Kamloops - Thompson - Cariboo MP Cathy McLeod

Kamloops - Thompson - Cariboo MP Cathy McLeod

MP McLeod says more debt today means higher taxes for tomorrow

Ottawa- Cathy McLeod, Member of Parliament for Kamloops-Thompson-Cariboo says the fall economic statement confirmed that the Liberals are borrowing $18 billion this year, and almost $20 billion next year, to pay for their out-of-control spending with no plan to balance the budget.

“In just three years, Justin Trudeau has racked up billions of dollars of debt with nothing to show for it. A responsible government would have paid down the debt when the economy was performing well in case of future downturns,” said McLeod. “Instead, Justin Trudeau spent the cupboards bare and is now forcing Canadians to pay for his out-of-control spending through higher taxes.”

“As a result of Justin Trudeau’s reckless borrowing, last year the Liberals spent $23 billion servicing the national debt. By 2023, the Parliamentary Budget Officer says that amount will rise to $37 billion – a 60 per cent increase,” stated McLeod.

“They are spending more on debt interest than we currently spend on health transfers.”

Last year, Canada’s net debt reached an all-time high of $670 billion or $47,612 per Canadian family.

With this year’s deficit being more than three times what Justin Trudeau said it would be, he has added another $60 billion in debt.

“You don’t need to be an economist to understand that more debt today means higher taxes tomorrow. Justin Trudeau needs to tell Canadians when he will balance the budget. Future generations shouldn’t be on the hook for his reckless spending,” concluded McLeod.