Well, today is the Liberal/NDP Non-Coalition Coalition Budget Day!

Ron in Regina

"Voice of the West" Party
Apr 9, 2008
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Regina, Saskatchewan
OTTAWA (Reuters) - Canada’s ruling Liberals will unveil their 2022 budget on Thursday, which Prime Minister Justin Trudeau promised will be “fiscally responsible” after having already pledged billions in new programs and increased military spending.

With Canada’s economy fully recovered from the pandemic, Trudeau’s Liberals find themselves under pressure to pull back from new spending for fear of further torching runaway inflation, already at a 30-year high.

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“The ultimate impact of higher spending will depend on the precise policy measures,” said Stephen Brown, senior Canada economist at Capital Economics in a note to investors.

“But, with the economy already at full capacity, the clear risk is that any extra stimulus will exacerbate inflationary pressures.”

The budget will be presented to Parliament around 4 p.m. ET (2000 GMT) by Finance Minister Chrystia Freeland.
 
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Ron in Regina

"Voice of the West" Party
Apr 9, 2008
23,057
7,954
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Regina, Saskatchewan
Dark times
But, Sunny Ways!? Budget will balance itself (?) ‘cuz it’s 2015 Peoplekind?
1649331985488.jpegNDP Leader Jagmeet Singh should have pushed for a formal coalition with the Liberals. He could have been finance minister and taken full credit for Thursday’s budget, which, if he didn’t write it, is certainly being written to appease him.
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The budget is expected to include a whole slate of costly and expansive NDP priorities that will combine with the Liberals’ own pricey policies to create not just big government, but mammoth government: a government that is not just big in terms of how much it spends, but in its ambition to federalize every area of Canadian life.
 
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Ron in Regina

"Voice of the West" Party
Apr 9, 2008
23,057
7,954
113
Regina, Saskatchewan
In her new budget, Finance Minister Chrystia Freeland will have the difficult task of combining costly election platform promises, increased spending for defence to meet NATO’s targets as well as enough social spending to make sure the New Democrats are happy.

At the same time, she will have to make sure to keep a decreasing debt-to-GDP ratio, the Liberals’ core fiscal anchor, to demonstrate that Canada’s finances are sustainable.


Liberals promised $78 billion in five years in new spending in their election platform last fall — which included $25 billion in targeted amounts for health care for provinces and territories and a $15-billion plan to help first-time homebuyers and to build new affordable homes in hopes of solving the housing crisis.

After the fall economic statement, nearly $50 billion of these platform promises had not been budgeted yet. And that does not include the billions that have been added, here and there, to help provincial and territorial health sectors cope with delayed surgeries (an additional $2 billion top up) or to invest in the production of critical minerals for electric vehicles ($2 billion).

The federal government also unveiled more than $9 billion in new spending last week for reducing emissions, with more billions expected for carbon capturing and storage.

Then, there’s defence spending that is expected to ramp up significantly in order to meet NATO’s target of two per cent of GDP. Canada has fallen far below it in recent years, contributing only 1.36 per cent of its target in 2021. And the deal with the NDP will add more social spending to the mix, with investments in a dental care program expected as soon as this year.

The fall economic statement expected a deficit of $58.4 billion in the upcoming year, with the federal debt representing 47.3 per cent of the GDP. That number is expected to go down over time as projected, which could be sustainable, according to Askari, unless another very expensive program promised to the NDP, such as pharmacare, is added to the mix.

“That is the one that is going to get you into trouble in terms of long term sustainability.”

The budget will be presented to Parliament in another 6 & 1/2 hours by Finance Minister Chrystia Freeland.
 

Ron in Regina

"Voice of the West" Party
Apr 9, 2008
23,057
7,954
113
Regina, Saskatchewan
Finance Minister Chrystia Freeland may effectively tell the Bank of Canada it’s on its own in tackling inflation when she introduces a budget Thursday that’s expected to be full of new spending initiatives.

In the lead-up to the release, Prime Minister Justin Trudeau’s government has indicated it remains more committed to delivering new social programs than repairing fiscal damage from the pandemic or cooling an overheated economy.


The punchline is supposed to come in a little over six hours now….
 

Tecumsehsbones

Hall of Fame Member
Mar 18, 2013
55,511
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Washington DC
Easy-peasy. The equation is quite simple:

Revenues collected - expenditures = 0 (after application of GROWTH! and INVESTMENT IN OUR FUTURE!)

Some MAGIC! may be necessary.
 

B00Mer

Keep Calm and Carry On
Sep 6, 2008
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Rent Free in Your Head
www.getafteritmedia.com
The budget is expected to include a whole slate of costly and expansive NDP priorities that will combine with the Liberals’ own pricey policies to create not just big government, but mammoth government: a government that is not just big in terms of how much it spends, but in its ambition to federalize every area of Canadian life.