While the Liberal government likes to talk the talk when it comes to responsible spending, it just can’t bring itself to walk the walk at budget time. Just last fall the budget deficit was projected to be $30.6 billion. That budgetary deficit has expanded to $40.1 billion. Projected government revenues dropped by $5.7 billion due to a slowing economy, but that alone doesn’t account for the expanded deficit. Spending increases do.
Tax hikes are cooked into the budget, including an increase to the “alternative minimum tax” which targets those deemed to be wealthy. Stock buybacks will be taxed, and dividends from financial institutions are to be taxed more. The funds raised by such taxes won’t put much of a dent in the deficit, and these kinds of targeted taxes usually don’t raise as much as projected due to their chilling effect on private-sector investments. They resonate well among NDP supporters, however, and the hikes were likely baked into the budget to ensure Singh’s continued support for the government.[…]
The prime theme of the budget is providing relief for Canadians from inflation. A one-time increase in GST rebates for low-income Canadians is part of the budget. Aside from that, however, most citizens won’t be seeing any more money in their pockets from this budget. With spending increasing by $18 billion over 2022’s budget, the government will likely be contributing to further inflation. The continuing increase in the carbon tax will contribute to cost of living increases as well.
Yet both clowns marched in there so pompous and happy like they were about to announce that free lunch has arrived.
Dumb and dumber, Trudeau and Freeland happy like they found the Holy Grail, with BS kindergarten level, like “good things are happening for Canadians” and “good jobs and careers for all Canadians, everywhere”. And if by any chance you don’t like their budget, they’ve allocated $158 millions for 3digit suicide hotline. Thank God, that’s exactly what we all needed!
They say it’s for ‘prevention’ but since Libranos have a habit of talking BS every-time-all-the-time, I don’t believe it. They should be sincere and allocate 666 + call it what it is – MAID hotline.
Justin intends to leave a bankrupt post-nation when he gives up his crown. Good luck to those left with a flaming bag of liberalism.
When we witness incompetence and intentional destruction of industry, and the constant borrowing of money and then the printing of money to cover the borrowing, I would say canada is for all intents and purposes, bankrupt. Since Jr’s father was PM we have not paid off one single dollar of the debt he incurred while in office. Think about that, this debt ball started rolling in the 1960s. Take the GDP and eliminate non productive items we will never pay the current debt. We can’t pay the current debt.
If I were to write a balanced budget today we would still never put one dollar towards paying the debt. The country runs on debt and eventually we will drown in it.
As always with these people, the title of their ‘action plan’ almost always describes the exact opposite effect it actually produces.
Sometimes I question if it’s even worth saving. It has all the hallmarks of a dystopian post national state. Tyranny of the majority welfare class, oppressed minority tax payer class, police state jack boot enforcement of any dissent by the tax payers but total freedom of violent action for the grifter class. A corrupt self promoting and self serving bureaucracy / public sector union class, and a thieving entitled elite to rules us all, through the illusion of a fairly elected democracy.
Let it all burn and reap it.
One ring to bind them, one ring to tax them…
“Sometimes I question if it’s even worth saving.”
Nope. Next question?
I’m a retired economics professor, and one thing we drummed into first-year students is that, as the economy enters a recession, the federal budget balance gets worse. Federal spending rises (Employment Insurance and other relief programs rise) and federal income falls (as various tax income sources fall).
Yet our Department of Finance forecasts a huge jump in federal income this year of $60-billion, and a fall in our deficit. Yet no one in the media has picked ip on this. Incredible.
Well government accounting doesn’t need to concern itself with the real world, and never has… Much in the same way that every time a government gets a surplus, but the debt increases at the same time, would indicate there is no surplus except for Government accounting.
Additionally, all tax measures that they claim will bring in millions and billions won’t because people adjust to minimize their burdens where they can.
The ChiCom’s central Bank continues to be the largest buyer of Gold. The petrol dollar is about to be eliminated thanks to the US forcing Russia and China together through their latest losing proxy war. The bankrupt western welfare states are left with central bank fiat currency machinations to service burgeoning debt (now or nearly unserviceable at reasonable interest rates). 5000 year old money that historically holds its value, paper or digital currency backed by nothing but faith in governments, or crypto fiat currency backed by nothing but faith in digital independence and speculation. You decide which you’d rather “hold”.
We will never have another balanced budget. The retirement of boomers, the current debt, and the amount of damage done by Trudeau over eight years is unfixable. Out currency is likely going to decline wildly. Canada will become more and more like Argentina.
The good news is that this process will likely unfold over the course of decades…a Venezuela-style collapse is unlikely. But Canada will never become what it could have been in the ambitious and open horizon era of the post-WW2 years.
Tommy Douglas was already undermining the country long before the war broke out. WWII was just a reprieve in the decline.
Calling that a food rebate, however what the marching media is not saying it can be used for anything (popcorn and beer).
And if is a food rebate take the one time amount divide by 12, not alot.
“Sweeter than a beer and popcorn rebate” has potential as a great Canadian idiom.
There simply is no money.
In any other country, we would have stormed Harrington Lake and dove off the dock.