The federal budget – a two-year deficit of half a trillion dollars
$500,000,000,000–Half Trillion —Two Year Deficit —Federal Budget
That’s our deficit last year plus this year. That will be now piled on our debt which will now top $1 trillion this year – actually$1.079 trillion. From 2020 to 2025 we will almost double our debt from $721 billion to $1.411 trillion.
A budget always sounds good for the first few minutes. Then you ask yourself. Who is going to pay for all this?
Just a few years ago a $10-billion deficit was a bad thing. Last year $354.2 billion. This year more than $154.7 billion. More than half trillion in two years
After that who knows? It is predicted on page 325 of the 724-page document that we will still have a deficit of $30 billion in 2025. Chances are, if past predictions are anything to go by, it will be much more.
So no talk of balancing our budget – you know paying your way? What a foreign concept!
And GDP growth, even by the government, is predicted to taper off after this year of stimulus.
And guess what I found? Do you remember that Phoenix pay system that did not work. People did not get paid, paid too much or paid too little? It’s still around.
There’s a provision for another $45 million to be spent to clear it up. I have lost track how much has now been spent on this fiasco.
Oh, there are two new taxes – one a digital tax that is supposed to bring in billions and a luxury tax on big boats and planes.
There are 24 big categories named in the Budget each with 12 sub categories —there is nowhere you can hide – the government is everywhere, into everything.
There’s no turning back. Our Finance Minister is aptly named – Free-Land.