Trudeau government breaks campaign promise by running deficit of more than $20 billion

  • Page Views 1923
  • The federal government’s budget deficit next year is expected to be nearly 500 percent bigger than forecast just three months ago.

    The shortfall is likely to more than double the $10-billion cap promised by the Liberals.

    The government of Prime Minister Justin Trudeau is projecting a deficit of at least $18.4 billion for 2016-17. Liberals predicted a $3.9-billion shortfall in November.

    When the government unveils their first budget on March 22, it will likely exceed $20 billion.

    The federal Finance Department is also predicting a $15.5-billion deficit in 2017-18 — significantly higher than last fall’s $2.4-billion estimate.

    The Liberals are banking on some of their vows to help revive economic growth and create jobs in Canada’s struggling economy. The party’s election platform called for billions in “new investments” for 2016-17, a tally that doesn’t include numerous uncosted Liberal promises.

    To help revive the economy, the Liberal government is counting on increased infrastructure investments, the tax-bracket changes to provide relief on the middle-income bracket and adjustments to child benefits.

    Interim Conservative leader Rona Ambrose criticized the Liberals as wanton spendthrifts who have no regard for the long-term consequences of their cavalier bookkeeping.

    “I don’t think the Liberals know that no matter how much money they actually borrow, they actually have to pay it back … they cannot blame their broken promises and runaway spending on a slowing economy.”

    The Conservatives insist they left the Liberals with balanced books, with a budgetary surplus of $3.2 billion over the first nine months of 2015-16 — from April to December 2015.

    “The Liberals inherited a balanced budget because of good Conservative economic management. They blew their budget in less than 100 days solely because of their own new and uncontrolled spending. They can’t blame massive new borrowing and runaway spending on a slowing economy or a fiction that the budget wasn’t already balanced when they took office,” said Ambrose. “When it comes to spending your money, these Liberals just can’t help themselves. This out of control spending is reckless, irresponsible, and entirely the result of not being able to make the hard decisions required to respect taxpayers’ money. In fact, it brings into question Bill Morneau’s competence as Finance Minister.

    “While Justin Trudeau thinks that budgets balance themselves, Canadians know that no matter how much money you borrow, and no matter the reason you borrow it, you have to pay it back.”

    Ambrose expressed concern that Liberal borrowing would do little but grow the government. “The Liberals’ massive borrowing and spending makes no sense, if it doesn’t do anything to create opportunities for people to get back to work. Unfortunately, their plan is for reckless, permanent new spending that does nothing except create bigger government.”

    Ambrose said Canadians – and sadly future generations – will eventually be forced to pay the bills for Liberal borrowing. “When it comes time to pay all this borrowed money back, the only realistic way they will be able to do it is through higher taxes. We already see it, as they roll back Tax-Free Savings Accounts and look to hike job-killing payroll taxes. Conservatives will stand up to runaway Liberal spending that will lead to waste, more debt and higher taxes.”

    Share

    New Posts Recently publish post More

    • 19 July 2017
      2 days ago No comment

      Mable Elmore appointed Parliamentary Secretary for Poverty Reduction in B.C. NDP government

      Canadian Filipino politician Mable Elmore has been named as Parliamentary Secretary for Poverty Reduction in the B.C. NDP government that has taken over the provincial government. Elmore and her colleagues in the Cabinet were sworn into office July 18 together with New Democrat Premier John Horgan. Elmore was re-elected ...

    • 19 July 2017
      2 days ago No comment

      Mindanao martial law nears 60-day legal limit

      It will be up for Philippine President Rodrigo Duterte whether or not to extend martial law in the southern region of Mindanao. Martial law in Mindanao was declared by Duterte on May 23 after clashes broke out in Marawi City between government security forces and Islamic militants that include ...

    • 18 July 2017
      3 days ago No comment

      JUAN ON JUAN Const. Prince Carino

      To serve the country and the community is every girl and boys first dream. Children often tell you that they would like to be doctor, a teacher, a nurse, a firefighter, or a policeman if you ask them what they want to be when they grow up.  The call ...

    • 18 July 2017
      3 days ago No comment

      Distracted drivers decreasing – MMDA

      The number of violators of the Anti-Distracted Driving Act (Adda) has drastically gone since the first day of the law’s implementation, according to the Metropolitan Manila Development Authority (MMDA). As of Sunday morning, only three motorists have been apprehended compared to nine the day before. Last Thursday, the first ...

    • 18 July 2017
      3 days ago No comment

      QC couple caught selling fake LTO license plates

      The Quezon City Police District on Wednesday arrested a couple who were caught selling counterfeit license plates and documents supposedly issued by the Land Transportation Office (LTO). Jahaziel Alcantara, 32, and Kristine Nemenzo, 22, were allegedly selling the fake plates for P2,000 each. Chief Insp. Freud Vila of the District Special ...

    %d bloggers like this: