The government is not looking to cut $15-billion from this year’s spending, which would qualify as significant fiscal restraint
Five years from now, total federal spending is projected to be $76.5-billion higher than in fiscal 2022-23, a 16-per-cent increase. Notably, that rise assumes the Liberals find their $15-billion in “savings.” Even that $76.5-billion figure is a lowball, since it doesn’t include the billions in added costs from this spring’s negotiation of collective agreements with public sector unions. And it further assumes that the Liberals do not repeat theirfrom an earlier $3.
This spending review will deliver very little in the short term, and not much more later on. So what would a more substantial exercise in fiscal retrenchment look like? Even that is likely expecting too much from this government. But a legitimate exercise in fiscal prudence would aim to constrain the size of federal spending as much as possible in order to avoid undermining the inflation-reducing effects of the Bank of Canada’s interest-rate hikes.
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