Finance Minister Chrystia Freeland is expected to roll out more than $100 billion in new spending. Find out what the Liberals will spend on.
Trudeau’s finance chief, Chrystia Freeland, is expected to use her second budget to roll out more than $100 billion in new spending promises, despite the government having run record deficits to blunt the impact of the COVID-19 pandemic. The fiscal trajectory, however, may be little changed given federal coffers are awash in new revenue from inflation and high commodity prices.
“It’s a bit of a balancing act,” said Elliot Hughes, a former adviser to Freeland’s predecessor who is now a consultant with Ottawa-based Summa Strategies.Article content The case for deficit financing, however, is getting more difficult with inflation at a three-decade high and the economy running up against capacity, prompting calls from business groups for the government to curtail ambitions and focus more on growth initiatives. Spending as a share of output was already poised to settle at the highest levels since the early 1990s, even before any new measures.
Since then, multiple events have transpired that will result in both more revenue and higher spending.
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