Liberal Economic Policy is Just Too Expensive
I spoke on imploring the government to strive toward a balanced budget. Say it again: government overspending and over-taxation leads directly to inflation, which leads directly to higher interest rates (mortgage and borrowing rates), which causes very real economic pain for Canadians.
Look at the evidence. By April, the Bank of Canada’s rate hikes had succeeded in wrestling inflation down to 4% – more than the 2% target but better than before. What happened in April? The carbon tax went up 30%. Other taxes went up. The government threw another $60 billion in spending into the economy and raised our debt to $1.3 trillion. What consequence? Inflation ticked up again, and the Bank of Canada raised interest rates again.
This government continues to print money. It has doubled our debt in just eight years. This amounts to taxing future generations for the money we spend today. We have to get back to paying today’s expenses with today’s dollars.
To say nothing of our debt service charges, which have also doubled – now up to $44 billion a year to the money lenders. Money that isn’t available for other high priority spending or tax relief. I implore the government to bring in a plan to get the deficit and debt under control.
I also asked a question of a Liberal Member of Parliament, Wilson Miao (Richmond Centre, BC). Mr. Miao had claimed that Liberal economic policy “leaves no Canadian behind”. I asked him about the “Transition Plan” for coal workers. Only a third of the money has been spent five years into the seven-year program. Of the money spent, almost none went to coal workers. 83% went to municipalities and consultants for plans and reports. Several million went to a road in Nisku, no where near any coal communities. But in Hanna – a coal community – unemployment went from 4% to 10%; and the value of homes declined by two-thirds. Coal workers would say that they were, in fact, left behind by this government.
Related material
Consult the official Hansard transcript.
Consult the official Hansard transcript of my exchange with Mr. Wilson Miao