Abbotsford MP Ed Fast is criticizing the Federal Budget, saying it will leave the next generation with a burden of borrowed money to be repaid.
However, Finance Minister Bill Morneau insists that the budget was made with the next generation’s economic growth in mind.
We’re looking at how we can help middle class people today, so when we think about the children and grandchildren of [Ed Fast], what we’ve done for them is we’ve lowered the taxes and we’ve taken the Canada Child Benefit, which is our new way of delivering child benefits, and we’ve made it simpler, we’ve made it tax-free.
The families who will receive this benefit are set to bring in an extra $2,300 per year, says Morneau.
The budget, released on Tuesday, shows a deficit three times greater than what was promised on the campaign trail. Morneau admits that the current state of the economy may be a rough starting point, but that a balanced budget is on its way – eventually.
We wanted to show that, yes, we’re starting from a place where the economy is a little more difficult, but that means we’ve got to focus on growth. And if that growth does as well as we expect, we showed in our budget document a path to balancing the budget in five years.
Another thing the next generation can look forward to as part of the Federal Budget is more jobs, says Morneau. He encourages anyone looking at the budget’s deficit to also look ahead at what investing could do for the country’s future.
By investing in the economy, we’re going to create the jobs of tomorrow, innovative jobs that will really transform our economy and make us wealthier.