“More [spending measures] are time-limited. They will eventually expire. They will see benefits in the continued growth of the economy as we emerge from the pandemic with a strong economy because businesses and individuals have been supported, âsaid Kamloops-Thompson-Cariboo Liberal candidate Jesse McCormick. “Ultimately, we’ve helped maintain an appropriate debt-to-GDP ratio that will allow us to get our finances back to where we want them to be.”
RAW VIDEO: Candidates comment on government spending.
Conservative constituency candidate Frank Caputo disagrees with the debt-to-GDP ratio. According to Statistics Canada, the country’s gross domestic product fell 11% from March to April 2020 at the onset of COVID. It rebounded to 6% growth last June, remaining at zero growth last year.
Caputo’s party believes Justin Trudeau spent too frivolously, not only during COVID but throughout his six years as Prime Minister.
âThe prime minister’s combined debt is actually higher than that of all prime ministers combined from 1867 to 2015. According to the Parliamentary Budget Officer, it will take 50 years to balance the budget,â Caputo said. âThe Liberals want to continue spending lavishly. The NDP wants to continue spending lavishly. While we have to finance health care. The Conservatives are the only party that has a plan to balance the budget over the next 10 years. ”
The People’s Party of Canada plans to balance the budget over the next four years.
“We will do this by removing government bailouts to businesses and working to keep the money in Canada instead of spending it abroad on other things,” said local PPC candidate Corally Delwo. âWe would like to make sure that people’s income taxes are reduced, capital gains [taxes] are reduced. The point is to make sure that the money stays in the pockets of the people, that it does not go into the government coffers and that it is frivolously wasted.
The NDP recognizes that there is good debt, but also bad debt. The party was a supporter of spending during the pandemic to help the economy weather the COVID storm.
Kamloops-Thompson-Cariboo NDP candidate Bill Sundhu promises continued investment in the economy, but eliminating corporate bailouts and forcing the rich to pay their fair share of taxes to reduce the debt burden .
âWe are going to put in place a fair tax system. We will create a wealth tax that will bring in billions, according to the Parliamentary Budget Officer. We will introduce a tax on excess profits. We will close loopholes and tax havens, which can generate billions of dollars. Over the past 10 years, in offshore tax havens alone, $ 250 billion has left the country. It must be taken seriously. ”
The Green Party also wants to cut subsidies from big oil companies, which it says will help finance a costly transition to a green economy. Local candidate Iain Currie believes that while it could make the country’s debt worse in the short term, it will pay off and be more profitable in the long term.