Newfoundland’s Auditor General John Noseworthy has been painting with numbers, and the resulting picture is very bleak indeed. “Fiscal Realism” has proved especially shocking as Newfoundlanders are made more aware of the distinctions between “cash” deficits and accrued deficits. Significant spending cuts will be necessary to bring Newfoundland’s deficit to heel and the debate emerging now is where those cuts will come, and how deep must they be. In this column AIMS Senior Fellow on Newfoundland Issues Peter Fenwick provides his own sketch of Newfoundland and Labrador’s fiscal challenges. To read this article, please click here.