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Taxpayer watchdog slams Trudeau gov’t for increasing debt ceiling: ‘Put down the credit card’

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From LifeSiteNews

By Anthony Murdoch

Canadian Finance Minister Chrystia Freeland authorized an additional $73 billion in borrowing this fiscal year.

After Canadian Finance Minister Chrystia Freeland gave herself and the government the authority to borrow an additional $73 billion this fiscal year, the head of the nation’s leading taxpayer watchdog group said the federal government needs to “put down the credit card” and return to common-sense spending.

Freeland, as per a February 15 cabinet order made under the Financial Administration Act, allowed the extra borrowing to take place.

The government has set “$517 billion to be the maximum aggregate principal amount of money that may be borrowed” before April 1. Before this cabinet order, however, the maximum amount was $444 billion.

Despite Freeland claiming that the increase in borrowing is “in no way a blank cheque,” Canadian Taxpayers Federation federal director Franco Terrazzano said the borrowing needs to end.

“The Trudeau government needs to put down the credit card and pick up some scissors,” Terrazzano told LifeSiteNews.

“The government should be cutting spending and balancing the budget, not racking up more debt for years to come.”

In 2021, Canada’s Parliament raised the federal debt borrowing amount by a whopping 56% under the Borrowing Authority Act. The amount went from $1.168 trillion to $1.831 trillion.

“What it does is set a ceiling for how much the government can spend,” Freeland said at the time.

Terrazzano told LifeSiteNews that the Trudeau government should be cutting spending and balancing the budget, not racking up more debt for years to come.

Terrazzano observed that in the coming year the Trudeau government will be spending “more money on debt interest charges than it sends to the provinces in health transfers.”

“In a handful of years, every penny collected from the GST (Goods and Service Tax) will go toward paying interest on the debt,” he noted.

Under Prime Minister Justin Trudeau, due to excessive COVID money printing, inflation has skyrocketed.

Last month, LifeSiteNews reported that fast-rising food costs in Canada have led to many people feeling a sense of “hopelessness and desperation” with nowhere to turn for help, according to the Canadian government’s own National Advisory Council on Poverty.

Last year, the Bank of Canada acknowledged that Trudeau’s federal “climate change” programs, which have been deemed “extreme” by some provincial leaders, are indeed helping to fuel inflation.

Terrazzano told LifeSiteNews that Trudeau should “completely scrap his carbon tax,” which is making everything more expensive.

Conservatives blast increased debt

Conservative Party of Canada (CPC) MPs have been critical of the raised debt ceiling. “You’re simply saying, ‘Give me a blank cheque and then trust me,’” MP Ed Fast said.

Freeland claimed that the “characterization of the borrowing authority limit as a blank cheque is simply false.”

CPC leader Pierre Poilievre recently asked, “Is there a dollar figure to which she would limit the debt?”

She replied that the government is “mindful that limits exist.”

During a February 13 Senate national finance committee meeting, Budget Officer Yves Giroux noted how Trudeau’s cabinet plans in terms of spending are not clear.

“We don’t know exactly what the government plans on spending or doing in terms of new spending or potential spending,” he said when asked by Senator Elizabeth Marshall if the new borrowing limits are “still realistic.”

Marshall added, “As it stands now, do you think it looks reasonable?”

“It looks sufficient, but the government always wants to give itself some room to maneuver in case there are unforeseen events that require borrowing on short notice,” Giroux replied.

A report from September 5, 2023, by Statistics Canada shows food prices are rising faster than headline inflation at a rate of between 10% and 18% per year.

According to a recent Statistics Canada survey of supermarket prices, Canadians are paying 12% more for carrots, 14% more for hamburger (ground meat), and 27% more for baby formula.

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Alberta

Pierre Poilievre – Per Capita, Hardisty, Alberta Is the Most Important Little Town In Canada

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From Pierre Poilievre

The tiny town of Hardisty, Alberta (623 people) moves $90 billion in energy a year—that’s more than the GDP of some countries.

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Business

Why it’s time to repeal the oil tanker ban on B.C.’s north coast

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The Port of Prince Rupert on the north coast of British Columbia. Photo courtesy Prince Rupert Port Authority

From the Canadian Energy Centre

By Will Gibson

Moratorium does little to improve marine safety while sending the wrong message to energy investors

In 2019, Martha Hall Findlay, then-CEO of the Canada West Foundation, penned a strongly worded op-ed in the Globe and Mail calling the federal ban of oil tankers on B.C.’s northern coast “un-Canadian.”

Six years later, her opinion hasn’t changed.

“It was bad legislation and the government should get rid of it,” said Hall Findlay, now director of the University of Calgary’s School of Public Policy.

The moratorium, known as Bill C-48, banned vessels carrying more than 12,500 tonnes of oil from accessing northern B.C. ports.

Targeting products from one sector in one area does little to achieve the goal of overall improved marine transport safety, she said.

“There are risks associated with any kind of transportation with any goods, and not all of them are with oil tankers. All that singling out one part of one coast did was prevent more oil and gas from being produced that could be shipped off that coast,” she said.

Hall Findlay is a former Liberal MP who served as Suncor Energy’s chief sustainability officer before taking on her role at the University of Calgary.

She sees an opportunity to remove the tanker moratorium in light of changing attitudes about resource development across Canada and a new federal government that has publicly committed to delivering nation-building energy projects.

“There’s a greater recognition in large portions of the public across the country, not just Alberta and Saskatchewan, that Canada is too dependent on the United States as the only customer for our energy products,” she said.

“There are better alternatives to C-48, such as setting aside what are called Particularly Sensitive Sea Areas, which have been established in areas such as the Great Barrier Reef and the Galapagos Islands.”

The Business Council of British Columbia, which represents more than 200 companies, post-secondary institutions and industry associations, echoes Hall Findlay’s call for the tanker ban to be repealed.

“Comparable shipments face no such restrictions on the East Coast,” said Denise Mullen, the council’s director of environment, sustainability and Indigenous relations.

“This unfair treatment reinforces Canada’s over-reliance on the U.S. market, where Canadian oil is sold at a discount, by restricting access to Asia-Pacific markets.

“This results in billions in lost government revenues and reduced private investment at a time when our economy can least afford it.”

The ban on tanker traffic specifically in northern B.C. doesn’t make sense given Canada already has strong marine safety regulations in place, Mullen said.

Notably, completion of the Trans Mountain Pipeline expansion in 2024 also doubled marine spill response capacity on Canada’s West Coast. A $170 million investment added new equipment, personnel and response bases in the Salish Sea.

“The [C-48] moratorium adds little real protection while sending a damaging message to global investors,” she said.

“This undermines the confidence needed for long-term investment in critical trade-enabling infrastructure.”

Indigenous Resource Network executive director John Desjarlais senses there’s an openness to revisiting the issue for Indigenous communities.

“Sentiment has changed and evolved in the past six years,” he said.

“There are still concerns and trust that needs to be built. But there’s also a recognition that in addition to environmental impacts, [there are] consequences of not doing it in terms of an economic impact as well as the cascading socio-economic impacts.”

The ban effectively killed the proposed $16-billion Eagle Spirit project, an Indigenous-led pipeline that would have shipped oil from northern Alberta to a tidewater export terminal at Prince Rupert, B.C.

“When you have Indigenous participants who want to advance these projects, the moratorium needs to be revisited,” Desjarlais said.

He notes that in the six years since the tanker ban went into effect, there are growing partnerships between B.C. First Nations and the energy industry, including the Haisla Nation’s Cedar LNG project and the Nisga’a Nation’s Ksi Lisims LNG project.

This has deepened the trust that projects can mitigate risks while providing economic reconciliation and benefits to communities, Dejarlais said.

“Industry has come leaps and bounds in terms of working with First Nations,” he said.

“They are treating the rights of the communities they work with appropriately in terms of project risk and returns.”

Hall Findlay is cautiously optimistic that the tanker ban will be replaced by more appropriate legislation.

“I’m hoping that we see the revival of a federal government that brings pragmatism to governing the country,” she said.

“Repealing C-48 would be a sign of that happening.”

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