Debt Soars as Trudeau Unveils Budget

Alshaar Ansari
Alshaar Ansari News Politics
6 Min Read
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Canada’s federal budget for 2024 as presented by the Liberal government once again showed their complete lack of attention towards fiscal responsibility and concern for Canadians. By introducing a deafening $111.2 billion in new spending over the next 5 years, PM Trudeau has unveiled a budget that lacks any central theme to balance the books and further encumbers Canadians with unsustainable debts and ballooning interest rates.

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Finance Minister Freeland’s budget presentation in the House of Commons on Tuesday was an excellent example of political spin meant to disguise the fiscal profligacy behind illusory investments. However, it is important to know that this is not true at all. In spite of Freeland’s assurances that there would be no rise in a deficit beyond its current level, the budget shows that between 2023-24 and 2024-25 federal debt as a percentage of GDP will increase from 42.4% to 42.7%, only slightly decreasing in subsequent years.

This expenditure splurge by Ottawa will cost taxpayers $54 billion in debt interest charges according to Canadian Taxpayers Federation, money which could have been better spent on vital public services or given back to people instead. Also, Pierre Poilievre, the leader of Conservatives has had his say on this matter stating that these $40 billion will force Canada’s families make additional annual interest payments amounting up to $2,400.

Justin Trudeau's Continuous Federal Debt Taking Practice Makes Canada Less Attractive

This government’s fiscal recklessness is nothing new because Canada’s total debt since Trudeau took office in 2015 has more than doubled from $616 billion to an eyepopping $1.2 trillion; yet despite empty promises by Prime Minister Trudeau who said “the budget will balance itself” not even one balanced operation can be recorded during his reign.

Canadians are already experiencing consequences of this prodigal spending: life costs have risen with house prices and rents having doubled and food prices having increased by a staggering 30%. In short, according to Poilievre, “the government is rich, and the people are poor.” These words of Poilievre demonstrate his firm disapproval for the government’s management of the economy as led by Trudeau.

The latest budget from the government only compounds these problems pouring billions into new programs and initiatives that only provide temporary relief at best without addressing the underlying structural problems in Canada’s economy. The plain fact is that Trudeau Government’s fiscal agenda represents not a course for prosperity but rather a recipe for economic stagnation and social revolution.

As noted by Canadian Taxpayers Federation this government’s only plan is to “take as much money from taxpayers as it can”. This federal budget of 2024 is indeed a betrayal of trust bestowed on Trudeau regime and another indication that they do not care about Canadians’ welfare first.

Our recent poll on the Scoop Canada YouTube Channel tackled the hot topic of whether Justin Trudeau should remain as Canada’s PM or not. The results were astonishing, almost every respondent voted that he should step down right now. Join the ongoing conversation on our Scoop Canada YouTube channel and cast your vote here to make your voice heard on this crucial issue!

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Source: Scoop Canada YouTube channel

Already Canadian households have suffered from irresponsible fiscal policies of Trudeau administration causing cost of living rise and leaving the country with an enormous debt burden. The federal budget for 2024 simply adds insult to injury, with Ottawa throwing billions into new spending ideas which give us no serious hope for future development.

The Canadian Taxpayers Federation has pointed out that the government’s fiscal agenda is not meant for prosperity, but rather a shameless effort to siphon as much money as possible from taxpayers’ pockets. The truth is that the Trudeau administration has repeatedly failed to meet its promises of balanced budgets and fiscal restraint instead, they have pursued policies that totally sidelined the financial welfare of Canadians.

Already, the effects of this wanton approach are being felt nationwide with skyrocketing housing prices and rent costs, while the cost of everyday necessities like food has been increasing at an alarming pace. Poilievre’s remark that “the government is rich and people are poor” stands as a scathing critique on economic management by the Federal Government under Trudeau.

Ultimately, budget 2024 gives a clear insight into Trudeau’s intentions or rather lack of them when it comes to putting Canada first. Instead, it is intended to consolidate power and extract as much revenue from taxpayers as possible without even thinking about what will happen in future.

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Canadians really need more than this. They deserve a financially responsible government which puts their interests above all else and has well-defined plans for rebuilding the economy of Canada. The 2024 federal budget under Trudeau presidency with all its profligacy and no credible plan for balancing books betrays that trust against his actions; thus being unfair to all Canadians.

Last Updated on by Alshaar Ansari

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