The Fiscal Update Is Getting Bad Reviews: Here’s What’s In It

A massive media bailout, and an increased budget deficit, among other things.

The Trudeau government has unveiled their fiscal update. Here’s what’s in it:

  • A disturbing, $600 million media bailout.
  • Tax breaks for corporations, totaling $14 billion over 6 years, including measures to help companies write-off capital investments.
  • $800 million more for a ‘strategic innovation fund.’
  • An ‘export diversification strategy.’
  • A social finance fund of $755 million.
  • $25 million more for avalanche safety.
  • $13 million more for the Nutrition North program.
  • $49 million to rebuild fish stocks.

Here’s what’s not in it:

  • Any plan to balance the budget. In fact, the deficit will rise by nearly $2 billion.
  • Any Direct help for the devastated energy industry.
  • Any tax relief for the beleaguered middle class.

And of course, the update didn’t cancel the carbon tax.

As a result, the update is getting mostly poor reviews.

On BNN Bloomberg’s website – which is read by many of the top businesspeople and investors in Canada – an online poll shows just 16% saying they feel better after Morneau’s update, while 55% say they feel worse. 29% say they feel the same.

Not so good.

Highly-respected economist Jack Mintz called it “a really inadequate response.” The consensus appears to be that a few things in it are good, while it falls far short of addressing the serious challenges facing our nation. Particularly, the energy industry which is facing a crisis, and is in need of swift action, received no support.

If you’re heading in the wrong direction, and you turn slightly, you’re still going the wrong way.

And while the elites won’t want to discuss the media bailout, that is something that will have disturbing consequences for Canadian democracy for a very long time.

With Canada facing serious challenges, what the government needed to do was repeal the carbon tax, cut taxes across the board – including for consumers, reduce regulations immediately, and remove restrictions on the energy industry.

They did none of that.

Spencer Fernando

Photo – Twitter

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Ed PEEBLES
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Ed PEEBLES

This is nothing but another attempt by the liberal Government to extend their lies to themselves and the Government Of Canada in perpetuity , Global Warming was a Hoax so the Carbon tax is a lie ! They still think that we should pay for this fairy tale tax ? We as Citizen’s of Canada are Being held Prisoners of a failed PM and a phoney Government which needs to be STOPPED !

Moe. S.
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Moe. S.

Trudeau’s famous quote “the economy would grow from the heart outwards.” The economy since sunny-ways Trudeau took office has grown by 2.9% compared to the U.S. economic growth of 4.2% within two years of Trump. Since Jan/2018 Ontario lost 56,000 jobs. Thousands of jobs lost across Western Canada. Trudeau & Morneau, two jackasses calling the economic blueprint, “Investing in Middle-Class Jobs.” You don’t know whether to condemn them for stupidity or marvel at their ability to form words.

Gonzo the Magnificent
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Gonzo the Magnificent

Yeah, any “support” industry should be getting is for governments to get out of the way by reducing regulations and taxation. No government subsidies are needed.
We have enough government intervention in industry and so called free markets to the point that capitalism has been ruined and is looked upon especially by Millennial’s as unjust, and inferior to socialism. This is very dangerous but can you blame them? We have not had any real capitalism in this country for many decades.

shawn harris
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shawn harris

Trudeau’s economic update conundrum is very puzzling indeed. Morneau claims that our economy is strong, which means that the government has no need to spend wildly and increase the deficit and debt of Canada. Yet according to Morneau he has no choice but to further indebt this generation and impoverish the next. So to help the economy and businesses, Morneau claims he has to spend to improve the economy and he has to continue to spend to prevent the economy from slipping into recession. Obviously, Morneau has failed to learn from economic history, to quote Winston Churchill,”We contend that for… Read more »

Jen
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Jen

Please, please Spencer, get hold the video of Pierre P., statement regarding to the budget, it is a must see. Thank you. It’s important.

don morris
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don morris

https://www.cbc.ca/news/politics/morneau-fall-economic-update-1.4915628 I am confused,the CBC claims Canada’s economy is “HOT” and the article goes on to say that Canada had the best GDP in the G-7 in 2017, and THIS is what millions of people will see, as National Newswatch get two million visits per month. Combine this with CBC and the rest of the msm,and you have probably half of Canadians who pay attention to the news believing that we are fiscally sound and Morneau is doing a great job. The “hill” we have to climb to beat the LPCgets steeper every day,with the 600 million dollar bribe,it has… Read more »