Liberal Minister of Finance and Deputy Prime Minister Chrystia Freeland has failed to meet her own budget predictions as documented in a report by the Parliamentary Budget Office (PBO).
Analysts discovered that Canada’s deficit is 16% higher than what Freeland projected it to be in her March budget, as reported by Blacklock’s.
Minister Freeland’s Made In Canada Plan boldly projected the deficit to decline, stating that the deficit would trend downward, from $43 billion to $40.1 billion this year. However, the PBO’s findings shattered that illusion, revealing a harsh reality that the deficit was up to $46.5 billion – a staggering 16% increase from Freeland’s predictions.
Philip Cross, former Chief Economic Analyst at Statistics Canada, recently commented on fiscal policy and its impacts on inflation when questioned by Conservative MP Philip Lawrence.
“There’s a wide range of government actions that could influence prices, excessive regulation pushes up prices every bit as much as excess government spending,” Cross told Lawrence.
Earlier this year, Minister Freeland urged Canadians to cancel their Disney+ subscriptions amid devastating inflation affecting household budgets across the country.
The current inflationary period can be partly blamed on the Liberal government’s runaway pandemic spending.
The Liberals gave away billions of dollars in COVID-19 pandemic relief support to ineligible recipients. These exaggerated pandemic supports were condemned as an inflationary driver by the chief economist at the Bank of Nova Scotia last year.