Budget 2023 is far closer to a genuine restraint budget than its fiscally conservative critics acknowledge. But that’s not necessarily something to celebrate. Opinion by David Olive
as a spendthrift fiscal plan that could condemn Canada to years of debt-induced anemic economic growth.
That was a slap at the Trudeau government’s prebudget signalling that this would be a “restraint” budget with only the leanest of new spending measures. A prudent budget is imperative in what Page describes as “a highly uncertain and volatile economic environment.”To start, the budget invests heavily in health care, its biggest spending item.
That $31 billion is an upfront charge on the total $46.2 billion in federal health-care transfers to the provinces negotiated with the premiers in February.To be sure, that commitment, the budget’s second-highest priority, is the biggest investment in climate change in Canadian history. The outlays for health care and green economy investments don’t add up because they are to be partially offset by $10 billion in cuts to government spending and planned new revenues from modestly higher taxes on business and wealthy individuals.
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