Opinion: Soaring commodity prices that are boosting government coffers will bolster spending
Chrystia Freeland, the finance minister, has apparently been spooked by geo-political uncertainties, stampeding inflation and evidence that the future standard of living of Canadians is under threat because of poor economic productivity.But they are overshadowed by a spending plan that is relatively — at least in comparison to its profligate predecessors — prudent and responsible.
Then, the deficit for the current fiscal year was forecast at $144 billion; the revised figure is $113 billion.$62.4 billion in new spending Around $7 billion already in the fiscal framework and earmarked for transit or infrastructure spending has been “reprofiled” to cushion the fiscal impact.Article content
Debt, as a proportion of the economy, is forecast at 46.5 per cent this year, falling to 41.5 per cent in five years.The more judicious approach is also intended to ensure government stimulus spending does not work at cross-purposes to efforts by the Bank of Canada to choke off inflation through aggressive interest rate hikes.
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