The spending increase comes as the Trudeau government continues to expand various social programs through increased childcare benefits and higher pension plan contributions, among other things
OTTAWA — Federal spending under Prime Minister Justin Trudeau has reached record highs, just as a new report warns that Canada is sitting on a “demographic time bomb” that will see spending on a rapidly aging population rocket.
Adjusted for 2019 dollars, the Liberals are even outspending Canadian governments that had to contend with world wars and global recessions. The financial demands of an older population will make it harder for governments to fund key growth priorities like education and skills development Former Conservative prime minister Joe Clark reduced program spending by 4.8 per cent, the largest annual reduction by any leader since the cold war.
RBC economists estimate that costs for elderly benefits will reach $99 billion by 2030. That would mark a twofold increase in Ottawa’s single-largest expense compared to the previous decade.
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