child Benefit.

When it comes to specific measures the fall update, given the title “Investing in Middle-class Jobs,” is a modest document, with much to be modest about.

But it did introduce a number of measures aimed at addressing U.S. President Donald Trump’s corporate tax cuts, including tax incentives to encourage businesses to invest in new assets like machinery and equipment.

The new plan will “give Canadians the help they need to succeed, making smart investments to grow our economy for the long-term, while we bring the books back towards balance,” Morneau said — the first time anyone can remember a Liberal finance minister talking about balanced budgets since the days of Paul Martin, the deficit-slayer.

On the basis of the spin, were an election held tomorrow there would be line-ups at the polling booths to laud the Liberals for their incredible feats of economic alchemy.

Needless to say, while the fiscal update tells the truth it doesn’t tell the whole truth.

On the basis of the spin, were an election held tomorrow there would be line-ups at the polling booths to laud the Liberals for their incredible feats of economic alchemy

Tax revenues for the first six months of the fiscal year were up 10 per cent, or a whopping $13 billion, but growth is patchy. The housing market — for so long a driver of economic growth — has recorded three quarters of contraction.