Aaron Gunn: Canada is sleepwalking into a crisis
As parliament prepares to vote on Carney’s $80-billion deficit budget, Aaron Gunn warns Canada is drifting into a financial crisis.
Parliament is preparing to vote on a budget that includes nearly $80 billion in deficit spending — automatically triggering a confidence vote. If the government loses, Canadians head straight into an election.
While attention in Ottawa has been focused on political drama and a high-profile floor crossing, fiscal alarm bells are sounding loud and clear. The Parliamentary Budget Officer has already called the spending plan “unsustainable,” and international credit ratings agency Fitch is warning that Canada is at risk of a credit downgrade if spending continues at this pace.
Canada is now spending more than $50 billion every year on interest payments alone — money that doesn’t buy services, build infrastructure, or improve affordability.
Conservative MP and filmmaker Aaron Gunn joins Kris Sims to react from Parliament Hill. He argues this budget fuels inflation, worsens affordability, and leaves young Canadians with exploding debt and fewer opportunities.
Fitch should downgrade Canadian debt to D for default because that is where we are headed.
Most of today's financially-obtuse generation have lived their lives using credit cards, have no idea what they're paying each month in interest and seldom have ten dollars in their wallets, so how would they understand a figure like 80-billion dollars? Indeed, how can any of us comprehend that amount or what debt like that will do to the country? The Liberals count on that level of ignorance to win elections. Trouble is, we all pay the price, including the exorbitant tax rates that will follow.
We might be living in Stalinist tenements and eating zee bugs but we sure won't be happy.