Local Member of Parliament for Battle River-Crowfoot, Kevin Sorenson, was in Ottawa yesterday discussing the 2018 Fall Economic Update, but he wasn't exactly pleased on what he had heard.
"In the House of Commons, the Minister of Finance stood and gave us the Fall Economic Update. There was not a lot of surprises there. They are continuing to spend money, and they are continuing to put Canada deeper and deeper in debt," he explained.
It was released earlier, this year, that the Canadian budget would be balanced by 2019. As the end of 2018 nears, it seems that plan didn't pan out with Canada's new debt forecasted to be about 20 billion dollars in 2019.
"Originally, and I mentioned it, that he said we were going to have a balanced budget in 2019. In the budget earlier, he said they would come to budget by 2045 or 2053. It just looks like their intent is to keep spend, spend, spending. Again that means more debt to pay interest on. That is very troublesome," continued the MP.
According to Sorenson, taxpayers paid 23 billion dollars towards servicing national debt last year. The Parliamentary Budget Officer released earlier this month, that in 2023 Canadians will pay 37 billion dollars in taxes servicing just the interest on the national debt. Money that Sorenson would rather see put towards healthcare and education.
Regardless of how much spending is taking place, Alberta is getting a much smaller piece of the money pie from the Federal Government.
"There is nothing in here, that is a real point for Alberta. They are going to put some money towards the Calgary transit system. But out in my constituency we don't have public transit, what we do have is unemployed oilfield workers and pipe-liners. There is nothing here to help us get another pipeline. There is really nothing here that gives us any hope that we are going to see improvement in moving our energy," stressed Sorenson.
While Sorenson is still going over the 156-page report, one thing is clear to him. More debt today means higher taxes for tomorrow, which is something he would rather avoid in the foreseeable future.