In the lead up to the 2015 election, Justin Trudeau made two comments that were mocked relentlessly. He said that “the budget will balance itself,” and that he wanted to grow the economy, “from the heart out.”
Plenty of people laughed at Trudeau for those comments but the laughing needs to stop now. Releasing his 2019 election platform, Trudeau showed that he actually believes those comments.
The Liberal four-year plan calls for a deficit of $27.4 billion next year — 2000-01 — instead of the promised $19.7 billion.
During the last election, Trudeau promised that the budget would be balanced by this year. Now we are looking at another four years of deficits with the feds dipping into the red ink to the tune of $23.7 billion, $21.8 billion, and $21 billion through to 2023-24.
The Liberal platform doesn’t include costing for major campaign promises like a national pharmacare program, giving a guaranteed income to new parents that don’t qualify for employment insurance and providing flood insurance to people living on flood plains.
Those items could add billions more a year to the deficit with the Liberals own report on pharmacare saying it will cost $15 billion a year while the Parliamentary Budget Office says as much as $24 billion a year.