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Balanced budget within reach—if Ottawa restrains spending

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From the Fraser Institute

By Jake Fuss and Grady Munro

This level of debt-financed spending has contributed to an estimated $941.9 billion increase in gross federal debt from 2014/15 to 2023/24. In other words, partly due to its spending habits, nearly one in every two dollars of debt currently held by the federal government has been accumulated under Prime Minister Trudeau.

The Trudeau government will table its next budget on April 16. Federal finances have deteriorated in recent years due to the Trudeau government’s string of budget deficits, and high spending has led to a significant amount of debt accumulation, which imposes costs on current and future generations. Yet if the government presents a plan in Budget 2024 to rein in spending growth, it could balance the budget in two years.

Far from its promise to balance the budget by 2019, the Trudeau government has instead run nine consecutive deficits during its time in office. And it doesn’t intend to stop, with annual deficits exceeding $18 billion planned for the next five years.

The root cause of these deficits is the government’s inability to restrain spending. Since 2014/15, annual program spending (total spending minus debt interest) has increased $193.6 billion—or 75.5 per cent. If we control for population growth and inflation, this represents an extra $2,330 per person.

This level of debt-financed spending has contributed to an estimated $941.9 billion increase in gross federal debt from 2014/15 to 2023/24. In other words, partly due to its spending habits, nearly one in every two dollars of debt currently held by the federal government has been accumulated under Prime Minister Trudeau. Debt accumulation will only continue barring a change in course, as the federal government is expected to add another $476.9 billion in gross debt over the next five years.

Simply put, the Trudeau government’s approach towards federal finances has been characterized by high spending, large deficits and significant debt accumulation.

This approach to fiscal policy is concerning. Growing government debt leads to higher debt interest costs, all else equal, which eat up taxpayer dollars that could otherwise have provided services or tax relief for Canadians. And these costs are not trivial. For example, in 2023/24 the federal government is expected to spend more to service its debt ($46.5 billion) than on child-care benefits ($31.2 billion).

Accumulating debt today also increases the tax burden on future generations of Canadians—who are ultimately responsible for paying off this debt. Research suggests this effect could be disproportionate, with future generations needing to pay back a dollar borrowed today with more than one dollar in future taxes.

Although the Trudeau government promises more of the same for the coming years, this need not be the case. Instead, a recent study shows the federal government could balance the budget in two years if it slows spending growth starting in 2024/25. The following figures highlight this approach. The first chart below displays currently planned federal program spending from 2023/24 to 2026/27, compared with the spending path that will balance the budget, while the second chart shows the resulting budgetary balances.

Figure 1

Figure 2

As shown by the first chart, to balance the budget by 2026/27 the federal government must limit annual spending growth to 0.3 per cent for two years. As a result, annual nominal program spending would rise from $469.4 billion in 2024/25 to $472.3 billion in 2026/27. For comparison, the Trudeau government currently plans to increase annual spending up to $499.4 billion during that same period.

Should the government implement this level of spending restraint, the federal deficit would shrink to $21.8 billion in 2025/26 (as opposed to $38.3 billion), and the budget would be balanced by 2026/27 (as opposed to a $27.1 billion deficit). All told, by slowing spending growth to balance the budget, the federal government would avoid accumulating significant debt. Moreover, this also sets the government up to return to budget surpluses in the following years, which could be used to start chipping away at the mountain of federal debt already on the books.

Rather than continue its current approach to fiscal policy, and risk needing to employ more drastic cuts in the future, the Trudeau government should implement modest spending restraint now and balance the budget.

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Alberta

Alberta announces citizens will have to pay for their COVID shots

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From LifeSite News

By Anthony Murdoch

The government said that it has decided to stop ‘waste’ by not making the shots free starting this fall.

Beginning this fall, COVID shots in the province will have to be pre-ordered at the full price, about $110, to receive them.  (This will roll out in four ‘phases’. In the first phases COVID shots will still be free for those with pre-existing medical conditions, people on social programs, and seniors.)

The UCP government in a press release late last week noted due to new “federal COVID-19 vaccine procurement” rules, which place provinces and territories as being responsible for purchasing the jabs for residents, it has decided to stop “waste” by not making the jab free anymore.

“Now that Alberta’s government is responsible for procuring vaccines, it’s important to better determine how many vaccines are needed to support efforts to minimize waste and control costs,” the government stated.

“This new approach will ensure Alberta’s government is able to better determine its overall COVID-19 vaccine needs in the coming years, preventing significant waste.”

The New Democratic Party (NDP) took issue with the move to stop giving out the COVID shots for free, claiming it was “cruel” and would place a “financial burden” on people wanting the shots.

NDP health critic Sarah Hoffman claimed the move by the UCP is health “privatization” and the government should promote the abortion-tainted shots instead.

The UCP said that in 2023-2024, about 54 percent of the COVID shots were wasted, with Health Minister Adriana LaGrange saying, “In previous years, we’ve seen significant vaccine wastage.”

“By shifting to a targeted approach and introducing pre-ordering, we aim to better align supply with demand – ensuring we remain fiscally responsible while continuing to protect those at highest risk,” she said.

The jabs will only be available through public health clinics, with pharmacies no longer giving them out.

The UCP also noted that is change in policy comes as a result of the Federal Drug Administration in the United States recommending the jabs be stopped for young children and pregnant women.

The opposite happened in Canada, with the nation’s National Advisory Committee on Immunization (NACI) continuing to say that pregnant women should still regularly get COVID shots as part of their regular vaccine schedule.

The change in COVID jab policy is no surprise given Smith’s opposition to mandatory shots.

As reported by LifeSiteNews, early this year, Smith’s UCP government said it would consider halting COVID vaccines for healthy children.

Smith’s reasoning was in response to the Alberta COVID-19 Pandemic Data Review Task Force’s “COVID Pandemic Response” 269-page final report. The report was commissioned by Smith last year, giving the task force a sweeping mandate to investigate her predecessor’s COVID-era mandates and policies.

The task force’s final report recommended halting “the use of COVID-19 vaccines without full disclosure of their potential risks” as well as outright ending their use “for healthy children and teenagers as other jurisdictions have done,” mentioning countries like “Denmark, Sweden, Norway, Finland, and the U.K.”

The mRNA shots have also been linked to a multitude of negative and often severe side effects in children and all have connections to cell lines derived from aborted babies.

Many Canadian doctors who spoke out against COVID mandates and the experimental mRNA injections were censured by their medical boards.

LifeSiteNews has published an extensive amount of research on the dangers of the experimental COVID mRNA jabs that include heart damage and blood clots.

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Carney’s European pivot could quietly reshape Canada’s sovereignty

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This article supplied by Troy Media.

Troy Media By Isidoros Karderinis

Canadians must consider how closer EU ties could erode national control and economic sovereignty

As Prime Minister Mark Carney attempts to deepen Canada’s relationship with the European Union and other supranational institutions, Canadians should be asking a hard question: how much of our national independence are we prepared to give away? If you want a glimpse of what happens when a country loses control over its currency, trade and democratic accountability, you need only look to Bulgaria.

On June 8, 2025, thousands of Bulgarians took to the streets in front of the country’s National Bank. Their message was clear: they want to keep the lev and stop the forced adoption of the euro, scheduled for Jan. 1, 2026.

Bulgaria, a southeastern European country and EU member since 2007, is preparing to join the eurozone—a bloc of 20 countries that share the euro as a common currency. The move would bind Bulgaria to the economic decisions of the European Central Bank, replacing its national currency with one managed from Brussels and Frankfurt.

The protest movement is a vivid example of the tensions that arise when national identity collides with centralized policy-making. It was organized by Vazrazdane, a nationalist, eurosceptic political party that has gained support by opposing what it sees as the erosion of Bulgarian sovereignty through European integration. Similar demonstrations took place in cities across the country.

At the heart of the unrest is a call for democratic accountability. Vazrazdane leader Konstantin Kostadinov appealed directly to EU leaders, arguing that Bulgarians should not be forced into the eurozone without a public vote. He noted that in Italy, referendums on the euro were allowed with support from less than one per cent of citizens, while in Bulgaria, more than 10 per cent calling for a referendum have been ignored.

Protesters warned that abandoning the lev without a public vote would amount to a betrayal of democracy. “If there is no lev, there is no Bulgaria,” some chanted. For them, the lev is not just a currency: it is a symbol of national independence.

Their fears are not unfounded. Across the eurozone, several countries have experienced higher prices and reduced purchasing power after adopting the euro. The loss of domestic control over monetary policy has led to economic decisions being dictated from afar. Inflation, declining living standards and external dependency are real concerns.

Canada is not Bulgaria. But it is not immune to the same dynamics. Through trade agreements, regulatory convergence and global commitments, Canada has already surrendered meaningful control over its economy and borders. Canadians rarely debate these trade-offs publicly, and almost never vote on them directly.

Carney, a former central banker with deep ties to global finance, has made clear his intention to align more closely with the European Union on economic and security matters. While partnership is not inherently wrong, it must come with strong democratic oversight. Canadians should not allow fundamental shifts in sovereignty to be handed off quietly to international bodies or technocratic elites.

What’s happening in Bulgaria is not just about the euro—it’s about a people demanding the right to chart their own course. Canadians should take note. Sovereignty is not lost in one dramatic act. It erodes incrementally: through treaties we don’t read, agreements we don’t question, and decisions made without our consent.

If democracy and national control still matter to Canadians, they would do well to pay attention.

Isidoros Karderinis was born in Athens, Greece. He is a journalist, foreign press correspondent, economist, novelist and poet. He is accredited by the Greek Ministry of Foreign Affairs as a foreign press correspondent and has built a distinguished career in journalism and literature.

Troy Media empowers Canadian community news outlets by providing independent, insightful analysis and commentary. Our mission is to support local media in helping Canadians stay informed and engaged by delivering reliable content that strengthens community connections and deepens understanding across the country.

 

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