This federal government is all\u002Din on spending and borrowing making Budget 2023 neither prudent nor fair to future generations. Read on.
In the 2021 and 2022 budgets, surprisingly strong revenue growth improved the status quo bottom line. But rather than return the budget to surplus, as the government could easily have done, it spent nearly all the windfall. In 2023, new economic developments worsen the projections. But the policy reaction is the same: spend more — a total of about $65 billion more over the projection horizon.
Spending and borrowing more in both good times and bad is not new. Many countries, including Canada, have done it before and are doing it again now. Governments often believe expansionary fiscal policy should support spending, even in booms. They dismiss concerns about deficits unfairly shifting the cost of government services to the future because they believe future generations will be richer.
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