FUSS: Next week's Trudeau budget will answer critical questions about Canada's future cdnpoli
Moreover, Ottawa must not inflame inflation further. If the federal government ramps up spending this spring, Ottawa will make it more difficult for the Bank of Canada to tackle inflation and perhaps cause interest rates to be higher than they otherwise would be. Minister Freeland acknowledged as much by stating it would be ill-advised for governments to “pour fuel on the fire of inflation.
Another looming question is whether the government will commit to a balanced budget before the end of its current term in 2025? The Trudeau government is on track to run eight successive deficits despite earlier promises of a return to black ink by 2019. Consequently, federal debt as a share of the economy increased from 31.9 % in 2015 to 45.2% in 2021. In its most recent fall fiscal update, the government outlined a plan to run four more deficits and included an inauspicious goal of returning to balanced budgets by 2027.
So, how will next week’s federal budget address rising government spending and debt, and weak economic prospects? If it’s more of the same, we’re unlikely to solve anything and economic conditions in the country could get worse.Share this article in your social network
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