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

[Ron in Regina]

To be fair, while the Trudeau government’s economic plan is failing miserably overall, it is actually working splendidly for one segment of the population that Freeland is in constant contact with: the federal public service. From 2015 to 2024, employment in federal departments and agencies increased 43 per cent, versus a measly 12 per cent increase in private-sector and self-employment.

Notably, the headcount at the Canada Revenue Agency increased 48 per cent to over 59,000, and the workforce at Employment and Social Development Canada increased 80 per cent to over 39,000. So while private-sector employment stagnates, the headcount at the federal agency that taxes private-sector workers increased at four times the private sector’s rate, and the headcount at the federal department that regulates and otherwise centrally plans private-sector employment has grown by over seven times the private sector’s rate.

 

[B00Mer]

New alliance

 

[Ron in Regina]

When the Bank of Canada cut interest rates last week, Finance Minister Chrystia Freeland said that it “shows that our economic plan is working.” But the fact is that real GDP per capita has declined for seven of the last eight quarters, shrinking cumulative growth since Prime Minister Justin Trudeau took office to a mere 0.6 per cent, versus a robust 16.4 per cent increase in the United States over the same time period.

Put another way, economic performance under Trudeau is so bad that if Canada tracked with the United States since he took office, we would be 16 per cent richer today. That the Bank of Canada cut interest rates last week does not suggest the Trudeau government’s economic plan is working. It is neither here nor there. Freeland might as well have declared that the government’s economic plan must be working because she ate an unusually large breakfast that morning.

Matthew Lau: Don't believe Freeland when she says her 'economic plan is working' — National Post

Our economy is in tatters — and Canadians know it

apple.news

If you ask most entrepreneurs and investors whether the Liberals’ economic plan is working, the answer would most certainly be a resounding “no.” In the second quarter of 2024, real business investment per capita was down five per cent year-over-year, and down more than 15 per cent since the third quarter of 2015. Even worse, that decline in business investment is before the effects of the Trudeau government’s recent capital gains tax increase, which kicked in near the end of June.

The Liberals have suggested that tax hike will not have any negative economic consequences except to the super-rich, but their claims about the tax hike are as error-filled as their claims about general economic performance. When the tax hike came into effect, Justice Minister Arif Virani released an “explainer” video that he later had to delete after Conservative MPs Michelle Rempel Garner and Philip Lawrence pointed out a bunch of errors.

Posthaste: Canada drops in global ranking after hike to capital gains tax — Financial Post

Country falls to 17th out of 38 nations for tax competitiveness

apple.news

In this year’s federal budget, Ottawa announced that the inclusion rate would rise to 67 per cent from 50 per cent for individuals with gains over $250,000 in the year. Corporations and trusts are subject to the higher rate on all gains.

 

[petros]

But the fact is that real GDP per capita has declined for seven of the last eight quarters.

Thats is known as 1.75 years of recession.

 

[Ron in Regina]

Thats is known as 1.75 years of recession.

Bank of Canada may need another big rate cut to adjust for slow growth, economists say — Reuters

The Bank of Canada's annual economic growth forecast is overly optimistic, economists said, and another large interest rate cut this year will likely be required to boost growth.

apple.news

 

[Ron in Regina]

Posthaste: Canadian dollar at risk of falling to lows only seen during economic shocks — Financial Post

Forces are once again lining up against the loonie, warn economists

apple.news

Maybe immigration and the budget don’t balance themselves?

 

[Ron in Regina]

As University of Calgary economist Trevor Tombe has calculated, though, “If Canada had simply kept pace with the U.S. over the past two years, our economy would be 8.5 percent larger — that’s about $6,200 more income per Canadian each year.”

Could you use an extra $500 a month?

That’s in just the last two years, too. And it doesn’t take into account that inflation has further eaten away at your income, just as taxes have. Inflation, driven by out-of-control Liberal spending that increased Ottawa’s need to borrow money, which increased interest rates, has sent inflation soaring.

Taxes, including the carbon tax, now cost the average middle-class family about $2,000 more a year than they did when the Liberals came to power in 2009. Call that another $170 a month.

Now, add that to the $500 a month your family is losing thanks to Liberal economic policy and another $250 a month from inflation and together Liberal taxes, economic mismanagement and inflation are costing middle-class Canadians more than $900 a month.

Remember, the Liberals presented themselves as the party that would tax the rich in order to give the middle class a break. How’s that working out for you?

Your money will go even less far if the Liberals ever manage to implement their zero-emissions power grid, make expensive electric vehicles the only choice for drivers and cap production in the oil and gas industry.

Indeed, much of the reduction in the per capita income of Canadians in the past two years comes back to two factors — runaway immigration bringing in millions of people scrambling for pieces of the economic pie and the impact of the Liberals’ “green” agenda on economic sluggishness.

In effect, the Liberals have stunted our economy while at the same time dramatically increasing the number of mouths to feed.

When the Trudeau Liberals came to power nine years ago, three of seven provinces were in the Top 50 economically of all the states and provinces in Canada and the United States. Alberta was 13th out of 60.

Now, according to Vancouver’s Fraser Institute, not one Canadian province is as high as the bottom U.S. state. The strongest province — Alberta — is 51st out of 60.

Posthaste: Canadian dollar at risk of falling to lows only seen during economic shocks — Financial Post

Forces are once again lining up against the loonie, warn economists

apple.news

Maybe immigration and the budget don’t balance themselves?

According to Prof. Tombe, “the gap between the Canadian and American economies has now reached its widest point in nearly a century.” Per capita GDP in the U.S. is $66,300 compared to $44,400 in Canada — a difference of almost 50 per cent.

To make matters doubly bad, Tombe says, “a dollar in Canada can buy fewer goods and services than a dollar in the U.S.” We Canadians have fewer dollars and, because prices here are generally higher, we can afford less with them.

GUNTER: Don't listen to economic delusion coming from ruling Liberals — Edmonton Sun

I was puzzled by the perception among voters in the recent U.S. presidential election that the American economy is poor. It’s not, at least it’s not as poor as the Canadian economy. In seven of the last eight quarters (essentially since the middle of 2022), Canada’s per capita GDP has declined...

apple.news

In seven of the last eight quarters (essentially since the middle of 2022), Canada’s per capita GDP has declined, including in the last five quarters in a row. In the past two years our per capita GDP has shrunk by 3.6 per cent.

Thats is known as 1.75 years of recession.

That sounds like a recession. But in recent months, Prime Minister Justin Trudeau has said our economy is “strong and resilient,” while Finance Minister Chrystia Freeland has insisted Canada has the strongest growth rate of any G7 nation.

And most media outlets have played along with the delusion.

 

[Ron in Regina]

'We're in a recession,' says former Bank of Canada governor Stephen Poloz — Financial Post

Canadian consumer has suffered a 30% increase in the cost of living

apple.news

Former Bank of Canada governor Stephen Poloz says Canada is in a recession, arguing the economy’s weakness has been masked by strong population growth.

“I would say we’re in a recession, I wouldn’t even call it a technical one,” said Poloz, now special adviser to Osler, Hoskin & Harcourt LLP, during a webinar on Tuesday. “A technical one is a superficial definition that you have two quarters of negative growth in a row, and we haven’t had that, but the reason is because we’ve been swamped with new immigrants who buy the basics in life, and that boosts our consumption enough.”

On Friday, Statistics Canada reported that gross domestic product per capita had declined for the sixth consecutive quarter, falling by 0.4 per cent in the third quarter. This measure has been negative in eight out of the last nine quarters. Growth in the Canadian economy this year came in above forecasts at 2.1 per cent for the second quarter, before dropping to one per cent in the third quarter.

“We did have one pop up in the previous quarter, but that was a pretty minor thing,” said Poloz. “And the only good news, if I caught that, is government spending. That’s not the sort of thing to build your recovery on.”

Poloz said the Canadian consumer has suffered a 30 per cent increase in the cost of living following the recent inflationary period, which has reduced spending. Additionally, inflation has fallen faster than was predicted, which Poloz argues only happens during a recession.

The recent threat by incoming U.S. president Donald Trump to slap a 25 per cent tariff on all imports from Canada also remains a source of uncertainty for Canada’s growth going into next year.

A report by the Canadian Chamber of Commerce said that if tariffs on Canada and Mexico were implemented on inauguration day, it would lead to a 2.6 per cent hit to Canada’s GDP and a 1.6 per cent decline to the U.S. economy.

Poloz said the tariffs could also pose an inflationary risk for central banks, which would put them in an “awkward place” as they would have to keep rates higher for longer, just as the economy is slowing.

“There’s the presentation to the (central) bank, the economy is slowing, but inflation is picking up because of tariffs,” Poloz said. “What do you do? I think most central banks are going to say, I gotta be worried about the inflation part. And so that’s a recipe for deeper stagflation.”

The federal government recently introduced a two-month pause on the goods and services tax for a select number of goods, in an effort to help stimulate consumer spending. Poloz said such a measure “could” help Canadians with their bills in the short term, but will do little to improve long-term economic growth.

“There are so many other ways to boost the economy that would provide a longer lasting effect,” he said. “So giving away these things is kind of like giving somebody a fish instead of giving them a fishing rod, right?”

 

[petros]

View attachment 26005

'We're in a recession,' says former Bank of Canada governor Stephen Poloz — Financial Post

Canadian consumer has suffered a 30% increase in the cost of living

apple.news

Former Bank of Canada governor Stephen Poloz says Canada is in a recession, arguing the economy’s weakness has been masked by strong population growth.

“I would say we’re in a recession, I wouldn’t even call it a technical one,” said Poloz, now special adviser to Osler, Hoskin & Harcourt LLP, during a webinar on Tuesday. “A technical one is a superficial definition that you have two quarters of negative growth in a row, and we haven’t had that, but the reason is because we’ve been swamped with new immigrants who buy the basics in life, and that boosts our consumption enough.”

On Friday, Statistics Canada reported that gross domestic product per capita had declined for the sixth consecutive quarter, falling by 0.4 per cent in the third quarter. This measure has been negative in eight out of the last nine quarters. Growth in the Canadian economy this year came in above forecasts at 2.1 per cent for the second quarter, before dropping to one per cent in the third quarter.

“We did have one pop up in the previous quarter, but that was a pretty minor thing,” said Poloz. “And the only good news, if I caught that, is government spending. That’s not the sort of thing to build your recovery on.”

Poloz said the Canadian consumer has suffered a 30 per cent increase in the cost of living following the recent inflationary period, which has reduced spending. Additionally, inflation has fallen faster than was predicted, which Poloz argues only happens during a recession.

The recent threat by incoming U.S. president Donald Trump to slap a 25 per cent tariff on all imports from Canada also remains a source of uncertainty for Canada’s growth going into next year.

A report by the Canadian Chamber of Commerce said that if tariffs on Canada and Mexico were implemented on inauguration day, it would lead to a 2.6 per cent hit to Canada’s GDP and a 1.6 per cent decline to the U.S. economy.

Poloz said the tariffs could also pose an inflationary risk for central banks, which would put them in an “awkward place” as they would have to keep rates higher for longer, just as the economy is slowing.

“There’s the presentation to the (central) bank, the economy is slowing, but inflation is picking up because of tariffs,” Poloz said. “What do you do? I think most central banks are going to say, I gotta be worried about the inflation part. And so that’s a recipe for deeper stagflation.”

The federal government recently introduced a two-month pause on the goods and services tax for a select number of goods, in an effort to help stimulate consumer spending. Poloz said such a measure “could” help Canadians with their bills in the short term, but will do little to improve long-term economic growth.

“There are so many other ways to boost the economy that would provide a longer lasting effect,” he said. “So giving away these things is kind of like giving somebody a fish instead of giving them a fishing rod, right?”

I've been saying it for months. 7 declining quarters in a row and a dropping dollar was obvious.

 

[Ron in Regina]

I've been saying it for months. 7 declining quarters in a row and a dropping dollar was obvious.

Now somebody other than you is saying it. I doubt that somebody will be Freeland or Trudeau, but at least it’s somebody else.

 

[Retired_Can_Soldier]

Now somebody other than you is saying it. I doubt that somebody will be Freeland or Trudeau, but at least it’s somebody else.

They're saying its a vibe.

 

[Ron in Regina]

As the days get darker, colder and snowier, Canada’s fall fiscal calendar has a significant event missing from it. All the provinces released their fiscal updates, sticking with the established timing of refreshing their finances in the fall, but the federal Liberal government has been so silent on the subject that one economist is suggesting Canadians might have to wait until after Christmas for a national update.

Posthaste: Scotiabank economist issues warnings for Canada's tardy fiscal update — Financial Post

Timing of budget refresh up in the air but more spending 'clearly in the offing'

apple.news

 

[pgs]

As the days get darker, colder and snowier, Canada’s fall fiscal calendar has a significant event missing from it. All the provinces released their fiscal updates, sticking with the established timing of refreshing their finances in the fall, but the federal Liberal government has been so silent on the subject that one economist is suggesting Canadians might have to wait until after Christmas for a national update.

Posthaste: Scotiabank economist issues warnings for Canada's tardy fiscal update — Financial Post

Timing of budget refresh up in the air but more spending 'clearly in the offing'

apple.news

It is always easier if you hide spending others money .

 

[Ron in Regina]

With the fate of the federal government's promised $250 cheques for 18.7 million workers hanging in the balance, the NDP have forced a debate today on a motion pushing for the prime minister to expand eligibility.

After pulling his support from the measure upon discovering the government didn't intend to send the one-time benefit to non-working Canadians, NDP Leader Jagmeet Singh is using his party's only opposition day of the fall sitting to force a vote on the issue.

Jagmeet has to force Justin to piss away more money before the adults come in to clean up after them? Really?

NDP's Singh forces debate calling on PM Trudeau to send $250 cheques to more Canadians — CTV News

With the fate of the federal government's promised $250 cheques for 18.7 million workers hanging in the balance, the NDP have forced a debate today on a motion pushing for the prime minister to expand eligibility.

apple.news

Singh wants to see the one-time rebate include "all adults whose income is under the threshold and did not earn employment income in 2023, so that people like recent graduates trying to enter the workforce, retired seniors, people with disabilities, injured workers, workers on parental leave and long-term sick leave, and others in need are included."…etc…citizens, non-citizens, alive, dead, & anyone in between.

 

[Ron in Regina]

Finance Minister Chrystia Freeland says she will deliver a fall economic statement sometime this year as the clock ticks down on the remaining days in the House of Commons for 2024.

Freeland, who is also the Liberal government’s deputy prime minister, made the pledge in Toronto “after announcing funding for the Canadian artificial intelligence firm Cohere.”
“Gov’t$$ for You!! And Gov’t$$ for You!! Gov’t$$ for Everyone!!”

“I will deliver a fall economic statement this year,” Freeland said…& there’s 7 sitting days in Parliament left this year now…

(The fall fiscal update is typically delivered as a stopgap between federal budgets, providing revised economic updates on Ottawa’s projections and accounting for newly announced items in the government’s spending plans, or lack there of)

Delivering a fall economic statement is not a mandated requirement for any government, but would provide a view of how recent government announcements such as the upcoming GST/HST holiday and a pledge to meet NATO spending commitment are affecting the balance sheet.

The Parliamentary Budget Officer has meanwhile projected that the federal Liberals likely missed a pledge to cap the deficit at $40 billion in the previous fiscal year….& I’m guessing that’s shy by about 40-50% in their estimate.

Freeland has blamed an ongoing Conservative filibuster in the House of Commons for clogging the gears of government business, including the tabling of a fall economic statement…’cuz accountability.

Non-Coalition Coalition that’s Definitely NOT a Coalition…

So the shaky Liberal/NDP coalition is spending more borrowed money on the backs of already beleaguered taxpayers in a vain attempt for re-election. Rather than address serious issues (health care, immigration, spiralling debt levels) they choose once again to bamboozle (they think) gullible...

forums.canadiancontent.net

Conservative Leader Pierre Poilievre, meanwhile, has said he’ll provide the government with two hours on Monday (9th) to table a fall economic statement.

If Freeland is to table the fiscal update this year, there are limited days to do so.

The House of Commons is set to rise for the year on Dec. 17, but can conclude formal business earlier if MPs agree to end the session.

Chrystia Freeland promises a fall fiscal update as clock ticks down on 2024 — Global News

Finance Minster Chrystia Freeland said Friday that she will deliver a fall economic statement this year. Time is running short on days left before Parliament rises for holidays.

apple.news

 

[pgs]

View attachment 26046
Finance Minister Chrystia Freeland says she will deliver a fall economic statement sometime this year as the clock ticks down on the remaining days in the House of Commons for 2024.

Freeland, who is also the Liberal government’s deputy prime minister, made the pledge in Toronto “after announcing funding for the Canadian artificial intelligence firm Cohere.”
View attachment 26050“Gov’t$$ for You!! And Gov’t$$ for You!! Gov’t$$ for Everyone!!”
View attachment 26047
“I will deliver a fall economic statement this year,” Freeland said…& there’s 7 sitting days in Parliament left this year now…

(The fall fiscal update is typically delivered as a stopgap between federal budgets, providing revised economic updates on Ottawa’s projections and accounting for newly announced items in the government’s spending plans, or lack there of)

Delivering a fall economic statement is not a mandated requirement for any government, but would provide a view of how recent government announcements such as the upcoming GST/HST holiday and a pledge to meet NATO spending commitment are affecting the balance sheet.

The Parliamentary Budget Officer has meanwhile projected that the federal Liberals likely missed a pledge to cap the deficit at $40 billion in the previous fiscal year….& I’m guessing that’s shy by about 40-50% in their estimate.

Freeland has blamed an ongoing Conservative filibuster in the House of Commons for clogging the gears of government business, including the tabling of a fall economic statement…’cuz accountability.

Non-Coalition Coalition that’s Definitely NOT a Coalition…

So the shaky Liberal/NDP coalition is spending more borrowed money on the backs of already beleaguered taxpayers in a vain attempt for re-election. Rather than address serious issues (health care, immigration, spiralling debt levels) they choose once again to bamboozle (they think) gullible...

forums.canadiancontent.net

Conservative Leader Pierre Poilievre, meanwhile, has said he’ll provide the government with two hours on Monday (9th) to table a fall economic statement.

If Freeland is to table the fiscal update this year, there are limited days to do so.

The House of Commons is set to rise for the year on Dec. 17, but can conclude formal business earlier if MPs agree to end the session.

Chrystia Freeland promises a fall fiscal update as clock ticks down on 2024 — Global News

Finance Minster Chrystia Freeland said Friday that she will deliver a fall economic statement this year. Time is running short on days left before Parliament rises for holidays.

apple.news

View attachment 26049

Trust us .

 

[Ron in Regina]

Last week, Conservative Leader Pierre Poilievre challenged Finance Minister Chrystia Freeland to table her fall economic statement after she accused him of delaying the process. On Monday, Freeland finally announced that the statement would be revealed on Dec. 16.

Poilievre’s comments came after the minister suggested that the government was “keen to deliver an economic statement in the fall” but has been unable to do so because the Conservatives are filibustering the House of Commons with a question of privilege?

Seriously? That’s their hold up? Last week Conservatives even offered this:

Conservative Leader Pierre Poilievre, meanwhile, has said he’ll provide the government with two hours on Monday (9th) to table a fall economic statement.

In October, Parliamentary Budget Officer Yves Giroux said his analysis showed that the government “will not meet its fiscal commitment” to keep the deficit below $40 billion, and that it had reached $46.8 billion in 2023-2024.

'What's going on?': Why the government's deficit projections remain a mystery — National Post

Ottawa bureau chief Stuart Thomson talks to Quebec correspondent Antoine Trepanier about the strange delay of the government’s fall economic statement, which will be unveiled in the final week of fall. Last week, Conservative Leader Pierre Poilievre challenged Finance Minister Chrystia Freeland...

apple.news

A Bloomberg News survey of 15 economists from Canada’s six largest money leaders, released Monday, found 13 agreed with Giroux (Parliamentary budget officer Yves Giroux) that the Trudeau government will not hit its deficit target.

Giroux was also critical of the Trudeau government waiting so late in the year to present its fall economic statement — in this case one day before Parliament adjourns for its winter holiday break.

He said this “goes against fiscal transparency and accountability” because MPs have to approve hundreds of billions of dollars in new spending without knowing the state of the country’s finances.

He recommended Sept. 30 as the deadline for releasing the fall economic statement every year.

EDITORIAL: Expect more red ink from the Liberals — Toronto Sun

Now that Finance Minister Chrystia Freeland has finally announced she will deliver her fall economic statement on Dec. 16, it raises the question of how much of our money are the Liberals prepared to spend in a desperate bid to win the next federal election? One example is the government of...

apple.news

…is the government of Prime Minister Justin Trudeau’s two-month GST holiday on some goods that looks like it was written on the back of a napkin, given ongoing confusion for retailers about what’s included and what isn’t in the program that starts Dec.14 and runs until Feb. 15.

A graph of per-capita Gross Domestic Product, tracking from the mid-1990s, shows the U.S. and Canada tracking companionably together through the economy’s ups and downs, until 2015 when a gap appeared.

Since then, the gap has consistently widened. What catastrophic economic upheaval took place in 2015 that continues to exist today?

Maybe this is another time when correlation is not causation, but I am just suggesting budgets don’t balance themselves.

In August 2021 Trudeau said, “You’ll forgive me if I don’t think about monetary policy.”

AGAR: Canada going to the dogs with voters choosing Liberals — Toronto Sun

Some things are just a mystery. A lot of people comment on how low the federal Liberals are in the polls. On Dec. 8, poll aggregator 338Canada.com showed the Conservatives at 43% and Liberals at 22%. That means almost one in four Canadians think voting for the Liberals under Justin Trudeau is...

apple.news

How is that possible? Is it because they are turned off by Conservative Leader Pierre Poilievre? Fine. Understandable.

Vote NDP/Liberal instead of Liberal/NDP. Vote Green or Bloc Quebecois. Vote for the Communist Party or whatever Maxine Bernier has got going on.

 

[Ron in Regina]

Relations between the Prime Minister’s Office and Finance Minister Chrystia Freeland have chilled as tensions grow over the push for politically strategic spending measures such as the GST holiday, multiple sources say, risking the minister missing her pledge to keep the deficit at or below $40.1-billion???

Damn, I thought that $40,100,000,000.00 deficit pledge wasn’t even a spec in the rearview mirror anymore….

The sources say the idea for a sales-tax break on items such as toys, video games, Christmas trees and alcohol was driven by the Prime Minister’s Office (PMO), as was the pledge to send $250 benefit cheques to working Canadians who earned an income of up to $150,000 last year.

Trudeau avoids addressing tensions with Freeland over spending on GST holiday, $250 cheques — The Globe and Mail

Opposition MPs seized on a Globe report about tensions between the Prime Minister’s Office and Chrystia Freeland, the same day Ms. Freeland indicated the Liberals will not meet their deficit target

apple.news

The Finance Department viewed the $6.28-billion plan as fiscally unwise, with one source saying Finance officials described the GST holiday as making little economic sense. The sales-tax break has passed in the House of Commons, but the future of the $250 rebate remains unclear, with opposition parties making support for it contingent on it going to more people.

The Globe and Mail spoke to 10 government insiders, high-ranking Liberals and former senior Finance Department officials. The Globe is not identifying the sources who were not authorized to speak publicly about the tensions between Prime Minister Justin Trudeau’s office and Ms. Freeland and her department.

John Ivison: The expiry date on what’s left of Freeland’s credibility looks like next week — National Post

Worse is the impact another broken deficit promise will have on Canada’s fiscal reputation

apple.news

Trudeau’s office at odds with Finance Minister Freeland over GST holiday, $250 cheques, sources say — The Globe and Mail

Finance officials see GST break, $250 cheque pledge as fiscally unwise, sources say, with minister at risk of missing goal to keep the deficit at or below $40.1-billion

apple.news

Deputy Prime Minister and Finance Minister Chrystia Freeland will release the Liberal government’s fall fiscal update next Monday. Many financial observers are hopeful Freeland will (finally) come clean on the size of last year’s federal deficit.

Liberals mum after being asked whether they've pushed past deficit 'guardrail' — Toronto Sun

Government to issue fall economic statement on Monday, less than week before official arrival of winter

apple.news

Not this year’s deficit, last year’s. (This year’s deficit is going to be even larger, but we’ll be lucky to see it before next fall’s federal election.)

EDITORIAL: Freeland moves the goalposts — Toronto Sun

The problem with the Trudeau government when it comes to the nation’s finances is that you can’t rely on anything it says. The reason is that it keeps moving the goalposts — goalposts that it itself set — to the point where taking this government at its word is a bad idea. In her April 2024...

apple.news

The 2023-24 deficit figure is already several months late. Not that that’s unusual for the Liberals. The Trudeau government once went two years and one month between federal budgets, the longest gap in Canada’s history.

They’re just not serious fiscal managers.

'Which one of those two is going to win?': Poilievre prods Trudeau, Freeland over spending tension — CTV News

Revived talk of tensions between Prime Minister Justin Trudeau and Deputy Prime Minister and Finance Minister Chrystia Freeland prompted new questions Tuesday, about how big the federal deficit will be in next week's economic update.

apple.news

It’s clear Freeland is sitting on bad news, which explains her reluctance to give up the figures.

In her 2023 budget, Freeland promised last year’s deficit would be no bigger than $40.1 billion, which is staggering enough. Back in October, though, parliamentary budget officer (PBO) Yves Giroux put the 2023-24 deficit at $46.4 billion – 16% higher than Freeland’s pledge.

The bigger point is: This government quite simply cannot control spending. It piles billions in expenditures on top of billions more, then sheepishly tries to avoid admitting it hasn’t a clue how much of your money it’s thrown away.

And 2024-25 (the fiscal year that will end next March) is going to be much worse.

GUNTER: Freeland defending finances an insult to Canadians — Toronto Sun

Deputy Prime Minister and Finance Minister Chrystia Freeland will release the Liberal government’s fall fiscal update next Monday. Many financial observers are hopeful Freeland will (finally) come clean on the size of last year’s federal deficit. Not this year’s deficit, last year’s. (This...

apple.news

The PBO believes the Liberals have spent more money than they had at this time last year. Freeland pledged the 2024-25 deficit would be “only” $39.8 billion, but already several leading Canadian banks are projecting closer to $50 billion.

The National Bank of Canada said in a newsletter in late November, “Barring any yet-to-be announced revenue measures … the current year’s deficit could exceed $50 billion,” particularly if the Liberals send out all those $250 bribes … uh, er … “affordability cheques” to working Canadians before the end of the fiscal year next March 31.

The Liberals have even botched the calculations of the cost of their GST holiday, which is further proof of how incompetent they are.

All along they have claimed the amount of lost revenue from their two-month GST holiday would be $1.6 billion. However, the federal Finance department genuinely seems to have forgotten that Ottawa has harmonized sales tax (HST) agreements with five provinces (Ontario and the four Atlantic provinces). If Ottawa makes changes to the GST that reduce the provincial portion of HST, then the feds are required to make up the difference.

The GST holiday will likely end up costing the Trudeau government $2.9 billion instead of $1.6 billion because no one in the federal government thought to consult any of the provinces before announcing the holiday.

And while the $250 cheques are slated to cost a further $5 billion, that sum could go much higher if the NDP succeeds in pressuring the Liberals to send the payments to an even broader range of Canadians.

It is not unrealistic to think the 2024-25 deficit could come in closer to $60 billion, simply because the Trudeau government can’t stop spending.

Unbelievably, Freeland said Monday at the Commons industry committee that it was very important for opposition MPs to stop questioning cabinet’s ability to manage government debt and deficits???!!

Apparently, she believes their critiques are harming Canada’s reputation in international markets. Really?

 

[Taxslave2]

Relations between the Prime Minister’s Office and Finance Minister Chrystia Freeland have chilled as tensions grow over the push for politically strategic spending measures such as the GST holiday, multiple sources say, risking the minister missing her pledge to keep the deficit at or below $40.1-billion???
View attachment 26111
Damn, I thought that $40,100,000,000.00 deficit pledge wasn’t even a spec in the rearview mirror anymore….
View attachment 26112
The sources say the idea for a sales-tax break on items such as toys, video games, Christmas trees and alcohol was driven by the Prime Minister’s Office (PMO), as was the pledge to send $250 benefit cheques to working Canadians who earned an income of up to $150,000 last year.
View attachment 26110

Trudeau avoids addressing tensions with Freeland over spending on GST holiday, $250 cheques — The Globe and Mail

Opposition MPs seized on a Globe report about tensions between the Prime Minister’s Office and Chrystia Freeland, the same day Ms. Freeland indicated the Liberals will not meet their deficit target

apple.news

The Finance Department viewed the $6.28-billion plan as fiscally unwise, with one source saying Finance officials described the GST holiday as making little economic sense. The sales-tax break has passed in the House of Commons, but the future of the $250 rebate remains unclear, with opposition parties making support for it contingent on it going to more people.

The Globe and Mail spoke to 10 government insiders, high-ranking Liberals and former senior Finance Department officials. The Globe is not identifying the sources who were not authorized to speak publicly about the tensions between Prime Minister Justin Trudeau’s office and Ms. Freeland and her department.

John Ivison: The expiry date on what’s left of Freeland’s credibility looks like next week — National Post

Worse is the impact another broken deficit promise will have on Canada’s fiscal reputation

apple.news

Trudeau’s office at odds with Finance Minister Freeland over GST holiday, $250 cheques, sources say — The Globe and Mail

Finance officials see GST break, $250 cheque pledge as fiscally unwise, sources say, with minister at risk of missing goal to keep the deficit at or below $40.1-billion

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Deputy Prime Minister and Finance Minister Chrystia Freeland will release the Liberal government’s fall fiscal update next Monday. Many financial observers are hopeful Freeland will (finally) come clean on the size of last year’s federal deficit.

Liberals mum after being asked whether they've pushed past deficit 'guardrail' — Toronto Sun

Government to issue fall economic statement on Monday, less than week before official arrival of winter

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Not this year’s deficit, last year’s. (This year’s deficit is going to be even larger, but we’ll be lucky to see it before next fall’s federal election.)

EDITORIAL: Freeland moves the goalposts — Toronto Sun

The problem with the Trudeau government when it comes to the nation’s finances is that you can’t rely on anything it says. The reason is that it keeps moving the goalposts — goalposts that it itself set — to the point where taking this government at its word is a bad idea. In her April 2024...

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The 2023-24 deficit figure is already several months late. Not that that’s unusual for the Liberals. The Trudeau government once went two years and one month between federal budgets, the longest gap in Canada’s history.

They’re just not serious fiscal managers.

'Which one of those two is going to win?': Poilievre prods Trudeau, Freeland over spending tension — CTV News

Revived talk of tensions between Prime Minister Justin Trudeau and Deputy Prime Minister and Finance Minister Chrystia Freeland prompted new questions Tuesday, about how big the federal deficit will be in next week's economic update.

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It’s clear Freeland is sitting on bad news, which explains her reluctance to give up the figures.

In her 2023 budget, Freeland promised last year’s deficit would be no bigger than $40.1 billion, which is staggering enough. Back in October, though, parliamentary budget officer (PBO) Yves Giroux put the 2023-24 deficit at $46.4 billion – 16% higher than Freeland’s pledge.

The bigger point is: This government quite simply cannot control spending. It piles billions in expenditures on top of billions more, then sheepishly tries to avoid admitting it hasn’t a clue how much of your money it’s thrown away.
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And 2024-25 (the fiscal year that will end next March) is going to be much worse.

GUNTER: Freeland defending finances an insult to Canadians — Toronto Sun

Deputy Prime Minister and Finance Minister Chrystia Freeland will release the Liberal government’s fall fiscal update next Monday. Many financial observers are hopeful Freeland will (finally) come clean on the size of last year’s federal deficit. Not this year’s deficit, last year’s. (This...

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The PBO believes the Liberals have spent more money than they had at this time last year. Freeland pledged the 2024-25 deficit would be “only” $39.8 billion, but already several leading Canadian banks are projecting closer to $50 billion.

The National Bank of Canada said in a newsletter in late November, “Barring any yet-to-be announced revenue measures … the current year’s deficit could exceed $50 billion,” particularly if the Liberals send out all those $250 bribes … uh, er … “affordability cheques” to working Canadians before the end of the fiscal year next March 31.

The Liberals have even botched the calculations of the cost of their GST holiday, which is further proof of how incompetent they are.

All along they have claimed the amount of lost revenue from their two-month GST holiday would be $1.6 billion. However, the federal Finance department genuinely seems to have forgotten that Ottawa has harmonized sales tax (HST) agreements with five provinces (Ontario and the four Atlantic provinces). If Ottawa makes changes to the GST that reduce the provincial portion of HST, then the feds are required to make up the difference.

The GST holiday will likely end up costing the Trudeau government $2.9 billion instead of $1.6 billion because no one in the federal government thought to consult any of the provinces before announcing the holiday.

And while the $250 cheques are slated to cost a further $5 billion, that sum could go much higher if the NDP succeeds in pressuring the Liberals to send the payments to an even broader range of Canadians.

It is not unrealistic to think the 2024-25 deficit could come in closer to $60 billion, simply because the Trudeau government can’t stop spending.

Unbelievably, Freeland said Monday at the Commons industry committee that it was very important for opposition MPs to stop questioning cabinet’s ability to manage government debt and deficits???!!

Apparently, she believes their critiques are harming Canada’s reputation in international markets. Really?

It seems to be working hard to be the next female minister to be thrown under the bus by turdOWE.

 

[Ron in Regina]

It seems to be working hard to be the next female minister to be thrown under the bus by turdOWE.

He is pretty consistent about throwing females under the bus, which really confused me with his last finance minister.