Spending has defined the Trudeau government’s budgets since 2016, but there is no economic reason to run deficits right now
In the making of Liberal budgets, there is always room for more. That isn’t just a byproduct of the budget process, it’s the point. There has to be more spending to announce. That’s what a budget is for., in 2016, which told Canadians the economy had turned worse so there’d be bigger deficits for years to come. And it was true right through last year’s budget, when, after the pile-up of pandemic debt and a commitment to additionalBut now things really do look different.
That means a smaller percentage of taxpayer money can be spent on transfers for things such as health care or government programs, from transportation to the military – or more debt has to be added. Ms. Freeland has already promised that her April budget will meet the targets she set out in November, which include a gradual decline in the debt-to-GDP ratio. But Mr. Drummond argues the government is already operating on rosy projections and ignoring the risk that unforeseen circumstances could balloon the debt again. “Rather than a hope and a prayer that everything will work out by 2055, they should act upon it,” he said.
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