Well, today is the Liberal/NDP Non-Coalition Coalition Budget Day!
- Thread starter Ron in Regina
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Minister calls for wartime effort to build infrastructure — CTV News
Canada’s energy and natural resources minister is calling for a wartime effort to build big national infrastructure projects as envisioned by recently passed bill C-5.
Canada promises to spend 5% of GDP on defence by 2035 in pact with NATO leaders — Apple News Spotlight
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Hearkening back to a time when Canada faced “such a transformational upheaval of the world order,” Hodgson reminded the room that eight decades ago, instead of hesitating like the dumpster fire of the last decade, Canadians came together to do great things.
The “One Canadian Economy Act” passed parliament last week and is awaiting first reading in the Senate. It must pass third reading before getting Royal Ascent and then becoming law -- a process that could happen this week as the Upper Chamber is expected to rise for the summer on Thursday or Friday.
The Liberal government is sticking with its plan not to table a budget until at least the fall, so the eggheads at the C.D. Howe Institute took the liberty of doing it for them. They tallied up the government’s various new spending promises, estimated what tax revenue is going to look like for the foreseeable future, and concluded that Ottawa is on track to rack up $300 billion in new debt over the next four years, an average of about $75 billion per year (or, about $5 in new debt per Canadian, per day). And that’s under the most optimistic scenario. More likely is that it hits $350 billion.
This is way higher than any of the non-COVID spending charted under Prime Minister Justin Trudeau. Recall that it was only a few months ago that Trudeau was pressured into resigning in part due to shock that his government had allowed the deficit to swell to $62 billion. According to the C.D. Howe Institute, Canada is on a “troubling path.” “Adding $300 billion in federal debt while doing nothing to raise investment and productivity will make Canada more vulnerable, not less,” read the analysis. Oh well.
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This is way higher than any of the non-COVID spending charted under Prime Minister Justin Trudeau. Recall that it was only a few months ago that Trudeau was pressured into resigning in part due to shock that his government had allowed the deficit to swell to $62 billion. According to the C.D. Howe Institute, Canada is on a “troubling path.” “Adding $300 billion in federal debt while doing nothing to raise investment and productivity will make Canada more vulnerable, not less,” read the analysis. Oh well.
FIRST READING: EU exempting heavy industry from carbon tax as Canada doubles down — National Post
With consumer carbon tax gone, Liberals still pursuing industrial carbon taxes
Fortunately we can track the debt filing by filing. So far only $3.4B since April 1 but that's also the day we mail in our tax cheques.The Liberal government is sticking with its plan not to table a budget until at least the fall, so the eggheads at the C.D. Howe Institute took the liberty of doing it for them. They tallied up the government’s various new spending promises, estimated what tax revenue is going to look like for the foreseeable future, and concluded that Ottawa is on track to rack up $300 billion in new debt over the next four years, an average of about $75 billion per year (or, about $5 in new debt per Canadian, per day). And that’s under the most optimistic scenario. More likely is that it hits $350 billion.
This is way higher than any of the non-COVID spending charted under Prime Minister Justin Trudeau. Recall that it was only a few months ago that Trudeau was pressured into resigning in part due to shock that his government had allowed the deficit to swell to $62 billion. According to the C.D. Howe Institute, Canada is on a “troubling path.” “Adding $300 billion in federal debt while doing nothing to raise investment and productivity will make Canada more vulnerable, not less,” read the analysis. Oh well.
FIRST READING: EU exempting heavy industry from carbon tax as Canada doubles down — National Post
With consumer carbon tax gone, Liberals still pursuing industrial carbon taxes
A new report from the C.D. Howe Institute concluded that the Trudeau government’s spending splurges played a major role in fuelling inflation during the pandemic. The report pointed the finger at Ottawa’s unfunded spending spree — more than the Bank of Canada’s monetary policies — that acted as “helicopter drops” of money for the private sector.
And not only do consumers pay higher prices but they must then pay again with the higher interest rates the central bank then implemented to try bringing those prices back down. In 2020, interest rates were down to 0.25 per cent as the Bank of Canada aimed to cushion the blow from the pandemic; by 2023, the rate had risen 20-fold, to five per cent.
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And not only do consumers pay higher prices but they must then pay again with the higher interest rates the central bank then implemented to try bringing those prices back down. In 2020, interest rates were down to 0.25 per cent as the Bank of Canada aimed to cushion the blow from the pandemic; by 2023, the rate had risen 20-fold, to five per cent.
The pandemic drove up inflation. How come, years later, we're still paying more? — National Post
While inflation may have since been tamed, Statistics Canada’s monthly inflation figures show that the pandemic-era price hikes survived
Kinda didn’t want interest rates to go up 20 fold, and crazy government spending leading to an inflationary crunch that we’re probably gonna be dealing with for years…but here we are.
Not tax money. All that was really required was policy changes that made it possible for business to operate. Not gobs of tax money to favoured businesses. Like giving Loblaws, one of the most profitable grocery chains in the country, taxpayers' money to improve their freezers.
Once lettuce goes back up to nine bucks a head, people will stop doing the chicken dance.
Bills the Liberals hope to pass this sitting include the border security boosting Bill C-2, Bill C-3, which aims to expand Canada’s citizenship-by-descent eligibility, the middle-class tax cut bill C-4, and the cybersecurity-related Bill C-8.
MacKinnon also mentioned the creation of a new federal housing agency, announced Sunday by Carney.
However, he declined to offer details on October’s much-anticipated budget.
When asked how the government could expect opposition support with controversial issues — such as the promised “austerity” budget sure to rankle the NDP and Bloc Quebecois — MacKinnon maintained that collaboration with Conservatives is key.
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MacKinnon also mentioned the creation of a new federal housing agency, announced Sunday by Carney.
However, he declined to offer details on October’s much-anticipated budget.
When asked how the government could expect opposition support with controversial issues — such as the promised “austerity” budget sure to rankle the NDP and Bloc Quebecois — MacKinnon maintained that collaboration with Conservatives is key.
Minority Liberals ask Conservatives to play nice as Parliament resumes — Toronto Sun
Liberal House Leader demands Conservatives 'sit down and work' with government instead of putting up blocks
LILLEY: Carney faces accountability as Poilievre returns — Toronto Sun
Poilievre's Conservatives show they plan to hold Carney's Liberals to account on their own promises.
What is an affordable home? The issue isn’t the cost of housing, but its relation to wages. Across the country, real estate prices rose seven times faster than wages since 1981. That gap is narrowing, with average home prices down four per cent in Toronto and Vancouver year over year.
But it’s still not enough to entice many middle-class buyers. The first goal of Build Canada Homes is to construct transitional and supportive housing. These aren’t “forever homes” but housing that gets people off the street or out of precarious situations.Prime Minister Mark Carney and the Liberal government are in the housing business. Last week, Carney unveiled Build Canada Homes, a $13 billion development scheme that will help fund the construction of 4,000 modular homes on six sites across the country starting next year, and “scale” up to 45,000. The agency will “fight homelessness by building transitional and supportive housing… build deeply affordable and community housing for low-income households, and partner with private market developers to build affordable homes for the Canadian middle class.”
Newsflash: in major metropolitan areas, such homes already exist. Both Toronto and Vancouver are seeing an unprecedented condo crash. In Toronto, at publication, there are 3,279 listings going for $600,000 or less, with units starting to sell in the $300,000’s, prices not seen for decades. There are also 1,911 unsold new units in completed projects and 11,073 unsold units currently under construction.
Tasha Kheiriddin: Carney's coming housing boondoggle — National Post
The condo market is crashing
Canada’s new government, as the Liberal marketing team contrives to call Prime Minister Mark Carney’s ministry, has a lot riding on being seen as new. Their political strategy relies on being seen as something other than Justin Trudeau’s old government. Ms. Freeland’s departure won’t be the last. Mr. Carney will still be looking to remake the cabinet in his image.
Despite her role in ending Mr. Trudeau’s tenure as prime minister, Ms. Freeland was the minister most prominently associated with him. She spent a decade in his cabinet, the last five as an alter ego, the deputy prime minister, one step behind Mr. Trudeau at a news conference, bobble heading approval for his words.
Anyway, back to housing, if the government wanted to house thousands of homeless people today, it could scoop up condos at bargain prices, hire the same “mission driven organizations” it mentions to help people settle, and mandate treatment programs for addiction and mental health issues as a quid pro quo. Instead, the government wants to start building modular housing in a year’s time, from scratch. Oh well…
Jesse Kline: Carney's statist plan to fix the government-caused housing crisis — National Post
Our leaders need to realize that more socialism is not a cure for past socialist excesses
Down hereabouts, it's usually conservatives who want higher profits, and liberals who want higher wages. How 'bout y'all?
It’s such a cluster up here that who knows? Compared to America, aren’t we all Democrats up here or something like it?
Conservatives want lower debt & less government interference in day-to-day living, & Liberals… I’m really not sure what they want to be honest. Throw in the NDP, which are far out socialists and the bloc Quebecois are out for themselves also having votes in the mix, and the two people that consist of the green party, & minority governments & your guess is as good as ours.
The liberals under Carney versus the liberals under Trudeau, seem like different animals, but let’s wait and see what the next budget brings in October. Carney might out-Trudeau Trudeau, but only time will tell.