Canada can no longer make projections based on the booming growth we experienced after the Second World War.
Harper’s fiscal update (building on the fiscal success of the Jean Chrétien Liberals) made leaps and bounds towards correcting a broken, outdated system.
But things look drastically different under Trudeau.
Today’s long-term economic forecast paints a dire picture for the country’s finances.
It’s particularly punishing for young Canadians and future taxpayers.
Instead of surpluses, Canada will run deficits. Year after year.
Far from being debt-free within 25 years, Canada is now projected to run catastrophic deficits every year.
Our annual shortfall is forecasted to be $40 billion in 2035 alone.
By 2045, the government now projects $1.5 trillion in federal debt.
Just two years ago, Canada was projected to have a $760 billion surplus that same year..."
Give him credit; he makes Dithers and even Crouton look good in retrospect.