Kamloops (January 12, 2017): Cathy McLeod, Member of Parliament for Kamloops – Thompson – Cariboo, says the looming fiscal crisis is extremely alarming with a predicted culminated federal debt of $1 trillion in the next 15 years and $1.5 trillion by 2050.
“It was shocking to learn over the Christmas break that the Finance department quietly released a report stating we will now have annual budget deficits for the next quarter century,” said McLeod. “Analysts are predicting that bigger deficits could lead to the collapse of our economy.”
“The gravity of the Liberals mismanagement of our economy can’t be minimized. We are now facing generations of debt, and their plan to stimulate the economy by spending more has failed,” stated McLeod. “So much for their promise to balance the budget before the next election.”
Further, this week we learned from the Parliamentary Budget Office that the stimulus measures from infrastructure spending will likely be delayed. The government committed $186 billion over 11 years in last fall’s fiscal update. The economic impact of this is now projected for later 2017 and into 2018.
“Canadians need to realize that this is a perfect storm – full-time job growth is non-existent, the economy has stalled and the Department of Finance has stated if the Liberals spend any more money, they will be putting at risk the fiscal sustainability of the federal government,” stated McLeod. “I think we deserve better and should be demanding financial accountability.”