Trudeau's Budget Hurts Middle Class
Life just got tougher for the middle class Prime Minister Justin Trudeau claims to care so much about.
His second federal budget released Wednesday lowers middle-class pay cheques by raising employment insurance premiums.
It makes commuting more expensive by eliminating the public transit tax credit and increases the cost of ride-sharing services like Uber.
It raises the price of cigarettes, beer and alcohol.
And, of course, Trudeau will be raising the cost of living for middle-class households by hundreds of dollars annually with his national carbon pricing plan.
Trudeau’s second budget confirms that when he promised Canadians during the 2015 election campaign a few years of modest deficits to pay for Liberal election promises, before balancing the budget, he was either incompetent or fibbing.
During the 2015 election, Trudeau said the Liberals would record a projected deficit of $9.9 billion in 2016-17.
Wednesday’s budget increases it to $23 billion.
During the election, Trudeau said the deficit in 2017-18 would be $9.5 billion.
Wednesday’s budget increases it to $25.5 billion.
During the election, Trudeau said the deficit in 2018-19 would be $5.7 billion.
Wednesday’s budget increases it to $24.4 billion.
During the election, Trudeau said Canada would record a surplus of $1 billion in 2019-20.
Wednesday’s budget says there will be a $20.4 billion deficit in 2019-20, followed by an $18.7 billion deficit in 2020-21 and $15.8 billion in 2021-22, the final year of projections.
Trudeau’s second budget contains no timetable for restoring the nation’s finances to a balanced budget.
He has also abandoned his election promise to reduce the government’s debt-to-GDP ratio, a key indicator of economic health, from 30% to 27% by the end of his first term.
That’s been replaced by a vague statement that the ratio will be lower in 2020-21 than 2016-17, without specifics.
This is what happens to Canada’s finances when reality confronts a prime minister who believes budgets balance themselves, while espousing the Care Bear philosophy that he would grow our economy from the heart outwards.
All Trudeau’s really done is the same old Liberal trick of reaching ever deeper into our wallets.