BACKGROUNDER: Gaping hole in the Trudeau Liberal platform
October 1, 2019
Trudeau Liberals to send another $2.544 billion dollars in debt interest payments to bankers and foreign creditors
Canadians know that Justin Trudeau is not as advertised, and now we know that their platform is not as advertised either.
The Trudeau Liberals are failing to account for changes in public debt charges as a result of their endless deficits.
In total, the Trudeau Liberal platform will send an additional $2.544 billion dollars to bankers and foreign creditors to pay for their out-of-control spending.
The PBO offered all parties costing tools to determine the changes to public debt charges. Clearly, the Trudeau Liberals didn’t use these tools or the Trudeau Liberals intentionally left the numbers out of their fiscal track.
On top of that, a number of Trudeau Liberal promises remain un-costed by an independent analysis:
- Net-zero emissions by 2050;
- Assigning a family doctor to every Canadian;
- Lowering after-school fees by 10 per cent;
- High speed internet across the country
- Guaranteed paid family leave;
With the release of their platform, Justin Trudeau’s Liberals are doubling down on their endless deficits that threaten the social services, like health care and education, we all depend on.
If Justin Trudeau and the Liberals are re-elected, they will do what they did last time and hike your taxes to pay for their out-of-control spending.
- Justin Trudeau’s campaign promises added to his existing deficits will pile on $100 billion of new debt to the books;
- His deficit will hit $27.4 billion in 2020; and,
- Total debt by the end of Justin Trudeau’s second term would be over $800 billion.
What does that mean for you? Justin Trudeau’s never-ending spending will threaten the quality of our health and social programs. He will be forced to raise taxes to pay for his endless debt and deficits.
To pay just half of Justin Trudeau’s deficits ($14B), he would have to either:
- Raise the GST by 2% or;
- Raise the rate on the first income tax bracket from 15% to 19% or;
- Raise the rate on the second income tax bracket from 20.5% to 27%