By Canadian Taxpayers Federation -- Franco Terrazzano CTF Federal Director—— Bio and Archives--August 2, 2023
OTTAWA, ON: The Canadian Taxpayers Federation is calling on the federal government to rein in overspending following the release of Parliamentary Budget Officer data showing the government won’t balance the budget until 2035.
“By the time the government finally balances the budget, taxpayers will have paid $487 billion in debt interest charges, which is currently what the government spends in an entire year,” Franco Terrazzano, CTF Federal Director, said. “Prime Minister Justin Trudeau needs to stop wasting so much money and balance the books, because sending hundreds of billions of dollars to bond fund managers is unacceptable.”
The feds won’t balance the budget until 2035, according to supplementary data released by the PBO in its most recent Fiscal Sustainability Report. But even that projection depends on economic growth every year, an average interest rate of 2.8 per cent and no new spending beyond what’s included in Budget 2023.
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