According to a Globe and Mail Report “A Liberal government pledge to root out waste and inefficient programs has yet to identify any spending cuts” but it did find new areas to spend on.
This is incredibly interesting as a year ago during the 2017 budget; they promised to provide budget efficiencies instead of just spending increases.
Well… I want to say I’m surprised but sadly I am not. The government has made it a re-occurring habit of missing their self-set targets. For example, continuing to miss their own carbon emission targets.
So again it’s not too surprising to see the government using a spending review as a way to justify even more spending in our deficit-ridden economy, but it certainly is worrying.
As Treasury Board Critic Gerard Deltell told the Globe & Mail:
“When you have a government that, in the big picture, decides to have a big deficit, three times as big as expected, with no zero-deficit target, this is why there is no seriousness in this government when it comes to being careful when spending public money.”
Already this review has made one thing clear; spending cuts are not a priority, tax increases and spending increases are.
The Liberals are rapidly providing more services, but they are charging Canadians vast amounts for them. For example in the same Globe and Mail report the Parliamentary Budget Officer estimated that one aspect of the small-business tax changes related to income sprinkling will bring in more than $400-million a year in new federal tax revenue while another federal change in 2018 would bring in more than $700 million a year by 2022.
That represents vast sums of money brought out of the economy, specifically small business that could use that money to develop jobs, to finance the current governments reckless spending which is projected to have a deficit until 2045 by the governments own finance department.
The average young tax-payer or even soon to be tax-payer should be extremely worried about this.
So how will we pay back these mounting debts? More taxes and a continuously more constrained economy until the system simply breaks.
What do you think? Let us know below!