News that Prime Minister Justin Trudeau’s government racked up a $14 billion deficit in the fiscal year 2018-19 demonstrates why any financial promises he makes in this election should not be believed.
Trudeau’s $14 billion deficit last year is $8.3 billion more than the $5.7 billion deficit he promised Canadians — not predicted, promised — for 2018-19 during the 2015 election campaign, meaning he missed his target by 146%.
In the leaders’ debate on the economy in 2015, Trudeau, looking dramatically into the camera said: “I am looking straight at Canadians and being honest the way I always have. We’ve said we are committed to balanced budgets and we are. We will balance that budget in 2019.”
But that was then and this is now.
Trudeau’s 2019-20 budget didn’t just fail to balance the federal budget during a time of relative economic strength — and heaven help us when we face the next recession, as we inevitably will.
In that budget, Trudeau predicts if he’s returned to power, Canada under his leadership will have a $19.7 billion deficit in 2020-21, $14.8 billion in 2021-22, $12.1 billion in 2022-23 and $9.8 billion in 2023-24, with no end to deficits in sight.