OTTAWA, ON - Larry Maguire, Member of Parliament for Brandon-Souris, spoke in Parliament in favour of a motion which called on the need for the Minister of Finance to tell Canadians in which year the federal budget will be balanced. Later that day, every single Liberal MP voted against the motion, meaning that Parliament and taxpayers will not be told of the government’s plans to balance the budget, if ever. Since then, the Minister of Finance has revealed he continues to run deficits for the foreseeable future.
“I took this opportunity to ask the Liberals to tell Canadians what their plans are to balance the budget,” said Maguire. “In their Fall Economic Statement, Bill Morneau passed on providing any meaningful information on when they will stop adding billions to Canada’s debt.”
The reason the motion was tabled and debated in Parliament, was that for the first time in modern history, the Government of Canada is refusing, or unable, to inform Canadians on their long term budgetary plans. In addition, the motion was in direct response to the Liberals immediately breaking their election promise to only run small, temporary deficits and to return to surplus in 2019. When they first took office, they inherited a surplus from the previous government, a growing economy and rock bottom interest rates.
During the 2015 election, the Liberal platform was very clear when they said that the budget will be balanced by 2019. Justin Trudeau said he would only run small deficits of $10 billion a year, and that he would balance the budget by 2019. Instead, this year’s deficit is now almost $20 billion, three times what Justin Trudeau said it would be, and he has added $60 billion in debt.
In response to why Bill Monreau is refusing to make the information available, Maguire said, “There is something fundamentally wrong when the Minister of Finance, the individual in charge of the nation’s money, is unable to tell the House of Commons when he plans on balancing the budget.”
The issue of deficit reduction is a top of mind issue for many Canadians. The Government of Canada’s own survey on the issue stated that 6 in 10 Canadians want the government to make returning to balanced budgets a reality.
Currently, the Liberal government is spending $2 million every hour more than they are collecting in taxes. At this rate, that means each and every day, they are adding $49.5 million to Canada’s debt.
“No Canadian voted for this,” said Maguire. “Not even the most partisan Liberal thought that their government was going to do this to the nation’s finances.”
In the weeks ahead, Maguire will continue to call on the Liberal government to be transparent. Particularly after this was another broken promise from their election platform.
Maguire concluded, “You don’t need to be an economist to understand that more debt today means higher taxes tomorrow. Canadians know it’s wrong to leave their kids with an unpaid credit card bill. But that’s exactly what Justin Trudeau is doing. It is nothing short of intergenerational theft.”