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Editorial: Trudeau Administration Ignores Fiscal Containment

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If you want to know about the Trudeau government’s spending, it’s always wise to look at the assessment by Yves Giroud, the parliamentary budget officer, the body that oversees the finances of members of Congress and taxpayers.

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In a recent assessment of Finance Minister Chrystia Freeland’s November mini-budget and testimony before a House of Commons committee on Monday, Giroud said:

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The government failed to exercise fiscal restraint by allocating $52.2 billion to new spending out of the $81.2 billion of new fiscal space gained from the economic recovery from inflation and the pandemic.

Giroud said throwing that amount into new spending at a time when the economic outlook remains uncertain “hasn’t dried his powder”.

It challenged Freeland’s claims when he released a mini-budget that the government was in good financial shape.

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Giroux said the $52.2 billion in new spending, $14.2 billion or 27%, did not provide specific details on how the money would be used, adding that “this lack of transparency It presents a challenger to lawmakers and the general public as they scrutinize their spending plans.”

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Giroud said the $4 billion increase to the Canadian Workers’ Benefits Program to help low-income earners cope with inflation and rising interest rates would go primarily to those not eligible for the money. .

“The real cost of this … measure is largely due to government policy decisions … as the income of recipients increases and they become ineligible for benefits, or if they become ineligible for lower benefits. We will not take back the advance payment if it is obtained,” Giroux said.

“Not requiring repayment of federal benefits to ineligible individuals is a clear departure from the existing federal tax and transfer system.”

Giroud said the government’s claim to have saved $3.8 billion, exceeding its $3 billion target, was in fact “less than expected spending on certain COVID-19 relief measures in the previous year.” , said it was the result of “misalignment of intent and timing.” … announced in the 2022 budget.

Giroux said he was concerned that the government was simply spending more money on problem areas such as passport issuance and immigration applications, rather than making services more efficient.

Finally, he pointed out that the government is still a month behind in meeting the International Monetary Fund’s standard of publishing annual financial statements within six months of the end of the fiscal year.

Editorial: Trudeau Administration Ignores Fiscal Containment

Source link Editorial: Trudeau Administration Ignores Fiscal Containment

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