What a prudent federal Liberal budget would look like
projected a narrow improvement, with debt-to-GDP edging down to 42.2 per cent in the coming fiscal year from 42.3 per cent in the current one. Still, that is down markedly from the pandemic peak of 49 per cent in fiscal 2021. And it’s enough to meet Ms. Freeland’s goal of a declining debt burden, by the smallest margin., that modest achievement has much to be modest about. For a start, the Liberals were handed huge revenue windfalls: $37.
In essence, the Liberals’ disinclination to reduce federal spending means that Canadian families will have to cut their own budgets, in the face of higher interest costs. Which brings us to another important test of the Liberals’ self-professed fiscal prudence: the government’s, aimed at identifying $6-billion in savings over five years, starting in fiscal 2025. By fiscal 2027, the government aims to unearth ongoing savings of $3-billion.
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