That’s our deficit last year plus this year. That will be now piled on our debt which will now top $1 trillion this year, actually $ 1.079 trillion. From 2020 to 2025 we will almost double our debt from $721 billion to $1.411 trillion.
A budget always sounds good for the first few minutes.
Then you ask yourself.
Who is going to pay for all this?
Just a few years ago a $10 billion deficit was a bad thing.
Last year $354.2 billion
This year over $154.7 billion.
Over one half trillion in two years
After that who knows —-it is predicted on page 325 of the 724 page document that we will still have a deficit of $30 billion in 2025. Chances are , if past predictions are anything to go by , it will be much more.
So no talk of balancing our budget—you know paying your way??? What a foreign concept?
And GDP growth , even by the Government, is predicted to taper off after this year of stimulus.
And guess what I found ?
Do you remember that Phoenix pay system that did not work. People did not get paid, paid too much or paid too little?
It’s still around.
There’s a provision for another $45 million to be spent to clear it up. I have lost track how much has now been spent on this fiasco.
Oh ,there are two new taxes one a digital tax that is suppose to bring in billions and a luxury tax on big luxury boats and planes.
There are 24 big categories named in the Budget each with 12 sub categories —there is no where you can hide —The Government is everywhere , into everything.
There’s no turning back —-our Finance Minister is well named —Free-Land.