The feds need to end their lockdown subsidies

Since COVID-19 touched down, Ottawa has dished out $511 billion!

The feds need to end their lockdown subsidiesWhen governments subsidize something, you can expect more of it. With the federal government covering the cost of keeping workers and businesses afloat during provincial lockdowns, it’s no surprise that provincial politicians are biased toward new restrictions. Since COVID-19 touched down, Ottawa has dished out $511 billion through direct subsidies, tax deferrals and low-interest loans.…

Responding to the pandemic doesn’t have to mean a mountain of debt

The contrast between how New Brunswick and Ontario handled the pandemic is stark

Responding to the pandemic doesn’t have to mean a mountain of debtAs Ontario Premier Doug Ford continues to drive the province speeding toward the edge of a gigantic debt cliff, New Brunswick Premier Blaine Higgs is showing taxpayers that governments can tap the brakes on spending while still dealing with a pandemic. The contrast between the two premiers is stark. As Ford adds tens of billions…

Trudeau needs to make government debt a priority

The Parliamentary Budget Officer’s data projects the feds running deficits until 2070

Trudeau needs to make government debt a prioritySometimes it’s what people don’t say that reveals the most. And the federal government’s failure to mention the deficit or debt in the Throne Speech is all too revealing for taxpayers worried about the erosion of Canada’s national finances. For a government that is nearly doubling its entire pre-pandemic debt in six years, deficits should…

Ontario squandered nearly $1 billion on COVID-19 payouts to business

The government’s lack of due diligence another blow to Ford's credibility

Ontario squandered nearly $1 billion on COVID-19 payouts to businessTaxpayers have good reason to be frustrated with Premier Doug Ford’s handling of Ontario’s finances. The auditor general’s recent report shows just how cavalier the Ontario government has been in writing cheques from the taxpayer chequebook. The government of Ontario’s emergency pandemic response put thousands of businesses on the brink of bankruptcy, and thousands of…

How Ontario squandered a debt-free future

How did the province stray so far off course?

How Ontario squandered a debt-free futureThe numbers are a bit shocking: if successive Ontario governments had been just a little prudent with money, the province’s massive debt would be exactly zero. Instead, Finance Minister Peter Bethlenfalvy announced a few weeks ago that Ontario’s government debt now exceeds $400 billion. Rather than being the envy of other provinces, Ontario today is…

Ontario reckons with a 15-year spending binge

Ontario’s politicians have to stop spending like drunken sailors

Ontario reckons with a 15-year spending bingeOntario Premier Doug Ford needs to end the province’s 15-year-long spending bonanza. Ford continues to rule out spending cuts to help balance the budget, but he shouldn’t. To contextualize Ontario’s history of reckless spending, take yourself back to 2007. The first-ever iPhone was just released. U.S. President George W. Bush in the White House. And…

Albertans need a plan to balance the budget

Without a plan, the government is flying blind

Albertans need a plan to balance the budgetIt’s ironic to procrastinate on planning. Sure, things will change, and any plan will have to change too, but it’s still essential to have some ideas about where to go and how to get there. There will never be a better time to make a plan. Yet Alberta is putting off its financial planning. It…

Government spending putting the economy at risk

Our ratio of net debt to GDP is almost as high as it was in 1995 when Canada was really in a fiscal crisis

Government spending putting the economy at riskThe Liberals made some big spending promises during last month’s election campaign, amounting to $78 billion in new spending over the next five years. These promises come on top of the existing baseline, which was already no model of austerity. The federal budget was bloated before the pandemic, and even after excluding some necessary public…

Canada’s capital markets are struggling to invest in the economy

Canada's investment growth rate has dropped below that of the United States and many other developed countries

Canada’s capital markets are struggling to invest in the economyAlarm bells ought to be ringing in Canada. Business, industrial and foreign direct investment have performed pitifully over the past decade, with no reason to believe there will be a turnaround any time soon. As noted by fellow Troy Media contributor Steven Globerman of Western Washington University, “from 2010 to 2019, Canada’s investment growth rate…

COVID-19 has driven governments into debt traps

Printing money to address short-term needs will lead to inflation and dampen any potential economic recovery

COVID-19 has driven governments into debt trapsThe financial consequences of COVID-19 and the shutdown of economies are difficult to evaluate. But some of those consequences have begun to appear and could hinder economic recovery. Inflation is one of these harmful consequences. In the United States, consumer prices jumped 4.2 per cent in the 12 months through to April, up from 2.6…

Politicians are long on promises but short on delivery

None of the major parties have a realistic plan to get the nation’s finances in order

Politicians are long on promises but short on deliveryPoliticians have made promises that will cost tens of billions of dollars during this election. But when it comes time to open their wallets to pay the tab, these party leaders are running to hide in the bathroom while taxpayers cover the bill. Politicians and taxpayers both need to understand a simple truth: there is…

Wealth taxes ultimately cripple economic growth

The rich put their earnings into new ideas, venture capital funds and angel investments

Wealth taxes ultimately cripple economic growthThere has been increasing clamour from some circles to impose a wealth tax upon Canadians. The usual government-expanding social ‘democratic’ pressure and interest groups are especially enthused by the idea. They also claim it’s popular among the public. A one-time tax of three per cent on individuals with wealth above $10 million and five per cent…

Taxpayers still waiting for a credible plan to balance the books

$424 million(!) being added to the debt every single day

Taxpayers still waiting for a credible plan to balance the booksBy Franco Terrazzano and Jay Goldberg Canadian Taxpayers Federation If the federal government’s fiscal policy stays on its current trajectory, Canada’s trillion-dollar debt will be a major drain on taxpayers’ wallets for generations to come. In this election, voters will need to closely examine parties’ plans to plug that drain. Unfortunately, the current Liberal plan…

How politicians can make our lives more affordable

A huge portion of the high cost of living is being driven by government policy

How politicians can make our lives more affordableBy Franco Terrazzano and Jay Goldberg Canadian Taxpayers Federation Political parties are trying their best to convince Canadians they can make life more affordable. But if politicians want us to believe them, they need to look in the mirror. That’s because making life more affordable really means tackling the damage government does through regulation, high…

Canadians deserve better than five decades of deficits

More deficits mean more debt that your kids and grandkids will need to pay back

Canadians deserve better than five decades of deficitsThe Parliamentary Budget Officer has finally answered the burning question: will Prime Minister Justin Trudeau’s budget balance itself? The answer: yes, it will – but not for another almost 50 years. According to data published by the PBO, under status quo policies the federal government will balance its budget again in the year 2070. By…

Higher taxes won’t solve our crippling fiscal problems

Instead, the government should be working at finding ways to control spending

Higher taxes won’t solve our crippling fiscal problemsCanadian politicians appear to be gearing up for an election campaign in which they will be asked how they would handle the myriad issues facing the country. Two of our most pressing concerns are Canada’s crippling debt and sky-high deficits. As the Parliamentary Budget Officer (PBO) recently noted , we are currently on track for…

Bureaucrats living high off the hog at taxpayers expense

Ottawa’s public service has swelled by roughly 10,000 bureaucrats per year under Trudeau

Bureaucrats living high off the hog at taxpayers expenseCOVID-19 has shone a light on a fundamental divide within Canada: the growing government bureaucracy and those forced to pay for it. This contrast is illustrated by Statistics Canada’s latest jobs report. The private sector, including the self-employed, has shed 520,400 jobs since COVID-19 hit us, while the number of government jobs across the country…

Ontario’s governments are set to run deficits until the year 2095

Ontario taxpayers deserve better

Ontario’s governments are set to run deficits until the year 2095It’s time for Ontario taxpayers to hit the debt panic button. The Parliamentary Budget Officer released a troubling report earlier this month that shows that, when Ontario’s provincial and municipal finances are looked at together, Ontario will be running deficits indefinitely, until at least the year 2095. Typically, when analysts look at the state of…

You’re on the hook for $57,000 in government debt

We have to start demanding that politicians start making some tough choices

You’re on the hook for $57,000 in government debtFifty-seven thousand dollars. That’s the average amount each Canadian will owe in provincial and federal government debt by the end of the year. It’s not just the rich or big corporations that will be mopping up this budget mess if politicians don’t take some air out of their bloated budgets. Politicians are already starting to…

B.C. needs to pull out of its debt spiral

Premier Horgan really needs to start getting his spending under control

B.C. needs to pull out of its debt spiralThe interest payments on British Columbia’s provincial debt this year could pay the salaries of 4,600 new paramedics for 10 years. But, instead of paying for first responders or providing tax relief to families, a whopping $2.8 billion is being sent to bondholders on Bay Street and Wall Street every year to pay for our…

Ontario’s bloated cabinet is the elephant in the room

His commitment to a smaller cabinet was short-lived

Ontario’s bloated cabinet is the elephant in the roomWhile there was much palace intrigue when Ontario Premier Doug Ford announced his cabinet shuffle last month, there was one elephant in the room that was not discussed: the cabinet’s size. Before Ford was sworn into office in 2018, he promised to slim down the size of the province’s cabinet, which had ballooned dramatically under…

Manitoba unprepared for coming fiscal, political storms

Manitoba’s provincial government depends on long-calcified federal transfer programs to fund 37% of its budget

Manitoba unprepared for coming fiscal, political stormsAround 1915, Winnipeg was frequently described as a second Chicago, a serious transportation hub with a bustling private economy. In 1921, it was the third-largest city in Canada. In the 1960s, Winnipeg was Western Canada’s corporate headquarters city. Today, Winnipeg is Canada’s ninth-largest city, known more in the United States, if not by most Canadians,…

Global tax cartel is a march to higher taxes

... and more corporate welfare

Global tax cartel is a march to higher taxesCanadian politicians like Chrystia Freeland see tax competition as a “race to the bottom.” But for the rest of us, a global tax cartel will mean an inevitable march toward higher tax bills and more pork for companies with access to politicians. Freeland agreed to the American-led proposal for a global minimum business tax of…

Manitoba politics are invasive and expensive

The province isn't in much better financial shape than Newfoundland and Labrador

Manitoba politics are invasive and expensiveThe scourge of COVID-19 is slowly being beaten back but Manitoba’s economy was in trouble before COVID-19 and the last 15 months have weakened it even more. Before COVID-19, the province’s economic weakness could be attributed to its big-spending governments. The Liberal federal government, the Progressive Conservative provincial government and Winnipeg’s municipal government continue to…

Crown corporations are simply money pits

They are a bad idea and should be sold off

Crown corporations are simply money pitsReports, studies and analyses show that the essential character of state-owned enterprises, including Canadian Crown corporations, makes it impossible for them to have true independence or real profitability. These operations have inherent goals counter to the normal private sector pursuit of profit maximization. In the private sector, return on investment rewards shareholders for the risk…

Time for Ontario to tackle university employee compensation

Ontario’s college and university employees have been busy cashing in on massive pay hikes during the pandemic

Time for Ontario to tackle university employee compensationWhile Ontario’s college and university employees have been busy cashing in on massive pay hikes during the pandemic, taxpayers and tuition-paying students have been barely getting by. The newly minted minister responsible for universities and colleges, Jill Dunlop, now has a full knapsack of homework to do on this expensive file. With a $33-billion deficit,…

Prairie provinces debt levels a ticking time bomb

An economic burden for future generations

Prairie provinces debt levels a ticking time bombThe debt in Canada’s Prairie provinces has grown colossally during the COVID-19 pandemic, just as debt has in the rest of Canada and around the world. At the end of 2020, Alberta’s debt was estimated at $98 billion, Manitoba’s was $28.6 billion and Saskatchewan’s was $15 billion. These debts are an economic burden for the taxpayers…

Pepsi tax a sour deal for Newfoundland and Labrador taxpayers

Government maintains its sugar tax is all about keeping you healthy

Pepsi tax a sour deal for Newfoundland and Labrador taxpayersWhat’s all about sweets, sours your wallet and leaves a bitter taste? It’s Premier Andrew Furey’s proposal for a new Pepsi tax. This tax will increase the price of soft drinks by 20 cents a litre. By this time next year, you’ll be paying 15 per cent more for a two-litre bottle of Pepsi at…

Freeland doubles down despite dismal pre-COVID economic numbers

The government requires a complete 180-degree turn in policy

Freeland doubles down despite dismal pre-COVID economic numbersBy Jason Clemens Milagros Palacios and Niels Veldhuis The Fraser Institute In a recent interview, federal Finance Minister Chrystia Freeland explained the need to focus on economic growth to deal with many of Canada’s fiscal issues, including our high debt levels. Minister Freeland is correct that higher rates of economic growth would solve many of…
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