The National Post reports:
The spending tables indicate that next year, the federal government will spend more money servicing the debt than it does on health transfers to the provinces. (1)
And in a subsequent article it further describes the economic blood bath that is unfolding in Canada:
Canada .. can reverse its decline before it becomes an honorary member of the Third World, but it will require undoing everything the Trudeau government has done since 2015 and that it continues to do now. Whatever is in the Liberals’ fall economic update, it will do no good. (2)
And over at Bloomberg news, we see this:
Trudeau's spending plans getting squeezed by soaring debt payments.
Interest charges on federal debt were $28.2 billion in the first 8 months of this year, up 35% from the same period in 2022.
Asked about Freeland’s budget update Friday, Trudeau signaled no change in tack. (3)
So, we are approaching the point where we will need to start ditching our social programs in order to service our debt payments, all indicators say we are screwed, and Trudeau signals "no change in tack"?
Does anyone remember when Trudeau beat Harper to become the Prime Minister? Harper had just paid off the deficit: meaning Canada had no deficit!
Do you remember Trudeau's campaign promises? He promised to rapidly expand governmental spending and to return to large deficits.
And people in Canada apparently thought this was a good idea and voted for him (repeatedly).
Now here we are.
Or maybe I'm just crazy,
Abe
(1) www.msn.com/en-ca/money/topstories/john-ivison-trudeaus-liberals-just-made-sure-some-carbon-pricing-will-live-on-after-they-re-gone/ar-AA1knqfp
(2) www.msn.com/en-ca/money/topstories/matthew-lau-trudeau-liberals-economic-update-will-make-the-bad-even-uglier/ar-AA1kdPOq
(3) https://leaderpost.com/news/economy/trudeau-spending-squeezed-soaring-debt-payments
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