LOCAL TORY MPS SLAM FEDERAL BUDGET

Sarnia-Lambton MP Marilyn Gladu can’t get over the $40 billion of inflationary spending the Liberal government of Prime Minister Justin Trudeau announced in the federal budget on April 16

Gladu’s counterpart, Lambton-Kent-Middlesex MP Lianne Rood had harsher words in describing the budget. “Budget 2024 has been called the worst budget since 1982 and for good reason,” said Rood, saying the government has no fiscal restraint and nothing of substance for financial hurting Canadians. 

It is projected the federal government will post a $40 billion deficit this fiscal year, while the federal government has plans to spend $52.9 billion more over the next five years.  

Gladu is especially critical of the government’s deficit spending as the government has no plan to return to a balanced budget for at least five years, and fears the federal government will lose its triple A credit rating. 

The tax burden to pay the increasing national debt has increased $2 billion just in the last couple of months, said Rood.  This year Canada will spend $54.1 billion to service the national debt and this is more than what the federal government is transferring the provinces for health care.  

Despite this, Gladu did admit there were some good things from the budget, which her constituents in Sarnia-Lambton could benefit. The rules on mortgages will be relaxed starting on Aug. 1 to take out 30 year loans when newly built homes are purchased. First time homebuyers will be able to withdraw $60,000 from their RRSP through the Home Buyers Plan to finance purchasing a home. The previous withdrawal limit was $35,000. 

There is also a $6 billion Canada Housing Infrastructure Fund to accelerate and construction and upgrading of water, wastewater, storm water and solid waste water. Gladu this funding source could be useful to the Township of St. Clair and the Town of Petrolia. 

Gladu was also critical of the new Canada Disability Benefit, which will provide low income individuals with $2,400 a year or $200 a month.  This is a far cry to what advocates were calling for. Gladu said the Canada Disability Benefit should at least be what Canadians received on CERB during the Covid-19 pandemic. 

To offset some of this increasing spending, it is predicted $19 billion can be raised through increased capital gains taxes for the very rich. Gladu doesn’t believe the expected amount to be raised will be realized, as the wealthiest Canadians, which this hike is targeting, has ways to take advantage of tax loopholes. 

 

Blake Ellis, Local Journalism Initiative Reporter, The Independent

2024-05-02T19:30:15Z dg43tfdfdgfd