July 20, 2024
Trudeau finds another blindspot: the danger of deficits
Liberal worthies unveiling the platform Sunday proclaimed the budget plans the epitome of fiscal responsibility. As long as there’s no recession. Or unexpected changes in interest rates.
Liberal worthies unveiling the platform Sunday proclaimed the budget plans the epitome of fiscal responsibility. As long as there’s no recession. Or unexpected changes in interest rates.

The Liberal party’s campaign platform, released Sunday, is a calculated bet based on age, apathy and ignorance. The party is betting that enough people have forgotten the fiscal crisis of the mid-1990s, or were either too young to remember or not in Canada at the time, to vote for a party willing to risk setting a second crisis in motion.

Beginning in the late 1960s, when Pierre Trudeau was prime minister, Ottawa began running annual deficits in the billions of dollars to finance a spending binge. The shortfalls continued throughout the Trudeau era and the subsequent Mulroney decade, and into the Chrétien years: a quarter century in total, maxing out at the equivalent of $78 billion in 1984-85, producing much of the debt Canadians are saddled with today. Not until Ottawa found itself caught in a vicious cycle of rising interest rates, falling debt ratings and the very real possibility it wouldn’t be able to keep borrowing enough to make interest payments did public alarm force action on a reluctant government, which slashed spending and cut tens of thousands of public service jobs to halt the bleeding.

Prime Minister Justin Trudeau was 24 when the crisis peaked. Perhaps it’s another part of the “massive blind spot” he says he was suffering at the time that prevents him appreciating the dangerous path he’s setting the country on. The Trudeau platform calls for a sharp increase in deficits over the life of its hoped-for second mandate, stretching into the future with no firm end point in mind. According to the costing provided by the Parliamentary Budget Office, the document would add another $94 billion to the debt, on top of the $70 billion the Liberals have run up in their first term. And the numbers could be higher still, because the PBO notes that some of the Liberal planning is hazy, changeable or based on uncertain projections.


See Also:

(1) When cabinet ministers come knocking to peddle their fiction

(2) No, permanent deficits wouldn’t kill us. That doesn’t make them a good idea

(3) Defence minister ripped for attending gala honouring Chinese Communist Party anniversary

(4) Trudeau believes Canadians no longer care about deficits – and he seems to be right

(5) Quebec Liberal volunteer caught disposing of Conservative campaign literature



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October 2, 2019 6:06 pm

‘Canadians now can see the choice’

Lilley reports that Trudeau sent China $7.1 to China last year. Chump change to what is really going on folks. Like this…“In 2017, Trudeau handed $250M to the Chinese-owned Asian Infrastructure Bank to build roads, bridges, and pipelines halfway around the world”. What about Canadian infrastructure?

Or how about this in a separate report. “There were 16,000 fewer jobs in May (2019) than in April according to a leading measure of Canadian payrolls. The ADP Canada National Employment Report shows that this fall was driven by a large drop in the number of construction jobs in the month. The sector was down by 11,200 while manufacturing and natural resources and mining sectors saw 1,400 and 1,300 fewer jobs respectively. So what does Trudeau ‘et al’ do? This…”The Liberal Government Hands $42 Billion in Construction Projects to China at Expense of Canadians”.

The examples of Trudeau squandering Canadians tax dollars around the world like an out of control Robin Hood are many. Canada desperately needs a new leader. A pit bull to go head to head with the French poodle. Instead the only viable option this election is a Labrador retriever. Yup. Progressive liberal or progressive liberal light. Some choice. Too soon for Bernier to get his message out if he is even ever allowed to do so by a bought and paid for corrupted media. Again by Trudeau with billions of Canadian tax dollars. For Canada’s sake, Trudeau MUST go.