The Trudeau administration is driving Canada into financial ruin, so if you thought things were terrible, get ready for the release of the Parliamentary Budget Officer's October 2024 Economic and Fiscal Outlook. Canadians are the ones being chained to the tracks of a long-term train crash, not just a poor budget year. The facts, as presented by the Parliamentary Budget Officer (PBO), are as damning as they come.
Unmanageable Deficits—A National Shame
The harsh reality is that since taking office, Trudeau and his Liberal party allies have run deficits annually, and there is no end in sight. The budget deficit for 2023–2024 is an astounding $46.8 billion, and it only slightly decreases to $46.4 billion the following year. They desire us to think they're "managing" the economy, but in reality, they're mortgaging Canada's future to finance more large-scale government expenditures.
Even worse, according to PBO estimates, we will still be facing a $22.5 billion shortfall by 2029–2030. They still won't have a balanced budget after over ten years! These folks are acting as though the mounting debt is normal. Economic malpractice is what this is.
Canada Is Being Crushed by Trudeau's Debt Mountain
Let's also discuss the federal debt. It is anticipated that the debt-to-GDP ratio will be 42.2% in 2023–2024 and 2024–2025. You consider that to be bad? Yes, it is. It is significantly higher than the already high pre-pandemic level of 31.2%. The worst part is that they aren't even feigning to attempt to get it back to those levels. The debt-to-GDP ratio will remain at 39% by 2029–2030. Stated differently, they have established these enormous, careless spending levels as the new standard for Canada.
To put it simply, the administration of Justin Trudeau is spending more tax dollars to pay off interest on the national debt than it is on healthcare and protection for Canadians. The harsh reality is that the nation is going bankrupt as a result of this careless spending binge.
Canada invested $26.4 billion in national defence in 2023. This includes safeguarding our borders, protecting the entire nation from external threats, and upholding our NATO obligations—all of which we are failing to do. We're barely making ends meet as a G7 country, allocating just 1.29% of GDP to defence, far less than what our allies are paying. In 2023, the Canada Health Transfer gave provinces $49.4 billion in healthcare funding. We're talking about the lifeblood of a country, and healthcare is an essential aspect of Canadian life. Trudeau's liberals frequently boast about their dedication to public health, but the real deal is this:
$52.8 billion will be used in 2024–2025 solely to cover interest on our national debt. Take a moment to process that. The expenses of debt servicing—not even debt reduction, simply interest payments—are greater than the money we spend on healthcare or national defence.
This is crazy. The Trudeau administration is spending more on maintaining its unmanageable debt than on safeguarding the health and safety of Canadians. Interest-blown $52.8 billion isn't making Canadians safer or healthier; instead, it's only benefiting banks and bondholders. In the meantime, our military is barely able to fulfill its fundamental responsibilities, and your healthcare is underfunded.
Trudeau frequently talks about "investing" in Canada, but in reality, he's just putting the nation on a credit card and making you pay for it. What occurs if those interest payments continue to rise? By 2029–2030, they should account for 11.2% of overall income. Do you believe that's sustainable? Do you believe that as Trudeau sends billions to pay off debt, you will receive better healthcare or a more powerful military?
The future is not something we are "investing" in. We have a mortgage on it. Additionally, Trudeau's administration is using your money to pay off interest on debt while you struggle to make ends meet due to rising taxes, rising food prices, and energy costs. on the national debt as opposed to safeguarding or providing healthcare for Canadians. The harsh reality is that the nation is going bankrupt as a result of this careless spending binge.
Canada invested $26.4 billion in national defence in 2023. This includes safeguarding our borders, protecting the entire nation from external threats, and upholding our NATO obligations—all of which we are failing to do. We're barely making ends meet as a G7 country, allocating just 1.29% of GDP to defence, far less than what our allies are paying.
In 2023, the Canada Health Transfer gave provinces $49.4 billion in healthcare funding. We're talking about the lifeblood of a country, and healthcare is an essential aspect of Canadian life. Liberals under Trudeau frequently boast about their dedication to public health, but here's the
kicker:
$52.8 billion will be used in 2024–2025 solely to cover interest on our national debt. Take a moment to process that. The expenses of debt servicing—not even debt reduction, simply interest payments—are greater than the money we spend on healthcare or national defence.
This is crazy. The Trudeau administration is spending more on maintaining its unmanageable debt than on safeguarding the health and safety of Canadians. Blowing $52.8 billion on interest is only benefiting banks and bondholders, not making Canadians safer or healthier. In the meantime, our military is barely able to fulfill its fundamental responsibilities, and your healthcare is underfunded.
Trudeau frequently talks about "investing" in Canada, but in reality, he's just using the country as a credit card and charging you the bill. What occurs if those interest payments continue to rise? By 2029–2030, they should account for 11.2% of overall income. Do you believe that's sustainable? Do you believe that as Trudeau sends billions to pay off debt, you will receive better healthcare or a more powerful military? The future is not something we are "investing" in. We have a mortgage on it. Additionally, Trudeau's administration is using your money to pay off interest on his reckless spending rather than improving your quality of life while you struggle to make ends meet due to rising taxes, rising food prices, and rising energy costs.
Debt is more than just a number; it represents missed opportunities for Canadian families, potential tax increases, and a significant burden that will fall on future generations. However, Trudeau isn't interested in that, is he? Keeping the spending spigots open to buy off his supporters is part of his plan to remain in power.
Canada is being drained of money due to interest payments.
The Liberals don't want to discuss this interesting truth either: Costs associated with debt servicing—the money we pay just to Interest rates on Trudeau's careless borrowing are soaring. By 2029–2030, interest payments will account for 11.2% of total income, up from 10.6% in 2024–2025. By the end of this decade, that amounts to more than $67 billion annually.
Because Trudeau chose to spend like a drunken sailor, the money is going directly to foreign bondholders and large banks rather than to schools, roads, or hospitals. The debt service ratio was 7% prior to the pandemic, by the way. Regards, Justin.
Spending Increases with Revenue, Not Fiscal Responsibilities
I'm sorry to break your illusion if you believed that the deficit might be reduced with all of this tax income. It is anticipated that government income will rise from $461 billion in 2023–2024 to $606 billion in 2029–2030. That's a massive cash influx, but instead of putting it toward reducing the deficit or the debt, Trudeau is using it to expand his bloated, bureaucratic government.
Program expenses—that's the fancy term for how much the government is spending on itself—will rise from $486 billion in 2024-25 to $565 billion by 2029-30. They're taking in record tax revenue, but they're blowing it all on big government programs and giveaways to their friends.
Meanwhile, Canadians are struggling with skyrocketing cost of living. Does this sound like fiscal responsibility to you? Or does it sound like a government feeding its own appetite while telling you to tighten your belt?
Tax Increases Are Coming, Whether You Like It or Not
Here's the dirty little secret the PBO report exposes: Trudeau's government is planning to squeeze every last cent out of Canadians. We're already seeing an increase in personal and corporate income taxes, but it gets worse. Fuel charge proceeds—what they call carbon taxes—are expected to nearly double, going from $10.6 billion in 2023-24 to $22.9 billion in 2029-30.
That means higher costs for everything—from filling up your car to heating your home—and they have the audacity to pretend that this is about "saving the planet." In reality, it's just another way to rob Canadians blind while making it harder to afford basic necessities.
Stagnant Economy, Rising Unemployment
The Liberals are content to blame inflation on "global factors" and pretend that they're doing everything they can to get the economy moving. But the PBO's real GDP growth projection tells the real story. Economic growth is expected to be a measly 1.1% in 2024, with a slight rebound to 2.2% in 2025. In short, we're not growing fast enough to support the spending addiction.
Meanwhile, the unemployment rate is projected to stay above 6% until 2026. That's a recipe for disaster. How do they expect Canadians to pay higher taxes, higher energy bills, and higher debt service costs if the economy is in the dumps and jobs are scarce? But of course, Trudeau and his cronies are fine—because they'll never feel the pinch.
Final Thoughts
Let's be crystal clear about something: Justin Trudeau and his Liberal cronies aren't managing Canada's economy—they're spending Canada into the ground while jet-setting off to cocktail parties with French President Emmanuel Macron. Why? Because they know that their reckless spending spree is unsustainable, but they don't care. They'd rather hobnob with elites overseas than fix the mess they've made at home. And while they're dining in Paris, you, my fellow Canadians, are struggling to afford groceries.
You think I'm exaggerating? The latest stats are shocking. According to Canada's International Transactions in Securities report for August 2024, foreign investors divested $11.9 billion from Canadian equities. Yes, you heard that right—$11 billion with a capital B. Foreigners are running for the exits, ditching Canadian shares because they know this government is steering the economy straight into the ditch. But guess what? You can't run. You're stuck here, dealing with the mess they've made, and it's not like your life is getting any better.
Food inflation has skyrocketed by 21% since 2021. Every time you walk into Superstore, your Canadian dollar is worth less and less. Groceries are getting more expensive by the day, rent is out of control, and homeownership is now nothing more than a pipe dream for millions of Canadians. This is the cost of Trudeau's irresponsible, socialist policies that have driven this country to the brink.
So I ask you: Why are we letting these Liberals get a pass? Why isn't the mainstream media calling this out? Well, that's easy—they're on the government payroll. The Trudeau Liberals have been funneling millions to media outlets to ensure they stay quiet. You're literally paying for the propaganda machine that covers for Trudeau's failures, all while you get poorer.
Enough is enough, Canada. This is not just about deficits and debt; this is about the future of the country. We need a return to austerity—and we need it now. We need to slash government spending, cut taxes, and bring fiscal discipline back to Ottawa. If we don't, the Canada we know and love will be nothing more than a memory.
Trudeau isn't helping Canada—he's destroying it, one dollar at a time. And the longer we allow this to go on, the harder it will be to claw our way back to prosperity. But I believe in the strength and resilience of the Canadian people. It's time to stand up and demand real change. It's time to stop Trudeau's reckless spending and restore fiscal sanity before it's too late.
Wake up, Canada. The Liberals won't stop on their own. It's up to you to take your country back. The time for patriotic action is now. Let's make Canada strong, free, and financially secure again The Trudeau administration intends to extract every last penny from Canadians. Personal and corporate income taxes are already rising, but the situation only gets worse. The revenue from fuel charges, sometimes known as carbon taxes, is predicted to almost double, from $10.6 billion in 2023–2024 to $22.9 billion in 2029–2030.
This entails increased expenses for everything, even heating your house and fueling up your car, and they dare to claim that this is about "saving the planet." Actually, it's just another technique to deprive Canadians of their fundamental needs while making it more difficult for them to purchase them.
Economic stagnation and rising unemployment
Pretending to be doing everything they can to boost the economy, the Liberals are happy to attribute inflation to "global factors." However, the PBO's actual The real story is shown by GDP growth projections. In 2024, economic growth is predicted to be a pitiful 1.1%, with a modest uptick to 2.2% in 2025. To put it briefly, we are not expanding quickly enough to sustain the addiction to spending.
Until 2026, the unemployment rate is expected to be higher than 6%. That is a surefire way to fail. Given the state of the economy and the lack of jobs, how do they expect Canadians to pay more taxes, energy bills, and debt service costs? Naturally, though, Trudeau and his allies are unaffected because they will never be affected.
Concluding remarks
To put it plainly, Justin Trudeau and his Liberal allies aren't running Canada's economy; rather, they are squandering it while taking lavish vacations. parties with Emmanuel Macron, the president of France. Why? because they don't care that their careless spending binge is unsustainable. They would rather socialize with foreign elites than clean up the disaster they created at home. And you, my fellow Canadians, are having a hard time affording groceries while they are dining in Paris.
Do you think I'm being overly dramatic? The most recent statistics are startling. Foreign investors sold $11.9 billion worth of Canadian stocks, according to Canada's August 2024 International Transactions in Securities report. That's correct, eleven billion dollars with a capital B. Because they are aware that this government is leading the economy in the wrong direction, foreign investors are fleeing Canada and selling their shares. But you know what? You are unable to run. The mess they created has left you stranded here.and it doesn't seem like your life is improving.
Since 2021, food inflation has increased by 21%. The value of the Canadian dollar decreases each time you enter Superstore. Rent is out of control, groceries are becoming more and more costly every day, and for millions of Canadians, homeownership is now only a pipe dream. our is the price of Trudeau's socialist, careless policies that have brought our nation to its knees.
I would like to know why we are allowing these liberals to get away with it. Why isn't this being called out by the mainstream media? That's simple—they work for the government. To keep the media silent, the Trudeau Liberals have been giving them millions of dollars. In actuality, you are footing the bill for the propaganda.machine that makes up for Trudeau's shortcomings while making you poorer.
Canada, enough is enough. The future of the nation is at stake here, not simply deficits and debt. We urgently require a return to austerity. We must reduce government expenditures, lower taxes, and restore economic restraint to Ottawa. The Canada we know and love will only exist in our memories if we don't.
One dollar at a time, Trudeau is destroying Canada rather than advancing it. And it will be more difficult to wriggle our way back to prosperity the longer we let this continue. However, I have faith in the Canadian people's fortitude and tenacity. It's time to take action and call for substantive change.Before it's too late, we must halt Trudeau's careless spending and bring budgetary rationality back.
Canada, wake up. Liberals won't quit by themselves. Regaining your nation is up to you. Now is the moment for patriotic action. Let's rebuild Canada's economic stability, freedom, and strength.
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