The prime minister who broke the debt clock is now touting his party's commitment to fiscal responsibility, something that not even a year ago was something he didn't "think about."
On the eve of the new budget, which will almost certainly be supported by the New Democrats following the Liberal-NDP backroom confidence deal, Prime Minister Justin Trudeau told reporters that his party has "continued to demonstrate the need to have a declining debt as a proportion of our economy—of the size of our economy—a decreasing debt-to-GDP ratio."
“We have continued to demonstrate the need to have a declining debt as a proportion of our economy—of the size of our economy—a decreasing debt-to-GDP ratio,” PM Trudeau tells reporters in Ottawa when asked about metrics for fiscal responsibility in the upcoming budget.#cdnpoli pic.twitter.com/3LCeZCG4Or
— CPAC (@CPAC_TV) April 6, 2022
These do not sound like the words of someone who believes that the budget balances itself.
The prime minister has added more debt in seven years than Canada has in the previous 148 years, with the national debt now sitting at $1.1 trillion.
Fiscal responsibility has never been a part of the Trudeau Liberals' MO. In April of last year, in what was new Finance Minister Chrystia Freeland's first budget, the Liberals introduced $100 billion in new spending. It was projected that the 2021 deficit would sit at $354.2 billion, though a December fiscal update announced that the deficit was $327.7 billion.
In August, Trudeau told reporters that he doesn't "think about monetary policy" when asked about the Bank of Canada's mandate.
Trudeau: “You’ll forgive me if I don’t think about monetary policy.” pic.twitter.com/8u5DqGMG4h
— The Post Millennial (@TPostMillennial) August 18, 2021
Trudeau's change in character to someone who cares about monetary policy and balancing the budget comes as the Opposition Conservatives continue to put pressure on the prime minister, as more and more Canadians have trouble feeding their families or affording a home.
The prime minister's so-called "Justinflation" has voters looking for fiscally responsible options, and with the NDPs and Liberals now virtually aligned on all issues, the only alternative is the Conservatives.
A Trudeau government masquerading as champions of responsible spending, then, is to be expected. The combination of falling popularity and soaring inflation appears to be enough for the Liberals to try out a new look, but it may be too little, too late, with too much spent for any Canadians to buy it.
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