Debt & Deficits

I recently spoke in Parliament in favour of a motion which called on the need for the Minister of Finance to tell Canadians in which year the federal budget will be balanced.  Later that day, every single Liberal MP voted against the motion, meaning that Parliament and taxpayers will not be told of the government’s plans to balance the budget.

In their Fall Economic Statement, Bill Morneau passed on providing any meaningful information on when they will stop adding billions to Canada’s debt.

The reason the motion was tabled and debated in the first place, was that for the first time in modern history, the Government of Canada is refusing, or unable, to inform Canadians on their long term budgetary plans. 

This motion was also in response to the Liberals immediately breaking their election promise to only run small, temporary deficits and to return to surplus in 2019.  When they first took office, they inherited a surplus from the previous government, a growing economy and rock bottom interest rates.

During the 2015 election, the Liberal platform was very clear when they said that the budget will be balanced by 2019.  Justin Trudeau said he would only run small deficits of $10 billion a year, and that he would balance the budget by 2019.  Instead, this year’s deficit is now almost $20 billion, three times what Justin Trudeau said it would be, and he has added $60 billion in debt. 

The issue of deficit reduction is a top of mind issue for many Canadians.  The Government of Canada’s own survey on the issue stated that 6 in 10 Canadians want the government to make returning to balanced budgets a reality. 

Currently, the Liberal government is spending $2 million every hour - this is far more than they are collecting in taxes.  At this rate, that means each and every day, they are adding $49.5 million to Canada’s debt.

No Canadian voted for this. Not even the most partisan Liberal thought that their government was going to do this to the nation’s finances.

You don’t need to be an economist to understand that more debt today means higher taxes tomorrow.  Canadians know it’s wrong to leave their kids with an unpaid credit card bill.  But that’s exactly what Justin Trudeau is doing.  It is nothing short of intergenerational theft.


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