The Trudeau Liberals build a budget on a cloud, and collective amnesia
The federal Liberals have gone to some length to position the budget tabled on Tuesday as a document of fiscal restraint, touting plans to constrain the cost of government through wide-ranging spending reviews.
To start with, more than half of the savings touted by the Liberals were announced in last year’s budget, with a review to find and reallocate $9-billion in spending through to fiscal 2027-28. This year’s budget merely fills in some details. The remainder of the so-called savings come from reallocating $6.38-billion in previously announced budget measures that, somehow, the government was unable to spend. Rather than taking the smallest step toward fiscal prudence – simply not spending that money – the Liberals have instead chosen to roll those funds into future budgets, with the added temerity of touting that as proof of “effective government.
Sustaining the fantasy of Liberal prudence depends on Canadians acting like memory-challenged goldfish, forever surprised by each turn of the fiscal cycle. It’s not as if the government has not had ample manoeuvring room. Revenue in the coming fiscal year is a stunning $60-billion higher than what Ms. Freeland forecast in her debut budget in 2021.
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