The Liberals have released their fall economic statement, and I’m disappointed – although not surprised – to report that it only drives our country further into debt.
The Prime Minister said the budget would balance itself. But last week the Finance Minister finally admitted that isn’t true. This year’s deficit is more than three times what the Prime Minister said it would be – $18.1 billion. He promised to balance the budget by next year. Instead the deficit will reach $19.6 billion in 2019/20. He has now added $60 billion to our national debt.
Incredibly, next year’s deficit will be even higher, and the Liberals have no plan to return to balance. You don’t need to be an economist to understand that more debt today means higher taxes tomorrow. What the Liberals are doing is intergenerational theft – they are leaving our children and grand kids on the hook for their massive overspending.
As a result of the Prime Minister’s reckless borrowing, last year the Liberals spent $23 billion servicing the national debt. By 2023, the Parliamentary Budget Officer says that amount will rise to $37 billion – a 60% increase. The Liberals will be spending more on national debt interest than on our health care system!
The Liberals inherited a budgetary surplus from our former Conservative government. We steered the economy though the 2008 financial crisis and left it on solid footing. The Prime Minister has chosen to squander this prosperity by overspending at every opportunity.
Prior to the crisis in 2008, the Conservative government was practicing fiscal responsibility. In the previous two years, they had allocated funds in the budget to pay down the debt. So when the financial disaster happened, there was money available for economic stimulus spending. This saved taxpayers’ money – your money – from being spent needlessly on interest payments. By contrast, the Liberals are immediately spending any surplus they can find.
Their spending habits mean there won’t be anything left if another crisis occurs. It would be like if you had just maxed out three credit cards and then lost your job. The cupboard would be bare.
A Conservative government will stop the raid on future generations, eliminate Liberal deficits, and get Canada’s fiscal house back in order.
I can be reached in Ottawa at martin.shields@parl.gc.ca. My Brooks office can be reached at 403-793-6775 or martin.shields.c1@parl.gc.ca, and my Strathmore office at 403-361-2980 or martin.shields.c1B@parl.gc.ca. Please don’t hesitate to contact me about any federal issue.
