David Sweet Column: Liberal red ink flows
Submitted to the Flamborough Review
November 22, 2016
At the beginning of November, the Liberal Government’s Finance Minister delivered the annual Fall fiscal and economic update and it is clear that the economy is down while deficit-fuelled spending is going up significantly.
This can only be a recipe for higher taxes on Canadians. It is becoming clearer day by day that when it comes to managing the economy, the Liberal economic plan comes with a hefty price tag and – increasingly – little to show for it.
Did you know that since Justin Trudeau was elected Prime Minister the economy has not created a single additional full-time job? Not one. That’s according to the Parliamentary Budget Office.
Yet the economic update announced an additional $32 billion in spending over the next five years. Far off the target of $10 billion in red ink promised in the last election.
Meanwhile, the Liberal government has cancelled family tax credits for sports and arts classes, they have cancelled small business tax cuts and they are now imposing a CPP tax hike and carbon tax that will cost Canadian families thousands of dollars more per year.
While the government’s spin will be that they are investing billions in infrastructure that will create jobs, we have now learned that $15 billion that had already been committed to community infrastructure projects will instead be used to finance a new infrastructure bank.
However, the new infrastructure bank will only provide funding to projects worth more than $100 million – meaning any projects outside of the large cities won’t qualify. With less than 1% of announced projects actually under construction, no new jobs are being created.
My fear is this – you are going to be paying increased taxes to pay for deficit spending that doesn’t actually create jobs, help the economy, nor help you get to work faster with better infrastructure.
It’s not just us in the Official Opposition who are saying this. Economists at two of the five big banks have publicly called on the government to halt additional spending.
Changing the topic from the red of debt and deficits to the red and green of Christmas, a sure sign that Christmas is approaching quickly is the annual and spectacular Flamborough Santa Claus parade. It takes over the streets of Waterdown this Saturday evening. Check out the parade route online. Congratulations to the organizers and everyone participating in the parade. Please enjoy a great evening of family fun!