(This column originally appeared in the Toronto Sun)
After months of searching for an issue to differentiate themselves from the Trudeau Liberals, Conservative leadership hopefuls may have finally found the right ammunition – thanks to a scoop from the Toronto Sun.
On Wednesday, my colleague Anthony Furey and I broke news of an economic report quietly released by the Trudeau government. It was quietly released for good reason. Canada’s long-term fiscal projections paint a dire picture, particularly for young Canadians and future taxpayers.
Far from Trudeau’s campaign pledge to run “modest deficits,” Canada’s debt-fueled spending spree shows no end in sight. The feds will still be running deficits and borrowing tens of billions annually well into the foreseeable future.
By 2045, Canada will have racked up $1.5 trillion in debt. Yes, trillion. With 12 zeros.
That’s because Trudeau’s big spending and big government policies will create structural deficits and unsustainable debt long after he leaves office. We're racking up record debt, not just to fund infrastructure, but to cover day-to-day costs of government.
Trudeau’s reckless spending has sparked a flame in those who wish to oppose Trudeau in the 2019 federal campaign.
“These proposed deficits are madness for a country of 36 million,” said businessman and investor Kevin O’Leary. “This will guarantee that the next generation of Canadians will have a lower standard of living and services than their parents.”
“This is very scary confirmation of what I have been saying all along,” O’Leary continued. “This kind of mismanagement of the economy is irresponsible and incompetent. Canada cannot function like this.”
O’Leary was not alone in his condemnation of Trudeau’s out-of-control spending plan.
“Mr. Trudeau famously claimed that he could spend more on the economy and the deficit would take care of itself,” said former federal cabinet minister and libertarian frontrunner Maxime Bernier.
“Obviously, finance department economists don’t believe that’s the case, and it’s very disturbing to see the long-term effects of losing control of our country’s finances,” said Bernier.
Canada has been here before. (READ MORE)