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Budgets will balance themselves: but only if you borrow the $115 Billion

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March 23, 2022

For Immediate Release

Ottawa – The Liberals promised to run deficits of not more than $10 Billion dollars during the 2015 election campaign.  Yesterday evening’s 2016 budget presentation saw that promise torpedoed.  Instead Canadians are faced with a projected deficit of $29.4 billion in the first year of this government, and large deficit plans for three subsequent budget cycles - with no plan to balance the books.   

The Liberal government would have you believe that Canada’s economy is in recession.  It is not.  If the Liberals are willing to spend $29.4 billion when Canada isn’t in recession, how much will they be willing to spend to get us out of one?

It took less than six months for the Liberals to turn a surplus of 4.3 Billion as of January 2016 (Finance Canada’s numbers) into this huge deficit.  And though the Liberals campaigned on running a modest deficit, there is nothing modest about $30 billion dollars.

Unfortunately, we are witnessing the birth of long-term structural deficits, rather than the temporary cyclical spending they promised.  Eventually the piper will need to be paid, and the government has only one source of income – you the taxpayer. 

Prime Minister Trudeau previously stated – “budgets will balance themselves”, but that only holds true when he borrows the $115 Billion.  As John Ivison succinctly stated “overall this budget is a broken pipeline of federal tax dollars, gushing money to numerous pet Liberal causes”.

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