Quick Links To MYC National Communications on the National Debt:
Mar. 23rd, 2016 – Budget 2016 Released Yesterday
When Canadians elected a minority Conservative government in 2006 the national debt stood at 494.7 billion dollars. Throughout the next decade, the national debt would increase by 150 billion dollars, with Harper claiming that it was necessary to borrow money in order to grow the economy.
During the federal election campaign of 2015, Justin Trudeau presented the Liberals’ plan to not balance the budget for three consecutive years, but rather to run a “modest short-term deficit” of less than $10 billion for each of the first three years totalling no more than $30 billion. According to Trudeau, this plan represented “three years of historic investment in the Canadian economy“, as well as a plan to balance the budget by 2019. However, the release of Budget 2016 just a few months later would reveal that this campaign promise would not hold true.
In March 2016, the inaugural budget of Finance Minister Bill Morneau and the Liberal government under Prime Minister Justin Trudeau was released. Shockingly, this budget revealed that they had budgeted for five years of deficits including $30 billion in 2016-17; triple what they promised. .
Big Budget “Winners” / “Losers”
Key measures outlined in the federal budget include $120-billion towards infrastructure over the next ten years (focusing on public transit, water, waste management and housing infrastructure), and what Trudeau is calling an “historic” investment towards Indigenous Peoples; promising $8.4 billion over five years to improve education, drinking water and housing, and family and child services for First Nations. The budget also outlines plans for substantial investment towards veterans, families, those seeking EI benefits, and the environment.
Those on the “losing side” of the budget are National Defence, students and families who benefited from tax breaks under the previous government, and small business owners – who will not see the reduced tax rates promised in the Liberal party’s election campaign.
Conservative Interim-Leader Rona Ambrose has very vocally come out in opposition of the budget, calling it a “nightmare scenario” from a taxpayers’ perspective and reminding the Liberals of their three campaign promises to cap the deficit at $10-billion per year, charging them to be fiscally responsible and to return to a balanced budget by 2019. However, Minister Bill Morneau and Prime Minister Justin Trudeau continue to reassure Canadians that the spending is necessary to invest in Canada’s future.
Canada’s national debt is a complicated issue since government spending is required in order for growth and improvements in many areas. However, broken promises regarding intentional deficits are of great concern when one considers that the current national debt presently stands at $1.070 trillion and is increasing by $1,000 per second.
Canada’s Debt Clock
NationalDebtClocks.org is an informative website that reveals the standing debt of all countries around the world. To see the shocking amount of money Canada is owing in real-time, please click here.
Justin Trudeau: Election Campaign Plan to Run a Deficit
Rona Ambrose’s Message to Liberals Ahead of Budget
Links To Related Articles:
March 8th, 2017 – Globe and Mail – Young Canadians could pay dearly for Liberals’ deficit-financed spending: report
January 27th, 2017 – Financial Post – Ottawa goes from $1 billion surplus to $12.7 billion in the hole, after $14 billion spending spree
January 5th, 2017 – CBC News – Decades of deficits could be ahead for Canada, federal analysis warns
January 4th, 2017 – SUN – Buried government report reveals looming fiscal crisis
December 6th, 2016 – CBC News – Liberals paint gloomy picture of Canada’s economy
March 22nd, 2016 – The Globe and Mail – Trudeau’s first budget aims to spur growth with $29-billion deficit
What You Can Do:
1 – PRAY – Please pray that God would continue to bless and prosper Canada as He has done in the past. Pray that our economy, land, and trade would be blessed and that those leading the nation in these areas would have wisdom in all economic and financial decisions.
2 – PETITION – Please sign and share this petition telling Prime Minister Justin Trudeau that Canadians do not want the outrageous amount of debt his government has budgeted. Find the petition by clicking here now.