Geopolitical risks puts economy at risk.
The Liberals cut back on some of their many campaign promises last fall and will not meet NATO’s defence targets in order to provide a declining debt-to-GDP ratio.
Since last fall, the government announced $1.3 billion in new policies; the budget adds $7.4 billion mostly in promises related to housing, reconciliation, and climate change. Taxing big banks, as promised, will also bring in an additional $2 billion just this year. The other scenario, assuming there is a rapid de-escalation of tensions in Ukraine with little supply disruptions from the conflict and the pandemic, presents a rosier picture, with a starker declining debt-to-GDP ratio and reduced deficits in the years to come.
“Provinces won’t be happy,” commented Genevieve Tellier, a professor specialized in public finance at the University of Ottawa. “There’s nothing in terms of health transfers,” she added. Freeland appeared in the House of Commons to present her budget on Thursday, wearing a bright blue dress which, apparently, is not an indication of her support for Conservative style budgets but rather an indication of her support for the Ukrainian people.Article content
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