Trudeau's Debt

 

Under the rule of the Trudeau Liberals the national debt has doubled to $1.4 trillion from the $612 billion from when they first took power in 2015 and is growing by almost $4 billion per month and $10 million a day. This is more real than talking about deficits, which not only don't tell the whole story, they don't tell any of it. The interest on the debt in 2024 will be $54 billion annually, more than is spent on the health care system. In five years the interest will be $64 billion per year. The real uses that this money could be spent on for health care, improvements in infrastructure like highways, airports and bridges, or reduction in taxes is mind-boggling. And the jobs and prosperity that this would generate in the economy would also be the result of money spent on actual real things rather than just servicing the debt. Can you say out of control?


Federal Minister of Finance and Deputy Prime Minister Chrystia Freeland's budget in April 2024 said that the 2023-2024 deficit was $40.1 billion but six weeks later the Department of Finance said that the deficit was actually $50.9 billion and overestimated revenues by $20 billion. The budget was accompanied by her doublespeak about fairness and supporting the middle class while increasing capital gains taxes and increasing the national debt to record levels.


Pierre Trudeau ran up massive debts that were 10 times what they were when he took office which nearly bankrupted the country and took 30 years for the economy to recover. Like father like son, the present debt that the government of Justin Trudeau has accumulated will be borne by future generations far into the future. And there is no plan to reduce it. bundles of cash


debt protest


One area of money going down the drain is the federal public service that has increased by 40% and almost 100,000 employees during Trudeau's time in office. The payments for salaries, bonuses and pensions went from $40 billion in 2015 to $60.7 billion in 2022. The settlement of the recent strike will cost $1.3 billion per year largely paid for by everyone else, most of whom don't enjoy the benefits and perks of government employees.


Federal government executives were paid $1.3 billion in bonuses between 2015 and 2022 even though many of the performance targets, which the bonuses are supposedly based on, were not met. Lower lever employees were also paid bonuses totaling millions of dollars. The annual cost to taxpayers for these bonuses increased by 46% since 2015 when Justin's reign began.


Another money pit is the CBC which gets $1.4 billion per year while other media companies survive without government funding. CBC president Catherine Tait, appearing before a House of Commons committee, wanted an increase of cash. The committee asked why CBC executives were still collecting bonuses while approving layoffs of hundreds of people. She insisted that the bonuses weren't really bonuses but “performance pay” and that she had no control over who received it, including to herself. This is despite the fact that she is the senior member of the executive team that recommends them. She refused to answer what her performance pay has been. The CBC president is paid between $442,900 to $521,000 per year, and her performance pay is a maximum of 28 per cent of that total. So, it could be as high as $145,000. She said that the payments are written into employment contracts and can't be altered, even though she also said that the amounts are decided at the end of each fiscal year. So just more pigs at the trough funded by taxpayer dollars.


See what the national debt is in real time on the Canadian Taxpayers Federation website.


Taxpayers Federation