Canadians Are Paying The Price For Federal Government’s Spending | Dec 7, 2023
Today, the PBO published their analysis of the Liberal fall minibudget, which can be summed up simply: prices up, debt up, taxes up, time’s up. We need to deal with the one hundred billion dollars of additional debt that keeps inflation high, making the government richer while everyone else gets poorer.
In their analysis, the PBO reported that the deficit will be $8.5 billion worse this year than the Liberals promised, meaning more Canadian tax dollars will be spent servicing interest costs on Canada’s debt. On top of this, they will add another $20.7 billion in inflationary debt, despite warnings from the Governor of the Bank of Canada that this will make everything more expensive.
This governments uncontrolled spending will keep inflation and interest rates higher for longer, pushing already struggling Canadians over the edge. And this reckless spending risks a mortgage meltdown on the $900 billion of mortgages that will renew over the next three years.
Worse still, Trudeau continues to hide where his promised $17.8 billion dollars of savings is coming from. Not only does the government have no plan to balance the budget, but they also have no plan to stop pouring fuel onto the inflationary fire.
Only common sense Conservatives have a plan to axe the tax, and balance the budget, to bring down inflation and interest rates.