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PBO report shows massive deficits for years to come

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From the Canadian Taxpayers Federation

Author: Franco Terrazzano 

The Canadian Taxpayers Federation is calling on the federal government to rein in spending and balance the budget following today’s Parliamentary Budget Officer report.

“PBO numbers show the government is running massive deficits for years to come with no plan to balance the budget,” said Franco Terrazzano, CTF Federal Director. “It’s time for Prime Minister Justin Trudeau to listen to the PBO’s warnings, put down the credit card, pick up some scissors and return to fiscal sanity.”

The PBO forecasts a $41 billion deficit in 2024.

“Compared to our October outlook, we are projecting budgetary deficits that are $7.9 billion higher, on average, over 2023-24 to 2028-29,” according to the PBO. “This increase is largely due to upward revisions to our projection of direct program expenses (including new measures).”

The PBO projects interest charges on the debt will cost taxpayers $52.1 billion. That’s equal to the amount the federal government sends to the provinces through health transfers. In 2028, interest charges will cost $62 billion, which is more than the government expects to collect through its GST.

Despite Finance Minister Chrystia Freeland’s commitment to reduce debt-to-GDP, the PBO report forecasts the ratio to increase slightly from to 42.4 to 42.5 per cent in 2024.

In its last budget, the government said it would find “savings of $15.4 billion over the next five years.” However, the PBO shows spending increasing by almost $20 billion in 2024.

“This government’s spending is out of control,” Terrazzano said. “In the upcoming budget, Trudeau and Freeland need to show Canadians that they care about the state of the country’s finances and balance the books.”

The federal government will present its 2024 budget on April 16.

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Addictions

Liberals shut down motion to disclose pharma payments for Trudeau’s ‘safe supply’ drug program

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Liberal MP Majid Jowhari

From LifeSiteNews

By  Clare Marie Merkowsky

Liberal Members of Parliament (MPs) resisted a motion to disclose payments made to pharmaceutical companies for “safe supply” opioids.

During a May 15 session in the House of Commons, Liberal MPs blocked a vote on a motion by Conservative MP Garnett Genuis to publish the contacts between Prime Minister Justin Trudeau’s government and pharmaceutical companies for “safe supply” opioids.

“Allow the public to see the contracts,” Genuis told the Commons government operations committee, questioning, “What do you have to be afraid of?”

“There are contracts involving this government and big pharmaceutical companies involved in producing and selling dangerous hard drugs which then end up on our streets,” he argued.

“Big pharmaceutical companies are involved in supplying hard drugs that are used as part of the government’s so-called ‘safe supply’ program,” Genuis continued. “These programs are a failure. We oppose them. In any event, we believe the public has a right to see the contracts.”

However, a committee vote on his motion was quickly blocked by Liberal MPs.

“I don’t think this is a motion we should move forward with,” Liberal MP Majid Jowhari said.

“I think we should go back and look at it and say our objective is to get an understanding of the source of safe supply and how it is being procured, which is different than going and saying, ‘Give us all the contracts,’” he continued.

Similarly, Liberal MP Irek Kusmierczyk claimed the request was a political tactic, saying, “They are against safe supply and safe consumption sites. That is clearly spelled out by my Conservative colleagues.”

“Organized crime groups are trafficking not only illicit substances but any prescription drugs they can get their hands on,” Deputy Commissioner Dwayne McDonald, commander of the RCMP in British Columbia, testified.

Genuis put forward a motion asking that the committee “order the production of all contracts, agreements or memoranda of understanding to which the Government of Canada is a party signed since January 1, 2016” concerning the purchase of opioids.

Liberals’ refusal to release the contracts comes as the Trudeau government recently rejected a proposal from the Alberta government to add a “unique chemical identifier” to drugs offered to users under “safe-supply” programs so that authorities could track its street sales.

Indeed, the Trudeau government seems determined to pretend their “safe-supply” programs are a success despite the rising deaths and crime in cities that have adopted their policy.

However, the program proved such a disaster in British Columbia that the province recently requested Trudeau recriminalize drugs in public spaces. Nearly two weeks later, the Trudeau government announced it would “immediately” end the province’s drug program.

Beginning in early 2023, Trudeau’s federal policy, in effect, decriminalized hard drugs on a trial-run basis in British Columbia.

Under the policy, the federal government began allowing people within the province to possess up to 2.5 grams of hard drugs without criminal penalty, but selling drugs remained a crime.

Since being implemented, the province’s drug policy has been widely criticized, especially after it was found that the province broke three different drug-related overdose records in the first month the new law was in effect.

The effects of decriminalizing hard drugs in various parts of Canada has been exposed in Aaron Gunn’s recent documentary, Canada is Dying, and in U.K. Telegraph journalist Steven Edginton’s mini-documentary, Canada’s Woke Nightmare: A Warning to the West.

Gunn says he documents the “general societal chaos and explosion of drug use in every major Canadian city.”

“Overdose deaths are up 1,000 percent in the last 10 years,” he said in his film, adding that “(e)very day in Vancouver four people are randomly attacked.”

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Economy

Canadians experiencing second-longest and third steepest decline in living standards in last 40 years

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From the Fraser Institute

From 2019 to 2023, Canadian living standards declined—and as of the end of 2023, the decline had not yet ended, finds a new study published today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.

“Despite claims to the contrary, living standards are declining in Canada,” said Grady Munro, policy analyst at the Fraser Institute and co-author of Changes in Per-Person GDP (Income): 1985 to 2023.

Specifically, from April 2019 to the end of 2023, inflation-adjusted per-person GDP, a broad measure of living standards, declined from $59,905 to $58,111 or by 3.0 per cent. This decline is exceeded only by the decline in 1989 to 1992 (-5.3 per cent) and 2008 to 2009 (-5.2 per cent). In other words, it’s the third-steepest decline in 40 years.

Moreover, the latest decline (which comprises 18 fiscal quarters) is already the second-longest in the last 40 years, surpassed only by the decline from 1989 to 1994 (which lasted 21 quarters). And if not stabilized in 2024, this decline could be the steepest and longest in four decades.

“The severity of the decline in living standards should be a wake-up call for policymakers across Canada to immediately enact fundamental policy reforms to help spur economic growth and productivity,” said Jason Clemens, study co-author and executive vice-president at the Fraser Institute.

  • Real GDP per person is a broad measure of incomes (and consequently living standards). This paper analyzes changes in quarterly per-person GDP, adjusted for inflation from 1985 through to the end of 2023, the most recent data available at the time of writing.
  • The study assesses the length (number of quarters) as well the percentage decline and the length of time required to recover the income lost during the decline.
  • Over the period covered (1985 to 2023), Canada experienced nine periods of decline and recovery in real GDP per person.
  • Of those nine periods, three (Q2 1989 to Q3 1994, Q3 2008 to Q4 2011, and Q2 2019 to Q2 2022) were most severe when comparing the length and depth of the declines along with number of quarters required for real GDP per person to recover.
  • The experience following Q2 2019 is unlike any decline and recovery since 1985 because, though per person GDP recovered for one quarter in Q2 2022, it immediately began declining again and by Q4 2023 remains below the level in Q2 2019.
  • This lack of meaningful recovery suggests that since mid-2019, Canada has experienced one of the longest and deepest declines in real GDP per person since 1985, exceeded only by the decline and recovery from Q2 1989 to Q3 1994.
  • If per-capita GDP does not recover in 2024, this period may be the longest and largest decline in per-person GDP over the last four decades.

Adobe PDF Read the Full Report

 

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