Canada under Justin Trudeau does not have a revenue problem. Canada has an out of control spending problem.
When I think of how hard this country worked under Paul Martin to balance the budget and actually ran small budget surpluses and was paying down debt, it makes me sick to my stomach.
Of all the Canadian Prime Ministers over the years, Justin Trudeau is thee number 1 accumulator of debt. Our federal debt is now 1.1 trillion dollars.
But there's going to be a recconing coming folks. Inflation now sits at 3.6 percent. (It feels like much more to be honest given how much I'm spending on food, gasoline, building materials, etc.). The Bank of Canada has a target for inflation of 2 percent. The BOC in its last meeting announced that inflation is a problem and there will be interest rate increases. The government will also find itself in a bind because all this debt will lead to higher interest payments and lower ratings on the bond market. (Think Greece, only Greece had the Eurozone to help it out and Canada has no-one but itself.). Add to that the kneecapping Mr. Dressup has given Canadian industry and the energy sector in particular, the economic situation in Canada is going to get ugly.
But hey, you got whatever it was that Mr. Dressup spent a kajillion dollars on.
8 billion dollars is a drop in the bucket.
