Out-Of-Control Liberal Borrowing Won’t Create Jobs, And Means Higher Taxes For Chilliwack-Hope
To say I am disappointed with the federal Liberal government’s budget is an understatement. The Liberals are breaking their election promises and borrowing tens of billions of dollars that will have to be paid back through higher taxes.
Canadians know that borrowed money isn’t free and that it needs to be paid back. The Liberals are simply growing the size of the government, with no plan to create jobs and no plan to balance the budget in the short, medium or long term.
This is not the budget the Liberals campaigned on, and they have broken trust with Canadians.
- The Liberals have broken their promise to keep deficits to $10 billion –this year’s deficit will hit a whopping $29.4 billion
- The Liberals have broken their promise to balance the books by the end of their first mandate –when Canadians return to the polls that year’s deficit will still be $17.7 billion.
- The Liberals will add over $100 billion to the federal debt.
- The Liberals have broken their promise to reduce small business taxes to 9 per cent and are increasing payroll taxes on small businesses.
- The Liberals have eliminated income splitting for families with children, the Children’s Fitness Tax benefit, the Children’s Arts Tax Credit, the Textbook Tax Credit and the Education Tax Credit.
Budget documents released as recently as today confirm that the former Conservative government left the new Liberal government with a substantial surplus, something that has been affirmed by the independent Parliamentary Budget Officer.
Deliberately going back into deficit by borrowing tens of billions of dollars at a time when the economy is growing will send Canada down a dangerous financial path. This isn’t “government money” – Canadians will eventually have to pay it back through higher taxes, and our children and grandchildren will be stuck with the bill for this Liberal spending spree.