Freeland tables another inflationary budget without plan to reduce spending
'This budget is our path forward,' Finance Minister Chrystia Freeland told reporters. Parliament has not balanced a budget since 2007.
Deputy Prime Minister Chrystia Freeland promised Canadians more savings since tabling the last federal budget. Instead, she increased spending by more than $30 billion without a plan to balance the budget.
On Tuesday, Freeland proposed billions in new deficit spending despite claiming "it would be irresponsible and unfair to pass more debt to the next generation" in her budget document.
According to Blacklock’s Reporter, forecasts for federal deficits rose as much as 95% from last year.
The $39.8 billion deficit tabled this fiscal year is 14% more than the $35 billion forecast in Budget 2023. By 2026/27, a preliminary $30.8 billion deficit would represent a 95% jump from $15.8 billion.
Over that period, spending will rise $37.1 billion, from $497.5 billion to $534.6 billion, according to the budget documents.
LIVE: Chrystia Freeland announces Liberals' Budget 2024
— Rebel News Canada (@RebelNews_CA) April 16, 2024
Deputy PM and Finance Minister Chrystia Freeland will unveil the Trudeau Liberals' spending plans on Tuesday afternoon.https://t.co/mr1zEOXvqZ
"This budget is our path forward," Freeland told reporters. Parliament has not balanced a budget since 2007.
The budget document Fairness For Every Generation did not set any date for eliminating the deficit, earning harsh feedback from the Canadian Taxpayers Federation (CTF).
"This government has no plan to balance the budget or save money," said Franco Terrazzano, CTF Federal Director.
Opposition leader Pierre Poilievre also called that new spending reckless. “Conservatives will vote against this inflationary budget,” he said. "It is like a pyromaniac spraying gas on the inflationary fire."
FLASHBACK: Trudeau assured us the budget would "balance itself"
— Proud to be Canadian (@PTBCanadian) April 16, 2024
We've now had 9 budget deficits in a row under the Liberals. Future generations will have to pay the bill. And in the meantime, it's fuelling inflation. pic.twitter.com/zMmAfdNZgz
The Trudeau Liberals inherited $616 billion in federal debt when they first assumed office in 2015. It now stands at more than $1.2 trillion this year.
"The Trudeau government says it wants fairness for every generation, but doubling the debt isn’t fair for Canadians’ kids and grandkids," Terrazzano said.
Poilievre calls out "Trust Fund Trudeau" ahead of Budget 2024's release for raising taxes on the middle class while hiding his own family fortune in a trust fund.
— Rebel News (@RebelNewsOnline) April 16, 2024
"It is the working class people that Justin Trudeau is ripping off with his high inflationary taxes and spending." pic.twitter.com/FxtFZ3rj01
Still, Freeland maintains her government "absolutely believes it is important … to be careful in the way we spend money."
"It is not our money, it is the money of Canadians, and they quite rightly expect us to be really thoughtful," she said.
Only there did the CTF find common ground with the federal government. "This government’s only plan is to take as much money from taxpayers as it can," Terrazzano said.
"Massive deficits mean interest charges will cost taxpayers more than the feds send to the provinces in health transfers this year," he added.
Public debt charges are expected to increase to $64.3 billion in 2029 due to higher effective interest rates and higher borrowing requirements, according to the Department of Finance. The figure is greater than federal spending on medicare or national defence.
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