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Thank you for reading this post, don't forget to subscribe!Finance Minister Chrystia Freeland is set to announce a ‘responsible fiscal strategy’ next week, as she assured.
Published on November 17, 2023 • Last updated 44 minutes ago • Read 3 minutes ago
Prime Minister Justin Trudeau at a press conference on November 17, 2023. He stated the upcoming fall economic update “will be an indication that we understand how to remain fiscally responsible while we make investments that enhance the economy.” Photo by Adrian Wilde/The Canadian Press
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OTTAWA — On Friday, Prime Minister Justin Trudeau asserted that his government has “always exercised fiscal restraint” as he gets ready for the Liberals’ fall economic update next week, while Conservative Leader Pierre Poilievre insisted on a balanced budget. Requires inclusion of a plan for. As the relief from the scheduled carbon tax increases.
“I propose a compromise. No more hikes,” Poilievre stated during a press conference on Friday, outlining a concise list of his requisites prior to the economic downturn statement.
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Finance Minister Chrystia Freeland is set to introduce a “responsible fiscal plan” next week that will enable the government to “invest in what Canadians need right now.” He promised the update would concentrate on affordability and housing.
Poilievre attributed government spending to many of the issues currently afflicting Canada, such as record food bank usage and tent cities popping up across the nation.
“(Trudeau) has accrued over $600 billion of inflationary debt, which exceeds the debt of all the previous prime ministers combined, doubling our debt. They have infused our economy with easy money, inflating the price of the goods we purchase and the interest we pay,” Poilievre remarked.
“Additionally, he has imposed a substantial carbon tax on gas, heat and all other items transported by truck. The consequences have been disastrous.”
“(Trudeau) has added more than $600 billion to the inflationary debt, more than all previous prime ministers combined
Pierre Poilievre
Speaking in San Francisco, Trudeau proudly highlighted his government’s performance in comparison to its international counterparts, portraying a more positive outlook on Canada’s economy than Poilievre.
“Our deficit is the least in the G7. We possess the finest debt-to-GDP ratio in the G7… We are one of the world’s top three economies, accredited as a triple-A, first-class economy with a responsible fiscal track by unbiased rating agencies It is,” he expressed.
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“One approach we’ve taken to achieving this is not by implementing what Conservative legislators desire and slashing programs and services for Canadians, but by offering support to Canadians.”
Trudeau cited child care and dental care as social policies, which he also views as economic policies, and emphasized that the Conservatives voted against those measures.
“I am eager to present this in next week’s fall economic update: an indication that we understand how to remain fiscally responsible while we make investments that stimulate the economy and safeguard Canadians,” he stated. There will be supporters,” he said. ,
Poilievre also urged the government to embrace his housing bill, which aims to expedite the construction of new housing in cities with predetermined targets, while granting a GST exemption on new residential rental properties for which rents are at or below average market rates.
The government has contended that Poilievre’s bill would actually be more bureaucratic than their own housing plan outlined in Bill C-56, which seeks to eliminate the GST for all new rentals. The NDP has agreed to expedite the Liberal bill next week in return for various amendments.
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These amendments include implementing GST exemption on cooperative units and more stringent measures to guarantee greater competition in the grocery sector.
“While we didn’t attain all we desired, and the NDP government will take even more measures against the corporate greed that drives up grocery costs, we are committed to making improvements,” NDP finance critic Daniel Blaikie expressed in a statement issued on Friday evening. Were capable.”
The government’s fiscal update arrives at a time when the economy is decelerating and pressure is mounting to meet the NDP’s demands to uphold the agreement with the Liberals.
NDP Leader Jagmeet Singh stated he does not anticipate the revelation of a national pharmacare plan in next week’s fall economic statement, but is hopeful the government will soon delineate a framework for a program that would cost billions per year.
Recent projections from the Parliamentary Budget Officer indicate that the federal deficit is projected to escalate to $46.5 billion in 2023–24 due to slower revenue growth and increased spending, and wane to $8.2 billion in 2028–2029 without additional spending. Will be done.
Just last year, federal projections were forecasting a surplus in the 2027-2028 fiscal year.
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