Since taking office, Justin Trudeau has turned the balanced budget he inherited into piles of debt.
His 2017 budget makes it even worse.
After a $21.8 billion deficit last year, the 2017 budget projects a deficit of $28.5 billion.
And yet, much of the establishment media is calling this a “restraint” budget.
If that’s the elite’s idea of restraint, our country is in big trouble.
Federal debt as a percentage of GDP is also up, coming in at 31.6%.
Strangely enough, despite piling on even more debt, Finance Minister Bill Morneau said, “We have shown in this budget a very responsible approach.”
Canada now has a structural deficit – defined as a deficit based on fundamental imbalances between revenues and expenditures, rather than short-term conditions.
Funny, it seems the budget isn’t balancing itself.
Who would’ve thought…
Trudeau was handed a balanced budget, and he promised to keep deficits small and short-term.
And yet, instead of three years of deficits under $10 billion, we have many years of deficits ahead – with no end in sight. Consider the graphic below which compares Trudeau’s promises in the campaign to an analysis of a previous. (Note that this shows even higher deficit numbers than are being reported in the 2017 budget).
Trudeau’s combination of deception and incompetence on the budget puts Canada in a very dangerous position.
A betrayal of Canadian taxpayers
If Trudeau’s deficit spending was leading to an economic boom, Canadians would be willing to accept it. However, Trudeau’s policies are both burying our country in debt and contributing to economic stagnation.
That is a recipe for disaster.
It is also a betrayal of taxpayers, both now and in the future. While all Canadians pay the price of increased debt and stagnating growth, the next generation will pay the biggest price.
Justin Trudeau’s failed policies put all the power in the hands of an inefficient and out-of-touch government. Instead of trusting Canadians with more of their own money, Trudeau seeks to disempower Canadians. That approach will never strengthen our economy.
Under Justin Trudeau, Canada is heading towards a future of economic decline, failing services, and out-of-control debt.
Budget 2017 will only lead Canada further down a road that ends in disaster.