TORONTO—Nothing matters more to a finance minister than his or her credibility. The public must have confidence that the finance minister is delivering reliable and trustworthy pronouncements on the economy and the state of the public finances in budgets and other public statements. Once credibility is lost, it is difficult to win back. This is why it is so hard to understand why Finance Minister Bill Morneau, in his first budget, got off on the wrong foot. He
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