It’s not just that the federal deficit is going to be $6.8 billion higher this year than forecast and over $8 billion next year. It’s why – and it’s a story we’re all going to become familiar with.

And it’s not because of the economy. An extra $6 billion plus in borrowing this year, an extra $35 billion in debt to 2023 on top of over $90 billion in deficits promises –  all without any of the new campaign promises factored in.

On one level it was about fake news, the mainstream media, FBI gross incompetence or worse and nasty politics.  But the big picture is far more important. It’s the latest episode driving the decline in confidence in government.

With news of a partial deal in the US, China trade dispute investors, central bankers and US consumers will heave a sigh of relief but I hope not before the rest of us grasp the huge cost of tariffs to individuals and business.

Only the most naive think so. That’s because there are three levels of government and already the just announced federal income tax reductions are more than eaten up by municipal and provincial tax increases.