The story the 2015 budget tells of the Canadian economy is not a happy one.
The budget may have gotten most of its headlines for its (mostly previously announced) boutique tax measures, such as doubling the limit for contributions to tax free savings accounts (TFSA), but this budget is much more than a catalogue of small-bore tax measures.
It also includes a description of the current state and prospects for the Canadian economy, and on that score it is brutally frank.
From the outset, the budget document adopts a mournful tone: "Since mid-2014, weak global growth, combined with continued steady increases in oil supply, has led to significant declines in crude oil prices. That is affecting Canada..."