By Rebel News | Created at 2025-01-22 00:41:18 | Updated at 2025-01-22 04:14:50
4 hours ago
A top Liberal MP and leadership hopeful claims she has been “careful with Canada’s money,” contrary to actual budget documents.
“As finance minister I stabilized the economy during the Covid recession,” said MP Chrystia Freeland, who exited the role last December 16. That counters the most recent budget records, disclosing a $61.9 billion deficit — more than 55% over her own estimates.
Meanwhile, the Official Opposition called out Freeland last month for “poorly” managing Canada’s finances.
NO DEBATE! The House of Commons will not debate the Trudeau Liberals' fall economic update says Speaker Greg Fergus.
The spending balloons Canada's deficit to $62 billion and was so bad it even caused Chrystia Freeland to resign. pic.twitter.com/dElYEylxC9
“As a Party we need to recognize today Canadians want and need us to relentlessly focus on one thing: the economy,” she told supporters on Sunday, unbothered by her abysmal track record.
“Canadians want good jobs,” she added, conveniently overlooking her most debt-heavy budget in 50 years, exceeding the $55.6 billion figure following the 2008 financial panic. That represents the highest pre-pandemic figure until now, reported Blacklock’s.
“I am running to be leader of the Liberal Party and the next Prime Minister of Canada,” she said at the venue to a roaring applause.
“As finance minister I fought for Canadian families,” claimed Trudeau’s former second-in-command, who says she “fought” him last fall over “costly political gimmicks” that would’ve cost taxpayers billions more.
“Now is the right time for all of us to proactively take that step to say, yes, let’s do this. Let’s help the people.”
WATCH: Conservative Leader Pierre Poilievre's full remarks in reaction to the Liberals' astounding $62 billion budget deficit, which was officially revealed in Monday's fall economic update. pic.twitter.com/tPFiu96wJP
— Rebel News (@RebelNewsOnline) December 17, 2024Tory leader Pierre Poilievre earlier accused the former minister of “hiding the real numbers” on the 2024/25 deficit, which changed twice this fiscal year.
Once with Cabinet’s April 16 budget ($39.8 billion) and again ($46.4 billion) with the October 17 Budget Office report Economic And Fiscal Outlook. “This increase is largely due to new spending,” wrote analysts.
“How do you account for that change?” asked a reporter on October 22. “That is just a Budget Office report,” replied Freeland. “It’s not the final numbers.”
The Minister of Finance told MPs in November of 2023 that she would maintain deficit spending at $40.1 billion this fiscal year.
“Why won’t the finance minister tell us the true number? What’s she hiding? Is she hiding that Trudeau lost control of the deficit this year, just like every year?” Poilievre posed to the media before the Fall Economic Statement was tabled.
The Canadian Taxpayers Federation told the Senate finance committee that instead of spending $20 billion over budget through the fiscal update, the Trudeau Liberals could cut the sales tax and still reduce the deficit.
The staunch fiscal conservative condemned the Trudeau government for its out-of-control spending dating back to the last two fall updates, which Freeland oversaw.
“A year ago, this finance minister told her how she had the budget balanced by the year 2028. In that time, she has announced $100 billion of additional debt above and beyond having doubled that debt in the first place,” he said. “Her solution: another $20 billion of inflationary spending.”
The 2022 fiscal update showed the federal government over budget by $20.2 billion. Budget 2022 projected $452.3 billion in spending, later updated to $472.5 billion. Meanwhile, the 2023 fiscal update increased spending from $473.5 billion to $488.7 billion last fiscal year.
“The [2023] budget update [was] an admission that the government has a spending problem,” said Franco Terrazzano, Federal Director for the Canadian Taxpayers Federation. “Trudeau still isn’t serious about managing our finances or providing real tax relief,” he added.
— Rebel News Canada (@RebelNews_CA) October 3, 2023Minister Freeland in a 2023 testimony rejected claims that federal spending was out of control, amid rising debt service charges. “Our debt service charges are absolutely handleable,” she said at the time.
Last fiscal year, debt servicing costs were $46.5 billion. They are expected to rise to $52.8 billion this year, and $60 billion by 2027. That surpasses what Parliament spends annually on Medicare or national defence.
In a 2020 speech at the Toronto Global Forum, Freeland promised to cut spending at some point but did not clarify a spending limit. “We could be spending even more and public finances would still be sustainable,” the minister said earlier this year.
The Trudeau government hasn't had a balanced budget since first elected in 2015.
Alex Dhaliwal
Calgary Based Journalist
Alex Dhaliwal is a Political Science graduate from the University of Calgary. He has actively written on relevant Canadian issues with several prominent interviews under his belt.
