Canada’s federal budget allocated billions of dollars in new spending measures to advance the growth of key industries, but according to a former deputy prime minister, it missed the critical commitment to balance the country’s budget.
The risks of mismanaging a budget could lead to massive cuts and economic pain in the future -- a calamity that John Manley, said he knows all too well.
“We no longer have a commitment to a balanced budget in the fiscal plan,” the senior advisor to Bennett Jones said. “Keeping that overall fiscal situation in a manageable situation is key to it all, because at certain points, you do run out of your taxpayers’ money, and those days mean that you’ve got to reduce spending in ways that can be painful,” he added.
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