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ns id eh al to n. co m O ak vi lle B ea ve r | T hu rs da y, M ar ch 8 ,2 01 8 | o > - EDITORIAL - OPINION Promising federal budget ignores debt and deficits The Trudeau Liberals' latest budget deserves a thumbs-up from Canadians - but a qualified one. To be sure, the carefully-calibrated spending measures unveiled last Tuesday by Finance Minister Bill Morneau are basically sound. They hold the promise of growing our economy, advancing equality and improving the daily lives of millions of Canadians. It's what's missing from this budget that's the problem. It neither acknowledges nor deals with the greatest threat to Canada's long-term economic well-being - the massive deficits to which this government now seems addicted. And this casts a long shadow over an otherwise bright fiscal agenda. Blessed with higher than expected reve­ nues, the Liberals opted to spend an extra $20.3 billion on policy action over the next five years. While that sounds like a lot of money, it's not out of line when set beside Canada's 2017 gross domestic product of nearly $1.7 trillion. Besides, much of the spending is wisely targeted. The plan to study a national pharmacare program shows the Liberals continue to search for new ways to meet the needs of Canadians. Critics have savaged this budget for failing to move toward a national child care program. Indeed, the lack of affordable child care expansion is an oversight for a gov­ ernment committed to growing female participation in the workforce. It does, however, sidestep the issue of how this national program would be paid for, which will defuse some of the criticism from the right that the Liberals remain profli­ gate spenders. Canada's economy is, in fact, humming along nicely under the Liberals. Recent economic growth has been strong, unemployment low and wages rising. The eco­ nomic plan the Liberals ran on and implemented de­ serves credit for at least some of this. So what's the problem with a shrewd, compassionate budget that acts progressively while holding onto the purse strings? Let us point to its deficit - $18.1 billion for 2018-19. Canada is 10 years from its last recession, which was one of the worst in its history Another recession will inevitably come. Yet the Liberals have no plan to end deficit spending in what are certainly good times. This could leave them and the nation ill-prepared for the next economic downturn. The federal debt will reach $651.5 billion in 2017-18 and soar to $730.1 billion by 2022-23. And interest rates are rising, making servicing the debt more costly Adding to the uncertainty are the latest American corporate tax cuts and the possible demise of the North American Free Trade Agreement, which could result in jobs and investment locating south of the border. Today, the Liberals' Plan A - last week's budget - looks good. Let's hope there's a Plan B if undesirable night­ mares become unavoidable realities. ABOUT US The Oakville Beaver, published every Thursday, is a division of the Metroland Media Group Ltd., a wholly-owned subsidiary of Torstar Corporation. The Metroland family of newspapers is comprised of more than 80 community publications across Ontario. oe O °o m e tr o la n d m e d ia • Connected to your community" The Oakville Beaver is a member of the National NewsMedia Council. Complainants are urged to bring their concerns to the attention of the newspaper and, if not satisfied, write The National NewsMedia Council, Suite 200, 890 Yonge St., Toronto, ON M4W 2H2. Phone: 416-340-1981 Web: www.mediacouncil.ca nnc Apcna IniideHalton.com ^ editor@oakvillebeaver.com E facebook.com/OakvilleBeav Q @OakvilleBeaver ■ LETTERS & COMMENTARY- Good neighbours, indeed Dear editor, Earlier this year, we had some painting done at the food bank. And while it is not a big news story, I thought I would share it with you. The crew from the Dulux Paints location at 500 Speers Rd. painted the waiting room at the Fare Share Food Bank. They spent the better part of a day on location, painting the waiting room and the trim on every doorway. They are our neighbours, as the food bank is located at 1240 Speers Rd. And good neighbours they are. Store manager Todd Watson and his crew supplied all the paint and man power, drawing on store employees and regional management to help. This is truly a sign of good neighbours, a group of good citizens giving their time and ex­ pertise, as well as a sign of true charity. Our clients and food bank volunteers had big smiles on their faces when we opened the doors the following Monday. Thank you, Dulux Paints. Nancy Bromberg, Oakville Fare Share Food Bank volunteer president Fare Share Food Bank photo Oakville Fare Share Food Bank Volunteer President Nancy Bromberg joins members of the Speers Road Dulux Paints store, including from left, Marty, Michael, Mark, store manager Todd Watson, and Andrew. The crew volunteered its time and expertise to freshen up the local food bank. CONTACT US WHO WE ARE Oakville Beaver 2-5046 Mainway Burlington, ON L7L 5Z1 Phone: 289-293-0617 Classifieds: 1-800-263-6480 Digital/Flyer/Retail: 289-293-0624 Letters to the editor All letters must be fewer than 200 words and include your name and telephone number for verification purposes. We reserve the right to edit, condense or reject letters. Delivery For all delivery inquiries, please e-mail kmossman@metroland.com or call 905-631-6095. A c c rd d ite FDSAWAccredited VP and Group Publisher Neil Oliver Regional General Manager Kelly Montague kmontague@metroland.com | 289-293-0614 Regional Managing Editor Catherine O'Hara cohara@metroland.com | 289-293-0615 Circulation Manager Kim Mossman kmossman@metroland.com | 905-631-6095 Director Advertising Daniel Baird dbaird@metroland.com 289-293-0624 http://www.mediacouncil.ca mailto:editor@oakvillebeaver.com mailto:kmossman@metroland.com mailto:kmontague@metroland.com mailto:cohara@metroland.com mailto:kmossman@metroland.com mailto:dbaird@metroland.com Promising federal budget ignores debt and deficits Good neighbours, indeed