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The temporary parliamentary budget employee Jason Jacques filed feathers in Ottawa, saying that the state of federal finance “shocking”, “disturbing”, “stunning” and “unstable”, so what are his concern?
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The PBO report on the economic and financial perspective of Canada to the federal budget on November 4, combined with its comments on CTV News and the Parliamentary Committee gives answers.
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Not also new PMO defense expenses for most departments to provide plans for reducing expenses for total 15% for three years – according to PBO, the deficit of this year will fly up to 68.5 billion dollars. The USA, which is almost a third higher than last year by $ 51.7 billion. USA.
Then it will remain above $ 60 billion – in 2027 – $ 64.2 billion. USA and 62.1 billion dollars. USA in 2027.
The then Minister of Financing, Christy Freland, resigned in December last year, accusing the Trudeau government of ignoring his own financial anchor of providing a deficit of $ 40.1 billion. USA for 2023. The December economic statement about the autumn economy amounted to it at the level of 61.9 billion dollars. USA, 54% higher.
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According to PBO, the federal debt ratio to GDP, the country's economic health measure is lower than the number, the better, this year will increase to 42.5%, compared with 41.7% in 2024 and will increase to 43.3% in 2026 and 43.6% in 2027.
Jacques warned that this ratio “would no longer, according to forecasts, would be at a deterioration, which causes concern about the long -term stability of the current fiscal policy … It should be very alarming … Imaginal means that you can’t say:“ Maybe I will wait a couple of years and see how everything will go. ” This means that if you do not change, it is done … something will break. “
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The same applies to the annual increase in the amount of the money necessary for servicing federal debt.
According to PBO estimates, which will increase from $ 53.6 billion. USA for 1.28 trillion dollars in 2024, up to 66.8 billion dollars. USA for almost 1.48 trillion.
This means that the government, which paid 10.7 cents from each tax dollar, which took place last year to pay interest on debt, will pay 13.7 cents per dollar in 2030, compared with the exaggeration minimum of 7 cents per dollar in 2018.
Jacques warned, while the Government of Karni did not yet “have passed because of the abyss”, this is “looking at the rock”.
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