Canada’s Coming Fiscal Cliff: What the Trudeau Liberals Could Learn From Newfoundland
Ted Falk, Author
Member of Parliament, Provencher
The Trudeau Liberals are doing everything they can to ram through the implementation of their spring budget.
The unprecedented budget brought forward last month – after a two-year delay – shows a deficit of $354.2 billion for last year and the Trudeau government’s plan to spend an additional $101.4 billion in the coming year. This budget pushes Canada’s national debt north of $1 trillion.
Despite these unprecedented levels of debt and deficits, Finance Minister Chrystia Freeland regularly touts Canada’s “strong financial position”.
Article content
The federal government has long looked down its nose at Newfoundland and Labrador as an economic sink-hole, so you can understand the pride premier Danny Williams must have felt when he told the Toronto Economic Club in 2007 that his province had “turned the fiscal corner.”
Williams’ government recorded a budgetary surplus that year, allowing it to bring in the biggest tax reduction in the province’s history. Williams boasted in that year’s Throne Speech that his province was self-reliant and “master of our own house.”
We apologize, but this video has failed to load.
Try refreshing your browser, or