“Let us make no mistake: the Government of Canada will post a deficit for the 2015-16 fiscal year.”
–The Honourable Bill Morneau, Canada’s Liberal Minister of Finance, speaking in the House of Commons on February 4th 2016.
In 2014-2015, the Government of Canada ran a surplus of $1.9 billion. At the same time, government revenues (your taxes) were the lowest in over 50 years.
The most recent issue of the Department of Finance Canada’s Fiscal Monitor noted that from April to November 2015, there was a budgetary surplus of $1.0 billion, compared to a deficit of $3.3 billion during the same period of 2014–15. The Parliamentary Budget Officer confirmed this budget surplus.
The facts are clear; the Liberals inherited a budget surplus from the previous Conservative government.
As your Member of Parliament, I am very proud of this fiscal achievement because I believe that my generation should not leave our children and grandchildren with onerous debt.
That’s why I’m concerned not only with the Liberal party’s plan to bring our country from a clear surplus to deficit, but that they have no intention to stick to their campaign promise of limiting their deficits to $10 billion annually for three straight years before returning to a balanced budget by the 2019 election.
Prime Minister Trudeau and his Finance Minister have been asked numerous times what is the maximum deficit they are willing to incur. To date they have not answered this question with a precise figure and no longer mention the $10 billion anchor that they campaigned on during the 2015 election campaign.
While Canada’s natural resource sector has struggled due to a slump in international commodity prices, the Bank of Canada expects our economy as a whole to grow by 1.4% in 2016 and 2.4% in 2017.
If the Liberals believe that Canada should run deficits regardless of whether the economy is growing or not then this government is sending a clear signal that it has no issue with leaving future generations with a legacy of debt.
As your MP, I will continue to pressure this Liberal government to clarify its intentions in regards to the size of the deficit they are willing to incur and for how long.
Have a great weekend.
Events and Activities
Monday, February 1: Attend the Premier’s Address at the SUMA Convention in Regina
Tuesday, February 2: Worked in my Ottawa office, attended Question Period, met with representatives from the Dairy Farmers of Canada, met with representatives from the Canadian Seed Trade Association, and attended the Israeli Wines Meet Canadian Cheese reception
Wednesday, February 3: Attended Regional Caucus, attended National Caucus, attended Question Period, did House Duty and attended the Canada- United States Inter-Parliamentary Group Annual General Meeting
Thursday, February 4: Hosted a student shadow from Brock University, worked in my Ottawa office, met with a representative from the Canadian Federation of Student, and attended a meeting of the Special Joint Committee on Physician-Assisted Dying
Friday, February 5: Worked in my Ottawa office and attended Question Period