The Liberal government released their 2021 economic and fiscal update on Dec. 14.
“Today’s update by the Minister of Finance proves that the Liberals have no plan to address the cost-of-living crisis,” said Red Deer-Lacombe MP Blaine Calkins in a prepared statement. “Instead of adjusting course, the government is doubling down on its high-tax, high-deficit agenda, which will cripple our economy and lead to a higher cost of living.
“The Liberals original projection for economy wide inflation in their 2021 Budget was 3.5 per cent, but today’s update now forecasts it at 7.6 per cent,” he said.
“It is clear the government doesn’t understand how to deal with this extremely serious problem or understand the fear and hopelessness this is causing in Canadians from coast to coast.
“The energy sector was once again forgotten in this update despite the Liberal government’s own numbers acknowledging that we are heading for higher commodity prices in the coming years. If the Liberals would champion our energy sector instead of trying to phase it out, the industry could help lead Canada’s recovery.
“To add insult to injury, the update shows that government revenue has increased by $15.6 billion due to rising inflation. The Liberals’ plan isn’t just increasing the cost of essential goods, but it’s increasing the taxes for Canadians. Trudeau’s inflation tax is eating into the paychecks of middle-class Canadians while the Trudeau Liberals plan to spend even more, pouring inflationary gas on the fire.
“Conservatives called for the Trudeau Liberals to cancel planned increases in payroll and energy taxes that will further inflate the cost of living and get spending back to normal in order to end inflationary deficits. With their economic update, the Liberals did the opposite.”