Trudeau needs to make government debt a priority

The Parliamentary Budget Officer’s data projects the feds running deficits until 2070

Trudeau needs to make government debt a prioritySometimes it’s what people don’t say that reveals the most. And the federal government’s failure to mention the deficit or debt in the Throne Speech is all too revealing for taxpayers worried about the erosion of Canada’s national finances. For a government that is nearly doubling its entire pre-pandemic debt in six years, deficits should…

Ontario squandered nearly $1 billion on COVID-19 payouts to business

The government’s lack of due diligence another blow to Ford's credibility

Ontario squandered nearly $1 billion on COVID-19 payouts to businessTaxpayers have good reason to be frustrated with Premier Doug Ford’s handling of Ontario’s finances. The auditor general’s recent report shows just how cavalier the Ontario government has been in writing cheques from the taxpayer chequebook. The government of Ontario’s emergency pandemic response put thousands of businesses on the brink of bankruptcy, and thousands of…

How Ontario squandered a debt-free future

How did the province stray so far off course?

How Ontario squandered a debt-free futureThe numbers are a bit shocking: if successive Ontario governments had been just a little prudent with money, the province’s massive debt would be exactly zero. Instead, Finance Minister Peter Bethlenfalvy announced a few weeks ago that Ontario’s government debt now exceeds $400 billion. Rather than being the envy of other provinces, Ontario today is…

Ontario reckons with a 15-year spending binge

Ontario’s politicians have to stop spending like drunken sailors

Ontario reckons with a 15-year spending bingeOntario Premier Doug Ford needs to end the province’s 15-year-long spending bonanza. Ford continues to rule out spending cuts to help balance the budget, but he shouldn’t. To contextualize Ontario’s history of reckless spending, take yourself back to 2007. The first-ever iPhone was just released. U.S. President George W. Bush in the White House. And…

Albertans need a plan to balance the budget

Without a plan, the government is flying blind

Albertans need a plan to balance the budgetIt’s ironic to procrastinate on planning. Sure, things will change, and any plan will have to change too, but it’s still essential to have some ideas about where to go and how to get there. There will never be a better time to make a plan. Yet Alberta is putting off its financial planning. It…

Government spending putting the economy at risk

Our ratio of net debt to GDP is almost as high as it was in 1995 when Canada was really in a fiscal crisis

Government spending putting the economy at riskThe Liberals made some big spending promises during last month’s election campaign, amounting to $78 billion in new spending over the next five years. These promises come on top of the existing baseline, which was already no model of austerity. The federal budget was bloated before the pandemic, and even after excluding some necessary public…

Canada’s capital markets are struggling to invest in the economy

Canada's investment growth rate has dropped below that of the United States and many other developed countries

Canada’s capital markets are struggling to invest in the economyAlarm bells ought to be ringing in Canada. Business, industrial and foreign direct investment have performed pitifully over the past decade, with no reason to believe there will be a turnaround any time soon. As noted by fellow Troy Media contributor Steven Globerman of Western Washington University, “from 2010 to 2019, Canada’s investment growth rate…

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…
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