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So it’s just another nail in Canada’s Economic coffin.

Single largest expense is debt servicing cost.

The increase in capital gains tax which allegedly affects only the “wealthiest” affects every Canadian who has any investments in Canada including those held by the CPP. We are all getting hosed.

All measures of economic well being have fallen under Trudeau; GDP per capita, investment by companies per employee, foreign and domestic investment per capita, etc, etc. Wages in real dollar terms are almost flat in Trudeau’s time.

It’s time for a change folks.

I hope y’all doing well.

I love the Idiot in Charge statement of fairness to all generations.

He did the fairness on April 1 with the carbon tax and tax on alcohol.

His handlers must be economic illiteriates if they think this is fair burdening future generations with this level of debit. Interest payments now exceed the previous deliberately underfunded federal taxpayer transfer payments to Health Care and use 100% of the GST collected.

One thing for sure this mess is not one that can be blamed on the boomers. The young crowd voted this clown show in and now will have to pay the long term price.

Today's article highlighting the personal investment gap to the US. We are each getting poorer every day / month this coalition government stays in power

https://www.msn.com/en-ca/money/top...ng-then-it-made-things-worse/ar-AA1ni794

Well said Hugh. Thanks for the link.

GRF - I am not sure that many people especially the younger ones stay current on the Canadian economy.

They may know things are costing more but do not realize the difference to other countries. In Canada we got what was voted in -- an NDP / Liberal coalition and as the graph shows we are suffering for it.

People in general need to become more aware of the impact of the green socialist give away government that is currently in place as future generations will be heavily peanlized for the voting decisions made in the last 2 elections.

I didn't use to think it was possible to hate someone more than Trudeau senior. I have now changed my mind.

Jim

Hugh : agreed on the lack of economic understanding in Canadian youth it also exists sadly in all generations a good number of people in my age group (60ish) are horribly lacking in economic knowledge and are self admittedly plagued with short term thinking.

Socialism is also the political refuge of the envious and slothful.

Ontario Jim : having worked oil and gas my entire adult life I strongly agree with your sentiments. Each of the Trudeau’s drove billions of dollars out of Canada into the hands of other countries.


Hope y’all having a great weekend

GRF

Here is part of an article by Chris George of the Niagara Independent

"Liberal pundit Warren Kinsella was much more blunt when he posted on X (the best one-liner!): “That wasn’t a budget. It was a suicide note.”

So how bad can this budget document really be? Consider these ten facts.

The Trudeau government has delivered nine consecutive budget deficits. (Recall the Liberals’ 2015 election promise to produce a balanced budget within four years? Instead, in 2019, the budget deficit was $39.4 billion.)

The Trudeau government has now doubled the federal debt. The federal debt will total more than $1.2 trillion this year and in 2015 it was $616 billion.

Last year taxpayers paid $46.5 billion in interest alone on the country’s total federal debt of $1.2 trillion. This is 33 percent higher than in 2022 when Canadians paid $35 billion in interest.

The government now spends more ($54.1 billion) on interest payments than it does on healthcare transfers to the provinces ($52.1 billion).

Debt interest charges are now the fastest-growing line item in the federal budget.

The federal government collects as much in GST annually as it pays in interest payments – both figures are $54.1 billion. (Without a national debt, the government could eliminate the GST).

It is projected that Canadians will pay $60.7 billion in interest in 2028 – that is $1.16 billion every week.

Federal program spending is forecasted to reach $11,901 per person, which is approximately 28 percent higher than nine years ago in the last fiscal year of former prime minister Stephen Harper’s tenure.

Blacklock’s Reporter and Andrew Coyne with the Globe and Mail have highlighted the fact that the government’s own estimated spending figures keep getting revised sharply upwards. For example, this fiscal year, federal program spending will be $483.6 billion, yet this forecasted figure has increased $16 billion as stated in the 2023 budget document, and $39 billion more than recorded in the 2022 budget document.

The government has not provided a timeline for achieving a balanced budget – at best offering the projection of a $20 billion budget deficit in 2028.

So, with this flood of red ink, imagine that while standing in the House of Commons Tuesday afternoon Chrystia Freeland maintained a straight face in stating: “We continue to stick to a responsible fiscal plan.”

In his editorial piece for the National Citizens Coalition, Spencer Fernando describes the unsaid intent of Freeland’s self-proclaimed “responsible fiscal plan”: “The Liberals have now ensured that the next government will inherit an absolute disaster. Quite deliberately, Trudeau and his ilk have set Canada on the path to long-term economic pain, declining global influence, rampant division, rising poverty, and generational conflict.”

Thank you for that Hugh.

Polievre when he gets in will need to do the trick Ralph Klein did, a major cut every week or two. The press could not keep track of what they were wanting to bitch about.

He should have called it the Freak Budget

https://nationalpost.com/opinion/ja...budget-to-advance-demographic-favoritism

Wannabebwana - in reading that article my first thought is that PP will not have trouble identifying areas to reduce the budget and the size of those departments.

Trudeau and the Liberals just doing what they do best --- divisive favortism

PP can, and should, cut a lot of fat. The important thing is, the debt has to be paid down, and it can be. It can be paid down with money which is already out there. I am absolutely willing to send in one thousand dollars to Pierre Poilievre, with the stipulation that it only be used as a direct payment against the debt. No admin, no bullshit, just make the payment. If I want to pay off a loan, and can afford to do so, this is how I do it. I make the payment. I am willing to help the government discharge the debt, but only if they commit to do it. No tricks, no sleight of hand, just pay the freakin' debt off; then don't screw it up again. Short term pain, long term gain.
I know, this seems simplistic and maybe it is, but simple works. GD

The federal government collects as much in GST annually as it pays in interest payments – both figures are $54.1 billion. (Without a national debt, the government could eliminate the GST).

We are in trouble for sure with the rampant waste of money this govt has dumped on us, I fear that the incoming Conservative govt will be forced to make some brutal choices. Choices that need to be made and actioned. Virtually every financial piece I have read says the budget is a bust. I agree totally. It is interesting that even the NDP are quiet on their support so far. Silence speaks volumes!

Now, I have an idea to toss out there. Once the debt is tamed/eliminated instead of ditching the GST, why not either keep it at the current 7% or drop it to 5%. Then, mandate through rock solid legislation that the GST MUST be used to A) fund health care via top up to the current method. B) Rebuild the Canadian Armed Forces to the stature we once had through equipment, training and realistic recruitment. On top of the DND budget.

OR: Use the GST to create a Canadian Heritage Fund similar to what Alberta has. A rainy day fund that could only be used under tightly controlled release. Not for the pet projects of the govt of the day or funding other countries issues but real needs benefiting ALL Canadians.

I'm not a fan of taxes but the GST has been around long enough that it likely is here to stay regardless. We are used to paying it, most Canadians don't even know it once never existed. Yes, I am a born with Conservative blood in my veins kind of guy.
But, why not put the money to real, honest use? Canada could and should be a serious world contender, not the f'n joke we have become under Liberal rule.
Food for thought.
Jeff

If the government should ever have any surplus funds, the management of such funds should be handled by a rural housewife. Federal politicians and bureaucrats should not be allowed anywhere near it. Otherwise, you might as well burn half of it. GD

First thing this government should do is insert a Scotsman as finance minister......I ain't spending money on that sheeet.

Great Idea! Worked with a Scotsman a while back, cheap bugger lol.
Jeff

Jeff; those of us of Scottish decent prefer the term frugal (make sure you roll the R 😃)

Great Idea! Worked with a Scotsman a while back, cheap bugger lol.
Jeff

LOL

As a person with a tartan ancestry and one who shops for soup sales I am in agreement with GRF on this.

On a separate budget note if you have a short bit of time listen to this interview.

This interview gave me my full dose of stupid for next month.

According to Liberal MP under this budget wih the capital gains change they are willing to drive out experienced doctors educated in our country to bring in foreign health professionals with credentials that need to be elevated


https://twitter.com/i/status/1783125859140055419