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