They Are Now Breaking Commitment to Balance Budget this Term
OTTAWA, ONTARIO- Today’s Fall Economic Update confirmed that the Liberal Government continues its out of control deficit spending – and has nothing to show for it in terms of results. A deficit was promised by the Liberals in the last election – but they committed that it would never exceed $10 billion dollars. Now, it has reached $25 billion, and will rise even higher to $28 billion next year. Previous commitments to balance the budget over the term of the Government are now gone.
“These massive deficits are delivering nothing to York-Simcoe residents, other than higher taxes in the future,” said MP Peter Van Loan.
Despite the out of control spending, there have been no results. Not a single net new full-time job has been created in Canada since the Liberals took office. In fact, only 96,000 new part-time jobs have been created in the past year under the Liberals. This compares with an average of 192,000 new jobs per year (mostly full-time) in the five years preceding their election. Clearly, massive deficits and government spending have killed jobs and economic growth.
Not surprisingly, job creation has plummeted as Canadians have been hit with a succession of surprise tax increases. Cancellation of the Children’s Sports Tax Credit, Cancellation of the Children’s Arts Tax Credit, Cancellation of the Education Tax Credit, Cancellation of the Textbook Tax Credit, an Increase in the Small Business Tax Rate, now increases to payroll taxes, and now a New Carbon Tax are all serving to suck the money out of York-Simcoe’s economy, while scaring away possible new job creation.
The Liberals were elected on the promise of introducing an infrastructure program to get job-creation underway. Yet after one year in government, they have delivered only one new infrastructure project in Canada. Now, in the Economic Update, it was announced that they will be using a new approach for funding infrastructure, requiring it to deliver a revenue stream. As a result, York-Simcoe residents will be asked to pay tolls on new roads and bridges to fund them.
“Once again, the Liberal Government is implementing policies that seem designed to make life harder for cash-strapped families in York-Simcoe,” said MP Peter Van Loan.