Federal Deficits Projected Until 2070 with Franco Terrazzano and Art Lightstone

In April, the Trudeau government revealed a three hundred and fifty billion dollar deficit in the 2021 budget. The government announced one hundred billion in new spending but no plan for a balanced budget. Canada’s federal debt recently surpassed one trillion dollars as a result of pandemic spending.

According to recent Parliamentary Budget Officer data, it is predicted that on this track, the the federal budget will not be balanced until 2070, when today’s minors are reaching retirement age.

This all means that the next generation in Canada could live their entire lives carrying this debt burden — likely equating higher taxes and less social services.

The federal debt has more than doubled in the last decade.

The federal debt portion of every Canadian is currently around thirty thousand dollars.

This is not including provincial debts which in most provinces is pushing twenty thousand.

In Ontario, that number is close to $30,000 in addition to the federal portion (putting the total near $60,000 for each resident of Ontario).

Joining me today to discuss the status of our nation’s economy, and implications of the 2070 projection, is Federal Director of the Canadian Taxpayers Federation and former law and economics professor Art Lightstone. Thanks for joining us.

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