![]() ![]() The government is no longer projecting when it will return to a balanced budget. That's added to the federal debt, which, at last check, is roughly $1.2 trillion - double the $612.3 billion it was when Trudeau and his team took the reins of power. Under both former finance minister Bill Morneau and Freeland, Ottawa has always been in the red. The current Liberal government has never posted a budget surplus. We're one of the three largest economies in the world with a AAA credit rating, which means that our plan is responsible," he said. "We have the lowest deficit in the G7, the best debt-to-GDP ratio and we've preserved our AAA credit rating. Trudeau himself mounted a similar defence this week when asked if he can really describe his budget as "fiscally responsible" given the plan to spend more now and into the future. That's what's given us the room now," Khan said. We're a $3-trillion dollar economy," he said.Ī lot of this spending is possible because of cuts made in the 1990s when Canada was in worse financial shape. "It will work, it's functional and it's fiscally sustainable. The eye-popping spending increases may seem like a problem but Khan said it's sustainable as long as the economy continues to grow. ![]() Her budget projects spending will ring in at $555.7 billion in 2027-28. Total expenses for the federal government were $280.4 billion in the 2014-15 fiscal year.Īdjusted for inflation, that's roughly $345.5 billion in today's dollars.įinance Minister Chrystia Freeland's budget projects total expenses will be $496.9 billion in 2023-24 - a year when there's no extraordinary pandemic-related spending.Īnd under Freeland's current plan, the spending will move higher in the years to come. It's not just expenses - federal public service employment has increased by 31 per cent in seven years. The government has added nearly 80,000 employees to the roster during its tenure. The federal Liberal government tabled a budget Tuesday that calls for billions of dollars in new spending - something they've done in every other fiscal document for the last seven years.Ī review of federal finances shows just how big the government has become in recent years as a result. Ottawa is projected to spend about $151 billion more next year than it did in 2014-15, the year before Prime Minister Justin Trudeau and his party won government in November.
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