Now, those Canadians who turn 18 years old today won’t see another balanced budget in Ottawa until they turn 56. This is Trudeau’s legacy.
What a difference a year makes.
Spending is out of control in Ottawa. “Modest” $10-billion deficits for a couple years have spiralled into borrowing that will span a generation. The finance department released updated long-term economic projections just before Christmas and reported, that under their current plan, the Liberals won’t be able to balance the budget before the 2050s.
Worse still, within just 15 years, the federal debt will be over $1 trillion (yes, “trillion” with a “T”) and Canadians will be paying over $50 billion every year just to make the interest payments on all that debt.
So what’s a Liberal government to do?
There are two options: One is get their own spending under control; the second is to raise taxes on Canadians.
Trudeau has proven he’s unable and unwilling to control spending, which means the only option is to make Canadians pay more — a lot more — tax. We’ve already seen taxes go up through cancelled sports, arts, and dance credits, a hike on local businesses, a cut to Tax Free Savings Accounts, a CPP tax hike, and the Carbon Tax.
An idea the Liberals floated recently was to tax Canadians’ health and dental benefits. Given the visceral and widespread condemnation of the idea, it’s not surprising that Trudeau on Tuesday appeared to be backing away from it.
We won’t know for sure until the budget later this year, but if it’s not that tax hike it will be another.
Make no mistake: the upcoming Liberal budget will continue the wave of tax hikes.
Under the guise of “fairness” and “simplification,” Trudeau’s Liberals have been quietly working to take more money out of the pockets of Canadians. This will continue in 2017.
And the bill Canadians get won’t be small.
There is the long list of tax credits that could be on the Liberal chopping block, from the Volunteer Firefighter Tax Credit, to the Public Transit Tax Credit, to the Mineral Exploration Tax Credit, to even the Charitable Donations Tax Credit.
This is a lot of money coming out of the pockets of Canadians. For most people, it means less money for groceries. It’s a mortgage payment. It’s education savings. It’s hydro bills. It is clear by Trudeau’s actions, that he doesn’t care about regular, hardworking people.
As more and more money is spent to service the debt, it means less and less is available for things like health care, education, roads, or tax relief. Despite Trudeau’s musings, budgets don’t balance themselves.
And critically, higher taxes don’t grow the economy or create opportunities for younger generations. It leads to a vicious cycle of tax, spend, and increased debt.
As much as Justin Trudeau likes to brag about being interested in youth issues, his actions tell a different story. He expects them to pick up the tab tomorrow for his out-of-control spending today, all while making it harder for them to get jobs and buy their first home.
And it won’t take years for the impact to be felt. It’s already happening.
Taxes are already going up, for young and old alike. Good jobs are getting harder to find, especially for young people.
Conservatives are the voice of the taxpayer, and we’re the only ones in Ottawa who are. It’s time for Trudeau to admit he has a spending problem.
— Rona Ambrose is interim leader of the Conservative Party of Canada.
Feb 1st 2017