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While Carney pledged to balance the operating budget in three years and eliminate wasteful spending, according to both the Liberal Party platform and independent analysts, federal spending and borrowing will increase compared to Trudeau's last fiscal plan in December. The fact that Carney attempted to sell this strategy to an audience of university students is especially ironic, considering young Canadians will bear the burden of the additional debt through higher taxes, fewer services or some combination of both in the future. That's the opposite of "generational investments."
If the government wants to help foster true prosperity for Canadians, it should learn from the Jean Chrétien Liberal government, which meaningfully reduced taxes, cut government spending and balanced budgets. Those reforms allowed Canadians to enjoy rising incomes, strong job creation and a prolonged period of robust business investment and widespread prosperity.
Carney seems poised to continue the economic and fiscal approach of Justin Trudeau, which produced a lost decade for Canadians. Carney's strategy will likely deliver strikeouts, not home runs, and the consequences will be felt most by younger Canadians.