Taxpayers Federation: Throne speech promises risk breaking the bank

OTTAWA, ON - The Canadian Taxpayers Federation expressed deep concern about the agenda proposed by the Trudeau government in today’s speech from the throne, which gave no indication it plans to dial down spending, lay out a framework to right the fiscal ship, or ensure a broad-based economic recovery. “The deficit is closing in on $400 billion and there was zero mention of any plan to hit the brakes on spending,” said CTF Federal Director Aaron Wudrick. “We can’t carry on like this for much longer, and yet the Trudeau government seems to meet this deteriorating fiscal situation with a shrug.”

The federal debt is on track to reach $1 trillion before the end of the year, with more debt incurred in this fiscal year than in the previous 22 years. “Regrettably, this government appears to want to exploit this health crisis as a pretext to splurge on big-ticket items that we could not even afford before the pandemic,” said Wudrick. ”Ottawa has a massive deficit so now is the time to focus spending on the highest priorities instead of shopping around for nice-to-haves that simply add to the credit card bill. “The government seems keen to double down on its wasteful, failed approach to subsidize pet industries and businesses at the expense of everyone else,” said Wudrick. “A better approach would be treating all industries and businesses fairly by offering broad-based tax relief that benefits all. “We look forward to seeing the fiscal update before the end of 2020, and encourage the government to exercise greater prudence with taxpayer dollars than they have with their lofty rhetoric.”