The Canadian Taxpayers Federation (CTF) is intensifying calls for the federal government to rein in spending and prioritize budgetary balance in response to the latest forecasted deficits outlined in a report by the Parliamentary Budget Officer (PBO).Franco Terrazzano, CTF Federal Director, sounded the alarm, stating, “Budget 2024 was bad, but the PBO report forecasts the Trudeau government will be running even bigger deficits. This PBO report should be a wake-up call for Prime Minister Justin Trudeau: get a hold of your spending or interest charges will keep ballooning.”According to the PBO's projections, this year's deficit is expected to reach a staggering $46 billion, surpassing the previous forecasted deficit of $40 billion outlined in Budget 2024.Highlighting the gravity of the situation, the report reveals that the projected budgetary deficits will be, on average, $5.3 billion higher annually over the period from 2023-24 to 2028-29.Finance Minister Chrystia Freeland had pledged “savings of $15.4 billion over the next five years” in Budget 2023. However, subsequent budgets, notably Budget 2024, saw a significant escalation in spending, with the government announcing a staggering $61.2 billion in new expenditures. Since Budget 2021, the cumulative tally of new spending measures has reached a staggering $251.6 billion, according to the PBO.The ballooning deficits have profound implications for taxpayers, with interest charges on the debt projected to cost a staggering $54 billion this year alone, as outlined in Budget 2024. Terrazzano emphasized the urgency of the situation, noting, “Every penny collected from the GST will now go to cover interest charges on the Trudeau government’s credit card.”In light of these concerning developments, the CTF is urging Trudeau's government to prioritize fiscal prudence, balance the budget, and implement substantial spending cuts to alleviate the burden on taxpayers. Terrazzano underscored the imperative to halt the cycle of excessive spending, which he estimates is costing taxpayers over $1 billion every week in interest charges alone..This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
The Canadian Taxpayers Federation (CTF) is intensifying calls for the federal government to rein in spending and prioritize budgetary balance in response to the latest forecasted deficits outlined in a report by the Parliamentary Budget Officer (PBO).Franco Terrazzano, CTF Federal Director, sounded the alarm, stating, “Budget 2024 was bad, but the PBO report forecasts the Trudeau government will be running even bigger deficits. This PBO report should be a wake-up call for Prime Minister Justin Trudeau: get a hold of your spending or interest charges will keep ballooning.”According to the PBO's projections, this year's deficit is expected to reach a staggering $46 billion, surpassing the previous forecasted deficit of $40 billion outlined in Budget 2024.Highlighting the gravity of the situation, the report reveals that the projected budgetary deficits will be, on average, $5.3 billion higher annually over the period from 2023-24 to 2028-29.Finance Minister Chrystia Freeland had pledged “savings of $15.4 billion over the next five years” in Budget 2023. However, subsequent budgets, notably Budget 2024, saw a significant escalation in spending, with the government announcing a staggering $61.2 billion in new expenditures. Since Budget 2021, the cumulative tally of new spending measures has reached a staggering $251.6 billion, according to the PBO.The ballooning deficits have profound implications for taxpayers, with interest charges on the debt projected to cost a staggering $54 billion this year alone, as outlined in Budget 2024. Terrazzano emphasized the urgency of the situation, noting, “Every penny collected from the GST will now go to cover interest charges on the Trudeau government’s credit card.”In light of these concerning developments, the CTF is urging Trudeau's government to prioritize fiscal prudence, balance the budget, and implement substantial spending cuts to alleviate the burden on taxpayers. Terrazzano underscored the imperative to halt the cycle of excessive spending, which he estimates is costing taxpayers over $1 billion every week in interest charges alone..This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
