On Parliament Hill

A new report by the Federal Finance Department paints a very grim picture of Canada’s financial situation.

The Liberal Government conveniently released the report while Parliament was not in session and just two days before Christmas, when nobody was watching.

The report states that Canada’s national debt will hit a whopping $1 trillion within 15 years and we will likely see a tripling of current debt levels to $1.5 trillion by 2050. Even more shocking is the fact that, if Prime Minister Justin Trudeau stays on course, Canada may not see another balanced budget until the year 2055.

Think about that for a moment. Thirty eight more years of ongoing deficits.

How quickly things change. Just over a year ago, Canada’s economy was the envy of the world, as our Conservative government proudly balanced the federal budget. But sadly, all that hard work was quickly undone by the new Prime Minister. And, as for the “modest deficits” that he promised? Just words.

The Finance report also noted that if growth is even lower than forecasted, and should program spending continue to rise – which seems likely under a free-spending Trudeau Government- this “would be sufficient to put at risk the fiscal sustainability of the federal government.”

So, how can Justin Trudeau pull out of this self-inflicted economic tailspin? Well, he has two choices. Stop his reckless spending, or, raise taxes. Unfortunately we’ve already seen which choice he prefers.

Not only will future generations be on the hook, but his affinity for spending is also putting at risk the programs that provide financial security to those who are entering their golden years.

There is no good way to paint this. Justin Trudeau’s out-of-control spending and continuing tax hikes are sending Canada on a dangerous, unsustainable path. It’s time for him to change course, before it’s too late.