Liberals To Double Budget Deficit

More debt, more deficits.

The Trudeau Liberals have unveiled their full election platform.

And unsurprisingly, there are deficits and debt as far as the eye can see.

While the government was projected to run a deficit of $11.2 billion in the 2023-2024 fiscal year, the Liberals are now saying the deficit will be $21 billion under their new spending plans.

Debt will rise by $31 billion in the next four years – if the Liberal plans are put into effect.

In the 2015 campaign, the Liberals promised 3 years of ‘modest deficits,’ and claimed they would balance the budget in 2019.

Instead, the deficits went on and on, and now those deficits will get even bigger.

The Liberals are claiming that their deficits are sustainable, since the debt to GDP ratio is remaining steady or declining.

Unfortunately for Canadians, this argument would have more credibility if the increased spending was going toward things like infrastructure that had a long-term beneficial impact for GDP and economic activity. However, the Liberals are instead increasing government spending year-after-year without a noticeable impact on economic growth (which is slowing), and are also increasing taxes, which slows economic activity and takes money out of the pockets of Canadians – who are already facing record-high household debt.

As a result, when Canada faces a recession, our debt will be higher, Canadians will be more vulnerable economically, and the government will have less room to boost growth since spending is already through the roof.

This means that the Liberals may be able to get away with higher deficits for now, but our whole country will pay the price when we face a downturn or a crisis.

Spencer Fernando

Photo – YouTube

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jim
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jim

Did I read turdeau and company have given $60 BILLION to other countries?

Brian Mellor
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Brian Mellor

Every Political Party is buying eveyone in the country a brand new car wither you want one or not and they are not telling you that your grand kids are going to pay for it.

NancyW
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NancyW

This should now be the main reason for NOT voting left, they all are trying to collapse Canada, after 2015 lieberal fixed election in 2015 and promises of smaller deficits, but then a balanced budget this year and they went hog wild with our money around the world and are now promising to be even worse and they do not keep most of their expensive promises to us anyway, how high will our taxes be? is no one at least wondering? or have these supporters of the lefties become as idiotic and non thinking as it looks like they must… Read more »

D.D.
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D.D.

If Trudeau is elected one more time, we may not have a country by the time another four years is over.

Joanne
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Joanne

Why isn’t Andrew Scheer leading by at least 20 points?

old white guy
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old white guy

How many times have I said Canadians are socialists who want free stuff and most are economic illiterates. I’ve lost count.

William Jones
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Who will pay for this debacle? Not us. Not Trudeau. It is our offspring, their offspring, and their offspring who will be paying. Do you really believe that is the legacy we should be leaving for them? Perhaps a good discussion with the mirror might help.

Shawn Harris
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Shawn Harris

Trudeau has said” he is investing in Canadians because he knows that Conservatives will only cut taxes and services that benefit the rich”. And Trudeau says this with a straight face, knowing full well that McGuinty and Wynne used the same deceitful words and economic strategy that lead to the disastrous economic results here in Ontario, that Trudeau is now trying to replicate all across Canada. Resulting in the world’s largest sub sovereign debt load of 340 billion dollars and a 15 billion dollar deficit. And if these so called investments are anything like the last ones, then we all… Read more »