Promising federal budget ignores debt and deficits
- Author: Leroy Wright Mar 02, 2018,
Mar 02, 2018, 16:56
Harper's first budget in 2007-08 had a $9.6-billion surplus, but that was followed by a $5.8 billion deficit in 2008-09 and a $55.6 billion deficit in 2009-10, after the global economic recession hit. "I think we're up for a very interesting debate inside the Liberal Party", Gagnon said.
Another 1.2 billion dollars would be applied over five years to provide five weeks of paid parental leave for fathers, and non-birth partners, including same-sex partners. "The budget also includes $20.3 million over five years to settle 1,000 more refugee women and girls from conflict zones around the globe", the Financial Post story continues.
This was one of the main focuses of this year's budget, which was tabled in Ottawa on February 27 by Finance Minister Bill Morneau.
But it remains to be seen whether the additional investments will be enough to give future generations the economic boost the Liberals have promised.
To use Andrew Scheer's words, "never has a prime minister spent so much to achieve so little". "As the campaign went on, we were included more and more with the other stakeholders".
The Government estimates that less than three percent of CCPCs will be affected by these changes - roughly around 50,000 private corporations. On a cumulative basis, including risk buffers worth $3 billion annually, deficits over the six years including 2017-18 are projected to total $98 billion. The budget promises $109 million over the next five years to help Environment Canada and the Canada Revenue Agency to enforce that pledge.
Finally, the budget undermines investor confidence by refusing to establish a plan to return to a balanced budget.
"Women tend to lose out in our tax system since they are greatly under-represented among top earners", Jackson says.
Many have urged Morneau to respond by cutting business taxes in Canada - but he has refused to act until the USA government irons out the details of its tax overhaul.
She said the budget also contains important measures to support seniors and Indigenous people.
In a news conference following his speech, Morneau reiterated that his department is still doing its homework on impending US tax reforms that business leaders have warned could damage the Canadian economy.
"It's not news to me that business is asking for lower tax rates - I was in business, that's a pretty common refrain", Morneau said.
It's what's missing from this budget that's the problem. Ignoring the dropping USA tax rates will inevitably hurt our ability to attract and retain jobs and investment. And the burden depends on whether they have insurance coverage. They are figures provided by private sector analysts as to the economic value of enhancing women's equality and participation in the workforce.
"The investments in research made in the 2018 budget will support a diverse group of emerging researchers to move forward in their careers and to unlock new knowledge for the benefit of Canada and the world". In fact, it's clear the government did not deviate from its previously announced plan to bring the small business tax rate down to nine per cent by 2019.
The Liberals were confident they could tack on high debt just so long as they kept reducing the debt-to-GDP ratio.
Over $7 billion in infrastructure investment, the cornerstone of the Liberals 2015 election appeal, was cut and pushed past the next election - despite the sorry state of our social housing, transit, roads and schools.
Committee witnesses and others are raising concerns about whether a government bill aimed at preventing and responding to sexual harassment and workplace violence, including against parliamentary employees, will actually make it any easier for people to...
"We recognize that we need a strategy to deal with the fact that not everyone has access and we need to do it in a way that's responsible, that deals with the gaps, but doesn't throw out the system that we now have".