fiscalamity
n. Dire financial or economic distress created by fiscal mismanagement.

Example Citations:
Yet the “young free-market ideologues” who wrested control of their party from the tax-and-spend red Tories of the Big Blue Machine have had what White considers a “rather spotty” record in dramatically reducing provincial spending, as distinct from aggressively “moving various pots of public money around.” While the deficit has been cut sharply, the cost of government operations, including charges for public debt interest, have actually exceeded those racked up during the NDP government‘s “fiscalamity,” which so outraged the Tories when they were in opposition.
—Randall White, “From Ontario Since 1985,” The Toronto Star, May 9, 1999

For instance, it is excessively proud of its alleged political courage, first displayed by its famous determination to restore order to provincial finances. But the Bob Rae “fiscalamity” was in fact a godsend for Mr. Harris; it recommended a tough response and his party seized the opportunity.
—John Barber, “No one likes bumbling leadership,” The Globe and Mail (Canada), April 8, 1998

Earliest Citation:
Not only did soaring debt and deficits guarantee that the NDP would be a one-term government, but the resulting fiscal crisis so threatened Ontario’s economic future that only radical blueprints like The Common Sense Revolution held out any promise for returning Ontario back to fiscal and economic sanity. Not surprisingly, therefore, “fiscalamity” will occupy centre-stage in the ensuing analysis.
—Thomas J. Courchene, From Heartland to North American Region State, University of Toronto Centre for Public Management, December 17, 1997

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