:format(webp)/https://www.thestar.com/content/dam/thestar/politics/federal/2023/03/28/bonanza-of-debt-or-significant-support-heres-what-prominent-people-are-saying-about-the-2023-federal-budget/bethlenfalvy_budget.jpg?w=1920&resize=1920,0&ssl=1 "‘Debt Bonanza’ or ‘Significant Support’? Here’s what prominent people are saying about the 2023 federal budget")
Amid a shaky economy, the Liberal government unveiled a $497 billion federal budget Tuesday afternoon that Finance Minister Chrystia Freeland called “fiscally responsible.”
Big-ticket items include financial support for millions of Canadians affected by inflation, the establishment of a national public dental care program, and an $80 billion investment over the next decade to grow Canada’s “clean” tech sector.
Unlike in the fall, when the government projected it would be in positive numbers by 2027-28, the 2023 budget now estimates a deficit of $14 billion within five years. This year’s deficit is $43 billion, about $6.6 billion more than its fall projection.
Like the budget itself, the reaction was mixed. Here’s what people had to say:
- Jagmeet Singhleader of the federal NDP, took credit for several of the more progressive elements of the document: “Today’s budget shows that when New Democrats use our power, we do real things for people… We fight for a budget that saves money and creates good, better-paying jobs. Justin Trudeau voted against dental care twice and didn’t want to double the GST refund, but we won’t take no for an answer.”
- Conservative leader Pierre Poilievre swore On twitter to vote against the budget: “I demanded that Trudeau bring home lower prices, powerful paychecks, and affordable new homes. Instead, his budget is a bonanza of $43 billion of debt, taxes and inflation. The Conservatives will vote no!”
- Ontario Minister of Finance Peter Bethlenfalvy praised several elements of the budget, including its focus on “clean” technology growth: The budget “provides significant support in response to the US Inflation Cut Act with clean electricity investment tax credits, including small modular (nuclear) reactors and clean-tech manufacturing.” and extraction of critical minerals”.
- jennifer mckelviedeputy mayor and acting mayor of Toronto, expressed his disappointment at the lack of support for the provincial capital: “The 2023 federal budget does not address the request for operating budget support from the city of Toronto ($235 million).”
- Leader of the Green Party Elizabeth May I had expected More Aggressive Action on Climate Change: “Unfortunately, the government’s clean energy announcements disguise new support for fossil fuels as ‘greening,’ especially funding for fossil-based hydrogen, if it is ‘scaled back.’ You cannot wash the way out of the climate emergency green.”
- Yves-Francois Blanchetleader of the Bloc Québécois, made a prediction for the coming year: “(Trudeau) seems to be leaving leeway for a much more electoral budget in 2024.”
- Tim RichterPresident and CEO of the Canadian Alliance to End Homelessness, lamented the lack of attention to housing: “For thousands of Canadians who will not be able to pay their rent this week, they will find no significant relief or support in this budget.”
- golden hyder, President and CEO of the Business Council of Canada, concerned about national debt: “Canadians were promised fiscal restraint, but instead this budget increases the national debt burden at a time of higher interest rates. More of every taxpayer dollar will now have to go toward debt service.”
- kate higginsCEO of Cooperation Canada, an association of international development groups, criticized the cuts to foreign aid: “This budget undermines Canada’s position in the world, undermines progress in sustainable development and undermines our security.”
- bea bruskepresident of the Canadian Labor Congress, did not think the budget would do enough to address rising corporate profits: “The proposed discount on groceries will provide some relief, but it does not address the root of the problem: corporations put profits before people.”
- michael bernsteinexecutive director of the climate policy organization Clean Prosperity, said more needs to be done to compete with the US in attracting low-carbon capital: “We are in a clean energy arms race and there is no time to lose.”
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