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Canadians in every province will pay more than $1,750 per person in 2023-24 on government interest costs amounting to $81.8 billion

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From the Fraser Institute

By Jake Fuss and Grady Munro

Canadians in every province will pay more than $1,750 per person in 2023/24 on government interest costs, finds a new study published by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.

“Interest must be paid on government debt, and the more money governments spend on interest payments the less money is available for the programs and services that matter to Canadians,” said Jake Fuss, director of fiscal studies at the Fraser Institute and author of Federal and Provincial Debt Interest Costs for Canadians, 2024 edition.

The study finds that taxpayers across Canada will pay a total of $81.8 billion on interest payments for the federal and provincial debts this year alone. The federal government will spend $46.5 billion on debt servicing charges in 2023/24, which is more than the government expects to spend on childcare benefits ($31.2 billion) and almost as much as the Canada Health Transfer ($49.4 billion).

Nationally, Newfoundland and Labrador’s combined federal and provincial interest costs is the highest in the country at $3,225 per person. Manitoba is the next highest at $2,728 per person.

Meanwhile, total expenditures on interest costs for Albertans ($8.6 billion) and Ontarians ($31.5 billion) are nearly equivalent to expected spending on K-12 education in their respective provinces this year.

“Even before the COVID-19 pandemic and recession, governments across Canada and in Ottawa were racking up large debts, and this debt imposes real costs on Canadian taxpayers in the form of interest payments,” said Fuss. “Interest payments across the country are substantial, and that takes money away from other important priorities.”

  • In recent years, deficit spending and growing government debt have become a trend for many Canadian governments. Like households, governments are required to pay interest on their debt.
  • In aggregate, the provinces and federal government are expected to spend $81.8 billion on interest payments in 2023/24.
  • Residents in Newfoundland & Labrador face by far the highest combined federal-provincial interest payments per person ($3,225). Manitoba is the next highest at $2,728 per person.
  • The federal government will spend $46.5 billion on debt servicing charges in 2023/24, which is nearly what the government expects to spend on the Canada Health Transfer ($49.4 billion), and significantly more than it expects to spend on childcare benefits ($31.2 billion).
  • Combined federal-provincial interest costs in Ontario ($31.5 billion), Quebec ($20.3 billion), and Alberta ($8.6 billion) are nearly as much, or more than, what these provinces will spend on K-12 education in 2023/24.
  • Meanwhile, combined federal-provincial interest costs for British Columbians ($9.6 billion) are higher than what the province expects to spend on its social services this year.

More from this study

 

The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute’s independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org

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Brownstone Institute

The Most Devastating Report So Far

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From the Brownstone Institute

By Jay BhattacharyaJayanta Bhattacharya 

The House report on HHS Covid propaganda is devastating. The Biden administration spent almost $1 billion to push falsehoods about Covid vaccines, boosters, and masks on the American people. If a pharma company had run the campaign, it would have been fined out of existence.

HHS engaged a PR firm, the Fors Marsh Group (FMG), for the propaganda campaign. The main goal was to increase Covid vax uptake. The strategy: 1. Exaggerate Covid mortality risk 2. Downplay the fact that there was no good evidence that the Covid vax stops transmission.

The propaganda campaign extended beyond vax uptake and included exaggerating mask efficacy and pushing for social distancing and school closures.

Ultimately, since the messaging did not match reality, the campaign collapsed public trust in public health.

The PR firm (FMG) drew most of its faulty science from the CDC’s “guidance,” which ignored the FDA’s findings on the vaccine’s limitations, as well as scientific findings from other countries that contradicted CDC groupthink.

The report details the CDC’s mask flip-flopping through the years. It’s especially infuriating to recall the CDC’s weird, anti-scientific, anti-human focus on masking toddlers with cloth masks into 2022.

President Biden’s Covid advisor Ashish K. Jha waited until Dec. 2022 (right after leaving government service) to tell the country that “[t]here is no study in the world that shows that masks work that well.” What took him so long?

In 2021, former CDC director, Rochelle Walensky rewrote CDC guidance on social distancing at the behest of the national teachers’ union, guaranteeing that schools would remain closed to in-person learning for many months.

During this period, the PR firm FMG put out ads telling parents that schools would close unless kids masked up, stayed away from friends, and got Covid-vaccinated.

In March 2021, even as the CDC told the American people that the vaxxed did not need to mask, the PR firm ran ads saying that masks were still needed, even for the vaxxed. “It’s not time to ease up” we were told, in the absence of evidence any of that did any good.

In 2021, to support the Biden/Harris administration’s push for vax mandates, the PR firm pushed the false idea that the vax stopped Covid transmission. When people started getting “breakthrough” infections, public trust in public health collapsed.

Later, when the FDA approved the vax for 12 to 15-year-old kids, the PR firm told parents that schools could open in fall 2021 only if they got their kids vaccinated. These ads never mentioned side effects like myocarditis due to the vax.

HHS has scrubbed the propaganda ads from this era from its web pages. It’s easy to see why. They are embarrassing. They tell kids, in effect, that they should treat other kids like biohazards unless they are vaccinated.

When the Delta variant arrived, the PR firm doubled down on fear-mongering, masking, and social distancing.

In September 2021, CDC director Walensky overruled the agency’s external experts to recommend the booster to all adults rather than just the elderly. The director’s action was “highly unusual” and went beyond the FDA’s approval of the booster for only the elderly.

The PR campaign and the CDC persistently overestimated the mortality risk of Covid infection in kids to scare parents into vaccinating their children with the Covid vax.

In Aug. 2021, the military imposed its Covid vax mandate, leading to 8,300 servicemen being discharged. Since 2023, the DOD has been trying to get the discharged servicemen to reenlist. What harm has been done to American national security by the vax mandate?

The Biden/Harris administration imposed the OSHA, CMS, and military vax mandates, even though the CDC knew that the Delta variant evaded vaccine immunity. The PR campaign studiously avoided informing Americans about waning vaccine efficacy in the face of variants.

The propaganda campaign hired celebrities and influencers to “persuade” children to get the Covid vax.

I think if a celebrity is paid to advertise a faulty product, that celebrity should be partially liable if the product harms some people.

In the absence of evidence, the propaganda campaign ran ads telling parents that the vaccine would prevent their kids from getting Long Covid.

With the collapse in public trust in the CDC, parents have begun to question all CDC advice. Predictably, the HHS propaganda campaign has led to a decline in the uptake of routine childhood vaccines.

The report makes several recommendations, including formally defining the CDC’s core mission to focus on disease prevention, forcing HHS propaganda to abide by the FDA’s product labeling rules, and revamping the process of evaluating vaccine safety.

Probably the most important recommendation: HHS should never again adopt a policy of silencing dissenting scientists in an attempt to create an illusion of consensus in favor of CDC groupthink.

You can find a copy of the full House report here. The HHS must take its findings seriously if there is any hope for public health to regain public.

Author

Jay Bhattacharya

Dr. Jay Bhattacharya is a physician, epidemiologist and health economist. He is Professor at Stanford Medical School, a Research Associate at the National Bureau of Economics Research, a Senior Fellow at the Stanford Institute for Economic Policy Research, a Faculty Member at the Stanford Freeman Spogli Institute, and a Fellow at the Academy of Science and Freedom. His research focuses on the economics of health care around the world with a particular emphasis on the health and well-being of vulnerable populations. Co-Author of the Great Barrington Declaration.

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Taxpayer watchdog calls Trudeau ‘out of touch’ for prioritizing ‘climate change’ while families struggle

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From LifeSiteNews

By Anthony Murdoch

The prime minister told a G20 panel this week that fighting so-called ‘climate change’ should be more important to families than putting food on the table or paying rent.

Canada’s leading taxpayer watchdog blasted Prime Minister Justin Trudeau for being completely “out of touch” with everyday Canadians after the PM earlier this week suggested his climate “change” policies, including a punitive carbon tax, are more important for families than trying to stay financially afloat.

In speaking to LifeSiteNews, Canadian Taxpayers Federation (CTF) federal director Franco Terrazzano said Trudeau’s recent comments show his government “continues to prove it’s out of touch with its carbon tax.”

“Canadians don’t support the carbon tax because we know it makes life more expensive and it doesn’t help the environment,” Terrazzano told LifeSiteNews.

Terrazzano’s comments come after Trudeau told a G20 panel earlier this week that fighting so-called “climate change” should be more important to families than putting food on the table or paying rent.

Speaking to the panel, Trudeau commented that it is “really, really easy” to “put climate change as a slightly lower priority” when one has “to be able to pay the rent this month” or “buy groceries” for their “kids,” but insisted that “we can’t do that around climate change.”

Terrazzano said that the Trudeau government’s carbon tax in reality “impacts nearly all aspects of life in Canada by making it more expensive to fuel up our cars, heat our homes and buy food.”

“The carbon tax also puts a huge hole in our economy that we can’t afford,” he said to LifeSiteNews, adding that if Trudeau really wanted to help Canadians and “prove it understands the struggles facing Canadians,” then it should “scrap the carbon tax to make life more affordable.”

On Thursday, Trudeau, who is facing abysmal polling numbers, announced he would introduce a temporary pause on the federal Goods and Services Tax (GST) for some goods.

Conservative Party of Canada leader Pierre Poilievre this afternoon said about Trudeau’s temporary tax holiday that if he is serious about helping Canadians, he would cut the carbon tax completely.

“What a ridiculous gimmick. Bribing Canadians temporarily with borrowed money,” Bernier wrote.

“When the real solution is to stop growing the bureaucracy, cut wasteful spending, stop sending billions to Ukraine, eliminate subsidies to businesses and activist groups, stop creating new unsustainable and unconstitutional social programs, eliminate the deficit, and THEN, cut taxes for real. None of which he will do of course.”

As reported by LifeSiteNews, a survey found that nearly half of Canadians are just $200 away from financial ruin as the costs of housing, food and other necessities has gone up massively since Trudeau took power in 2015.

In addition to the increasing domestic carbon tax, LifeSiteNews reported last week that Minister of Environment Steven Guilbeault wants to create a new “global’ carbon tax applied to all goods shipped internationally that could further drive-up prices for families already struggling with inflated costs.

Not only is the carbon tax costing Canadian families hundreds of dollars annually, but Liberals also have admitted that the tax has only reduced greenhouse gas emissions by 1 percent.

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