COVID-19 has driven governments into debt traps

Printing money to address short-term needs will lead to inflation and dampen any potential economic recovery

COVID-19 has driven governments into debt trapsThe financial consequences of COVID-19 and the shutdown of economies are difficult to evaluate. But some of those consequences have begun to appear and could hinder economic recovery. Inflation is one of these harmful consequences. In the United States, consumer prices jumped 4.2 per cent in the 12 months through to April, up from 2.6…

Politicians are long on promises but short on delivery

None of the major parties have a realistic plan to get the nation’s finances in order

Politicians are long on promises but short on deliveryPoliticians have made promises that will cost tens of billions of dollars during this election. But when it comes time to open their wallets to pay the tab, these party leaders are running to hide in the bathroom while taxpayers cover the bill. Politicians and taxpayers both need to understand a simple truth: there is…

Wealth taxes ultimately cripple economic growth

The rich put their earnings into new ideas, venture capital funds and angel investments

Wealth taxes ultimately cripple economic growthThere has been increasing clamour from some circles to impose a wealth tax upon Canadians. The usual government-expanding social ‘democratic’ pressure and interest groups are especially enthused by the idea. They also claim it’s popular among the public. A one-time tax of three per cent on individuals with wealth above $10 million and five per cent…

Taxpayers still waiting for a credible plan to balance the books

$424 million(!) being added to the debt every single day

Taxpayers still waiting for a credible plan to balance the booksBy Franco Terrazzano and Jay Goldberg Canadian Taxpayers Federation If the federal government’s fiscal policy stays on its current trajectory, Canada’s trillion-dollar debt will be a major drain on taxpayers’ wallets for generations to come. In this election, voters will need to closely examine parties’ plans to plug that drain. Unfortunately, the current Liberal plan…

How politicians can make our lives more affordable

A huge portion of the high cost of living is being driven by government policy

How politicians can make our lives more affordableBy Franco Terrazzano and Jay Goldberg Canadian Taxpayers Federation Political parties are trying their best to convince Canadians they can make life more affordable. But if politicians want us to believe them, they need to look in the mirror. That’s because making life more affordable really means tackling the damage government does through regulation, high…

Canadians deserve better than five decades of deficits

More deficits mean more debt that your kids and grandkids will need to pay back

Canadians deserve better than five decades of deficitsThe Parliamentary Budget Officer has finally answered the burning question: will Prime Minister Justin Trudeau’s budget balance itself? The answer: yes, it will – but not for another almost 50 years. According to data published by the PBO, under status quo policies the federal government will balance its budget again in the year 2070. By…

Higher taxes won’t solve our crippling fiscal problems

Instead, the government should be working at finding ways to control spending

Higher taxes won’t solve our crippling fiscal problemsCanadian politicians appear to be gearing up for an election campaign in which they will be asked how they would handle the myriad issues facing the country. Two of our most pressing concerns are Canada’s crippling debt and sky-high deficits. As the Parliamentary Budget Officer (PBO) recently noted , we are currently on track for…

Bureaucrats living high off the hog at taxpayers expense

Ottawa’s public service has swelled by roughly 10,000 bureaucrats per year under Trudeau

Bureaucrats living high off the hog at taxpayers expenseCOVID-19 has shone a light on a fundamental divide within Canada: the growing government bureaucracy and those forced to pay for it. This contrast is illustrated by Statistics Canada’s latest jobs report. The private sector, including the self-employed, has shed 520,400 jobs since COVID-19 hit us, while the number of government jobs across the country…

Ontario’s governments are set to run deficits until the year 2095

Ontario taxpayers deserve better

Ontario’s governments are set to run deficits until the year 2095It’s time for Ontario taxpayers to hit the debt panic button. The Parliamentary Budget Officer released a troubling report earlier this month that shows that, when Ontario’s provincial and municipal finances are looked at together, Ontario will be running deficits indefinitely, until at least the year 2095. Typically, when analysts look at the state of…

You’re on the hook for $57,000 in government debt

We have to start demanding that politicians start making some tough choices

You’re on the hook for $57,000 in government debtFifty-seven thousand dollars. That’s the average amount each Canadian will owe in provincial and federal government debt by the end of the year. It’s not just the rich or big corporations that will be mopping up this budget mess if politicians don’t take some air out of their bloated budgets. Politicians are already starting to…
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