It’s time for the Trudeau government to pay its bills

It’s time for the Trudeau government to pay its bills

Originally published in French by Le Journal de Montreal

Borrowing money amounts to spending your future. Looking at the federal government’s fiscal trajectory, one may wonder what will be left of our youth’s future.

The federal deficit will reach this year. For the first time in the country’s history, the federal debt will exceed the trillion-dollar mark. That is nothing to be proud of.

Prime Minister Justin Trudeau supports the idea that these expenses are part of his legacy. If he continues to sign cheques left and right, however, the legacy he leaves for young Canadians risks being little more than a really long bill.

Now, in the midst of a pandemic that could last for years to come, it is harder for young people to find jobs after graduation. The latest figures from Statistics Canada show that nearly one in four young people are unemployed today, while there was only one in ten a year ago, and the recovery is much slower there than it is for other age groups.

Whether or not they can land a good job, the burden of paying for the debt incurred by previous generations will fall on their shoulders. According to the mytaxbuden.ca calculator this debt and all past financial commitments represent a bill of $300,000 for a Canadian born in 1999. And these calculations don’t even include government spending during the COVID-19 pandemic.

This is ten times more than the burden for taxpayers born in 1970. That does not even pay for all the government services they would be supposed to benefit from. We are a long way from the sunny ways that the prime minister told us about a few years ago.

If nothing is done, it is our ability to pay for our programs that will pay the price. Each year, the federal government transfers tens of billions of dollars to the provinces to help pay for essential programs such as health and education.

This year alone, the federal government will hand over $ 80 billion to the provinces through its various transfer programs.

The more our government is in debt, however, the less it is to able support our provinces and the more it has to spend on interest payments. Considering the interest bill already stands at $19.5 billion, there is cause for concern.

In contrast to the throne speech, things are not going to get any better. The Trudeau government promises to pay the debt instead of Canadians. The real cost of our government is going to be borne by young Canadians.

The federal government claims that less public sector spending would have led to a greater recession. In reality, the Trudeau government borrowed our future prosperity with its heavy bills. Instead of building on the resilience of our workers, it has threatened Canada’s future.

By the end of 2020, the Trudeau government will have recorded the l And if his plan for the coming year does not consider the size of the federal debt, the growing debt will only gain momentum.

Despite this, hope is not lost. 

If the Trudeau government is to build a bright future for young Canadians, it must immediately focus on a plan to deal with Canada’s pandemic spending and eventually our massive debt. If it does not, sectors important to Canadians such as their health care and their children’s education will be at risk.

For a prime minister concerned about his legacy, he does not seem troubled by ours. The state of federal finances and the hurdles in the job market are not an encouraging combination for us – it’s time to balance the budget.

By Mathieu Kazan-Xanthopoulos

Regional Coordinator for Quebec, Generation Screwed

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