12:50 PM January 27, 2009
We are only minutes from the release of the 2009 budget.
First let me review the last 2 months.
November 27, 2008 Conservative party of Canada announces that their will be no deficit and there will be a balanced budget for the next 5 years. Fast forward to 3rd week of January it is released that there will be a 64 Billion Dollar deficit. How they really screwed the books that badly that they someone how lost 80 Billions Dollars in 45 days. Cause in November there was going to be a estimated 14 Billion Dollar surplus.
1:00 PM January 27, 2009
Budget Release Details â€“ CBC Newsworld
1:03 – Prime Minister Enters
1:05 â€“ Some kind of delay politicians are slow*
1:06 â€“ Canadians are recommended to spend more money (where am I getting this money)
1:07 â€“ Flarity stand up for the release geez you are lazy
1:08 â€“ Falrity Stands
1:08 â€“ They ask for the motion to approve the budget even before it is read
1:09 â€“ Budget 2009
Stimulus 40 billion over 2 years
5 Deficits in a row to be predicted
2008 11.0 Billion
2009 33.7 Billion
2010 29.9 Billion
2011 13.0 Billion
2012 7.3 Billion
84.9 Billion Dollars will be added to the national debt. That is 2653 dollars for every Canadian.
Infrastructure Building Projects 12 Billion half has already been budgeted for.
1350$ Tax Relief for home improvements. Where are people getting the money for this?
EI Extended by 5 weeks no additional changes. This helps but they didnâ€™t changed the approval process.
Income Tax low bracket increased to 15%, Second bracket 22% Meh! Rather have seen the GST increased, and the actual income tax rate adjusted.
Basic personal exemption increased to 10, 320$. 700$ increase Wow this is basically nothing.
And that is it.
1:18 PM â€“ No one is really impressed on this. This just just another bad budget by Flarity like he did repeatedly in Ontario when he was the finance minister under Harris.
I see an election in the near future.
Liberals Party of Canada worked for 12 years to reduce the National Debt, and everything that was done has just been wiped out. Thanks Harper.
And just announced transfer payments to provinces has been decreased. Know what that means, provinces will have to increase taxes to make up the shortfall, any benefit that will come from the Federal Budget is going to be eliminated by Provincial budgets.
Bloc Party will not support Budget.
NDP will not support Budget.
Liberals will wait till tomorrow after reading the whole budget.
Economist has suggested that this is a quick fix, push all the buttons and see what happens budget.
Somehow they hid this in the budget, they are eliminating the right of woman to fight in court for equal pay.
There is also a hiding sale of Capital assets worth 2 Billion but does not mention what assets are being sold.
Okay I am signing off, and all I have to say is that this budget fails Canadians.