by Stephen Dafoe
Citing a recent Parliamentary Budget Officer data prediction that the federal budget will not be balanced until 2070, the Canadian Taxpayers Federation (CTF) called on federal politicians to focus on saving taxpayers’ money.
“Prime Minister Justin Trudeau promised Canadians he would balance the books in 2019, but it turns out that we will have to wait about 50 years before we see a balanced budget,” said CTF Federal Director Franco Terrazzano. “Racking up trillions of dollars in debt and interest is not okay, and that’s why we need to see federal politicians start taking deficits seriously.”
The 2070 revelation comes from supplementary data in the most recent Fiscal Sustainability Report released by the Parliamentary Budget Officer. CTF says the report indicates government spending is projected to add another $2.7 trillion in debt before balancing the budget in 2070.
This is in addition to the current $1 trillion in existing federal debt, much of that incurred during the COVID-19 pandemic.
CTF notes interest charges will cost Canadian taxpayers about $3.8 trillion by 2070.
“If things don’t change, Canadians will lose out on a tonne of money to the bond fund managers because of government debt interest charges. That money can’t go to health care or lower taxes because of these huge debt interest costs,” Terrazzano said. “Politicians should not be okay with five decades of red ink and families shouldn’t be forced to pay for all the overspending, so we need the feds to roll-up their sleeves and save some money.”