$43 billion in new spending
Image:P https://twitter.com/PLawrenceMP
The Liberal government says its new budget will make life more affordable, encourage investments in green energy, improve health-care delivery and implement the next stage of the federal dental care program. There were also some financial changes in the document aimed at students, workers, science and the defence department.
Some of the highlights from the budget are $43 billion in new spending over 6 years, doubling the GST rebate for lower income citizens, $13 billion for the dental plan over 5 years for families under $90,000, $20 billion over 6 years in tax credits towards investments in green tech and $4 billion over 7 years for Indigenous housing and other items.
Philip Lawrence, Member for Parliament for Northumberland — Peterborough South, released a reaction to it recently cautioning that we are headed towards a recession: “Liberals continue to spend, leading to increased interest rates and an absence of fiscal firepower to address the upcoming recession. With the failure of the banks in the United States, economists are now increasingly concerned that this recession may be more than a mild, short economic slowdown.”
He said the budget, “Failed to address the challenging economic conditions ahead. Rather than providing relief and encouraging economic growth, we have more of the same tax and spend Liberal policies. The deficit is going up to over $40 billion, the debt continues to climb to well over a trillion dollars, and the Minister of Finance has back slided on her commitment to decrease the debt-to-GDP ratio.”
The budget didn’t propose any changes to personal or corporate income tax rates, capital gain inclusion rates or other measures. But there are revisions to the Alternative Minimum Tax (AMT) that will affect wealthy taxpayers.
Lawrence’s response to this is: “Nearly all economists agree that raising taxes during or just before an economic slowdown is terrible economic policy. Yet, this government stubbornly adheres to its outmoded ideology and will continue its inflationary carbon tax hikes and deficit spending that drive up inflation and interest rates. This government’s tax and spending policy will worsen the affordability crisis by adding fuel to the inflationary fire.”
“The budget did not give hard-working Canadians any relief … (the) budget did not substantively address any of our concerns.”
#mpnorthumberlandpeterboroughsouth, #philiplawrence, #politics, #liberalgovernment
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