Federal budget 2024: Is Canada really in a fiscal crisis? | Power & Politics

Kevin Page, president of the Institute for Fiscal Studies, says that when he looks at the numbers, Canada isn't in a fiscal crisis. But he says the government will still have to find ways to offset spending for national child care and pharmacare programs.
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[@892303001]

Yea, I'd say we are. "Secret RCMP report warns Canadians may revolt once they realize how broke they are." - National Post

[@jptrainor]

The guest compared debt to the US and EU. That's too narrow. Also, we should compare gross debt to gdp. The federal government often falls back on federal debt to gdp, which artificially skews interpretation by leaving out all provincial debt that also has to be carried by the economy. The OECD compares nations on gross debt. The OECD average is 89%. Canada is 113%. The majority of EU nations are below the OECD average. A few EU nations are above Canada (Portugal, Spain, France Greece). The US is 144%. The outlier Japan is 254%. Fiscally conservative Germany is 65%. So we're high. Not the highest. But definetly high, including compared to the majority of EU nations. The US is higher than us, but the US also has 25% higher per capita economic productivity. If we were to compare normalized by productivity, we'd be about the same as the US. Too many numbers for an interview, but I think the guests gross assessment of "better than the EU" isn't justified. About the same, or slightly better than US is more justified.

[@NoGattsuNoGlory]

So basically, this episode is saying Trudeau government is a failure and they tend to keep spending until they get kicked out

[@Sam19509]

lol he literally says we are nowhere near a fiscal crisis. And he said Canada is the fastest nation in the G8 to pay down its deficit and national debt. Poiliervre is a snake oil saleman who will say anything to anyone to get into power.

[@espritlibre9938]

A retired public servant with a full pension claiming all is well. Yeah, I’m sure it is in his household.

[@MM-xg2td]

Were is the crisis ? People cannot afford food or rent LOL who is this 🤡

[@dy6682]

These guests are selected to placate the restless population.

[@dsbarclayeng1]

‘Federal politicians get pay bump, PM salary tops $400k’

[@hrmprofessor]

It’s silly to compare the US and Canadian debt at the federal level for a variety of reasons, but the most obvious is the US federal government pays for far more and US states are in a much better condition than Canadian provinces. Never mind the US prints the primary reserve currency, has the world’s largest economy, and is a military superpower.

[@BigDogNutz]

Us states are in much worse shape . Apparently you never heard of the collage of engineers giving america a D in public infrastructure a few years ago

[@jitheshl7037]

There goes another rich economist out of touch with middle class problems.

[@faithsanspeur]

Was that really a serious question?

[@kanimangaa.4574]

Bottom line, this government has to go!!!! 🤬

[@vnunes]

David desperately trying to get this guy to give an actual answer instead of superficial generalizations.

[@esparda07]

Must be a liberal. Dodging and weaving actual questions.

[@bitey-facepuppyguy2038]

So wealthy business interests want the government to cut back on public spending to help those that are struggling...............who would have thunk.

[@theowoytowich9959]

The Liberal government spent all kinds of money. The end result was the rich got richer and the poor got poorer.

[@RichEmbury]

Still waiting on the Canada Disability Benefit. That will be a huge hit to the budget. No one ever mentions it, but it's been law since June 2023, they will eventually have to fund it too. I'm not very confident, but 🤞🏼.

[@chrisfortin984]

It wont matter. The NDP will back the liberals no matter what happens with the budget, and delayed the election one week cause the Liberals know they are going to lose, and the NDP wont be strong enough to merge to block the conservatives from forming government, but a LOT of MP's will get their pensions, and Trudeau will get his new mansion on the taxpayer's dime. Thats the bottom line, so whatever happens in this budget, or whatever they say, dont hold your breath the good stuff will happen, cause the government wont care, as they will have no reason to.

[@BigDogNutz]

Unfortunately they have before summer sitting to do anything . It should be in the neighborhood of 2g all together or we are getting scewed . Lets see what they do .

[@chrisfortin984]

@@BigDogNutz They gonna pocket all they can for the next what..18 months? There is nothing more damning to the people than a government who knows they aren't winning, not even going to try to win because they will all get their pensions. Thats why the election was pushed back one week. People are screaming to pause the hike, and the government isnt listening, so what does that tell you? All the government cares about is lining up their pockets, their donors pockets, their buddies, and funnel as much Canadian money into Quebec as possible. Remember Trudeau was always about Quebec first over Canada.

[@eattherich22]

M.A.I.D.

[@TheMidnightBandit]

Eat a bag of hair.​@@eattherich22

[@penntano]

The crisis is Canada's productivity in relation to our growing debt. Suggesting the only game changer is the Bank of Canada decreasing interests rates is insane. The Liberal and NDP coalition have shown their only solution to account for their increased spending and Canada's increasing debt is to pass the bill on to Canadians. Why the hell would the Bank of Canada lower interest rates when the productivity numbers don't justify the change?

[@jamiezhou5049]

Us has much bigger debt however it still very productive. I Blame both JT and harper, spend tons of money, few successes other than a few ev plants in planning.

[@CorporateShill66]

"We are spending like drunken sailors, is there a problem?" - the government

[@jayshahu]

David the biased anti canadian journalist.

[@Tomyum19]

All of my neighbours are broke and I'm broke too, but I'm less broke therefore I'm ok. Liberal media logic.

[@XcCh-wo7kr]

Why you censor comments CBC ? My comment is not violating anything

[@robson_ivan]

David, Canadians don't seem to agree with any of your/CBC's views anymore. How about comparing all the ministers and MPs and their pay and benefits with the average commoners in this time of rising internal turbulence? That should give you a great audience and acceptability.

[@jeffspicolli593]

It's mind boggling that with Canada's debt being very recently doubled, annual deficits of $40 and $50 Billion having become structural, the minimum this Government has missed it's deficit projections by since elected is 100% and interest payments on the national debt reaching $45 Billion annually that only 34% that of Canadians are concerned.

[@Fenthule]

Everyone is. Late stage capitalism is collapsing.

[@dsbarclayeng1]

Answer, yes its a crisis: ‘Canada's need to improve productivity has reached emergency level’ - BoC.

[@denniss8048]

The good part is? There is no good part !!...

[@JatinderSingh-uv2zw]

God help us 👏🏻

[@XMG3]

everyone is leaving canada like an exodus and he sits there to say there's no crisis lol

[@theowoytowich9959]

Over 10% of what the federal government brings in as revenue is spent on interest payments ($40 to $50 billion a year) and is expected to go up as the Liberals continue to have deficit budgets.

[@wanderingfido]

🤣🤣🤣🤣🤣"Is Canada really in a fiscal crisis?" I'm about to close down my RBC banking account after having it for forty years. Buh-bye $18/mth svc charges.

[@sergep7578]

Where's the interview with Goldy Hyder?

[@user-kv4kp4co1r]

The broad statement that Canadians carry higher debt is inaccurate. In reality, it’s not the Canadians in general, but specifically the investors who hold greater debts.

[@eddobond76]

How about Canada's GDP is slightly higher of GDP of Italy. Let it sink in .

[@john_doe_not_found]

Comparing us to the US to determine how bad our debt is, is like comparing your burned down house to your neighbour's burned down house, and since your garage is still standing, and his isn't, you're in "better shape". Debt is fine when it goes to worth while projects that bring financial returns: IE: Trans Mountain pipeline will bring returns (however, the government is terrible at anything it touches and costs have ballooned to 34 billion on a project that should have cost 7 or 8 billion). If the government had just been a financial backer of a private company instead, results would have been more affordable. Spending money on workfare (any government job is essentially workfare, a form of employment where the worker's job is useless and the worker is encouraged to be lazy) and expanding the bureaucracy is not as beneficial. This leads to an Argentinian style debt spiral. The government should not ever be as large as the government wants to be.

[@BigDogNutz]

Tmp was a dud for private industry. Trudeau bought it because he got scared private company would say canada bad with supporting industry . These projects take years to make and over cost huge problem

[@stevecross216]

Where’s the crisis?! Omg this guy !

[@toddbleakney609]

Oh the liberals have spent considerably. But the debt is average. Where does this make sense. Thanks for nothing pal. Your info is as relevant as your job

[@billcunningham361]

When you have bloated the government employed stats, that should be the first cut to make. To hell with unemployment! Maybe these plans, dental care, daycare etc. can be cut a bit! They weren't great but were operational during the PC era but now, billions have been added to our debt. The carbon tax is also a top of the list player in this fumbled Liberal economy! It could use a serious haircut; a rethink; a reorganization of the fools who invoked it! Has anyone thought about the upcoming election? Have you thought about how the liberals are buying your vote- dental care, $10 daycare, rental control, house building BUDGETS OF BILLIONS WITH NOTHING ACCOMPLISHED. They are reaching far and deep to garner your vote! I wish I could keep these posts smaller but there is so much distrust with this government that there is just too many things to talk about; so many things to remember, so much mistrust going on daily!

[@jamiezhou5049]

I balme both liberals and conservative. Name 1 successful investment in Canada over these years. Avor is gone, blackberry bo longer a thing, bombardier been a laughing stock and sells its raill and commercial jets division. Although Dh- canada is good then shut down production and plan to open in few years. Some EV and battery plants sound good but not happening in a few years.

[@duanedietz5692]

Wear a TShirt saying who you are and Your Government job walk around Toronto or Hamilton see how the Civilians treat you , Keep your security at home

[@1898JoeBoyle]

This guy sounds like he is smoking government weed

[@debbiemurphy5414]

No thanks Nancy just have an election

[@Prodzy800]

We are currently in a nominal recession you bafoons!

[@John.F_Kennedy]

It's really important people realize just how much of the debt is due to pandemic spending and why it had to be spent.The government needed to keep the economy on life support otherwise we would be facing a much greater economic disaster right now. Having said that, it is important to pay it off quickly in anticipation of the next crisis whenever and whatever that may be.

[@Ben_Lavallee]

Very well said!

[@theowoytowich9959]

The government have not had a balanced budget since they came into power. We can talk about the pandemic but what about the years between 2015 and 2019, the economy was doing great but still deficits every year. How about the last two years, still deficits. UNCONTROLLED SPENDING!!!!!!@@Ben_Lavallee

[@uplandknight5782]

BTW....where did Covid go??

[@Skyhawk1480]

@@uplandknight5782 The virus evolved by being less fatal. It's often the case, since killing your host, especially too early, will prevent its spread among a population. Of course you may be one that doesn't accept the science of evolution...

[@Guy-kn6jt]

It’s time to stop listening to poeple outside our country there was absolutely no need to shut down!

[@stephenbrian11]

Pay down the debt.

[@JingleJenkins-oi1tf]

We are in a Trudeau crisis

[@damiencrossley7497]

If CBC is asking I say yes as they are the trust fund baby's mouthpeice. BUT HEY so long as they're ok right?!

[@duanedietz5692]

I wish these useless politicians got paid Minimum wage By a billion Dollar Company see how they like it

[@donnarocha4043]

Pierre Poilievre definitely has my vote, I love common sense, I love Canada 🇨🇦 ❤

[@drwzer]

Flat earthers love common sense too!😂😂

[@jeffotoole4509]

Fiscal crisis today. Financial crisis tomorrow. People have no idea what is involved when the bond market for Canadian debt shuts down. We are not far from that. If people think 5% mortgages are hard just think about it being 10-15-20%. Not even close to not being possible.

[@timothyj1966]

TRUCK FRUDEAU‼

[@shoelrana9887]

🇨🇦🇵🇸🇵🇸🇵🇸🇵🇸🇵🇸🇵🇸🇵🇸🇵🇸🇨🇦

[@zomgoose]

Canazuela

[@esevato9491]

isnt it great for the government to have their own news.... always talking great about them...😂😂😂😂 NOTHING WRONG😂😂

[@drwzer]

CBC should at least have a snowflake warning at beginning of video letting people know in advance that questions will be asked and facts will be discussed.