Liberal Profligacy

Vincent J. Curtis

28 May 23

RE: Ottawa sees $41.3B deficit for fiscal year.  CP story.  The Hamilton Spectator 27 May 23.

Lost in all the numbers is the profligacy of the Trudeau Liberal government.  The Federal deficit in FY21-22 was $95.6B.  In FY22-23, revenues increased by $34.2B and expenditures dropped (as COVID support ended) by $29.9B, totalling $64.1B in expected reduction in the Federal deficit, i.e. from $95.6B to $31.5B.  Finance Minister Chrystia Freeland in her budget speech forecasted a deficit of $52B, and it actually came in at $41.3B, still $9.8B more than it ought.

Chump change you might say, $9.8B out of a budget of $455B.  How is that profligate?

That chump change would pay for half the fight jet replacement project.

Canada is paying $43.9B in interest this year on a debt of $1.2T, half of which was acquired from previous Trudeau profligacy.  The financing of that recent profligacy is what’s driving inflation, and driving up interest rates, which, in turn, drives up interest payment on debt.

It’s not that Canada lacks the money to replace fighter jets, or the fleet of navy frigates, or meet the NATO obligation of spending 2 percent of GDP on defense.  The Trudeau Liberals would rather buy friendships for itself at home with taxpayer money.

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