Credible deterrents to threats don’t come cheap, and Finance Minister Freeland has boxed herself into a corner with prior reckless spending.
That sounds overstated but only if you haven’t been paying attention. This week, we saw the U.S., Australia and Britain move ahead with their AUKUS deal at a naval base in San Diego. The trilateral agreement, aimed at countering China’s aggressive moves in Asia, was dismissed as a “nuclear submarine deal” by Justin Trudeau when it was made public in 2021 — a technology that Canada is “We should be.
Freeland’s budget is likely to be extremely tight. It will include some targeted affordability measures aimed at alleviating the cost-of-living crunch without fuelling inflation; health spending promised in the accord with the provinces; and investments in clean energy to counter President Joe Biden’s Inflation Reduction Act.
The finance minister has boxed herself into a corner with reckless spending in prior years and by presenting an optimistic fiscal update that suggested the budget would return to balance in 2027. As a subsequent That logic applies to defence spending too. The Liberals have not set aside enough money to fund the acquisition of the F35 fighter jets and the 15 warships it has already agreed to buy.
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