The Federal government tabled their first budget in two years this past April 19th with a colossal projected deficit of over $150 billion on top of the previous year’s deficit of three hundred and fifty billion.
In 2019, just prior to the pandemic, three hundred and fifty billion was the amount of the entire budget which means Canada spent twice as much in the twenty-twenty to twenty-twenty-one fiscal year as we did the year prior and our federal debt has now broken the one trillion mark.
As of the filming of this show, each Canadian’s personal portion of the federal debt is now almost $30,000 as opposed to about $17,000 in January of 2020.
Announced in the budget was over $150 billion in new spending, $30 billion over five years to create a national child care program. $18 billion for indigenous communities. $17.6 billion for environmental efforts. $3 billion over five years to help provinces improve long term care and $2.5 billion for safe housing.
While the majority of Canadians are in support of helping families with children, the elderly, the environment, indigenous communities and those in need of affordable, and safe housing, many are also nervous that we are heaping an unsustainable debt burden on ourselves and upon future generations, setting Canadians up for massive taxation in the future. With most families already paying 35-55% of their annual income to taxes and government fees, some of the highest rates in the world, you can see why there might be concern about a deficit half the size of our 2019 budget.
Prime Minister Trudeau is now credited for racking up more federal debt than all other previous Prime Ministers combined.
Here to unpack the implications of the budget are two very distinguished guests. Franco Terrazzano is the newly appointed Federal Director for the Canadian Taxpayers Federation and joining him is Member of Parliament, Dean Allison, one of the longest standing MPs in the Conservative caucus. He has served as the Vice Chair of the International Trade Committee in Parliament, Chair of the Subcommittee on Committee Budgets, Chair of Public Accounts and has held many other roles.
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