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Joined 3 years ago
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Cake day: June 13th, 2023

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  • You’re right, I’m probably overstating it, but the impact to our deficit is pretty massive.

    If the GST had stayed at 7%, instead of being cut to 5%, Ottawa would be pulling in about $25 billion more every year. That alone wouldn’t balance the books, with the 2024–25 deficit be around $25 billion smaller, knocking off 1/3 the deficit.

    Over the years since the cut, it adds up to somewhere around $300 billion in lost revenue. Trudeaus COVID spending definitely hurt, but it was still Harper’s GST cuts which took a huge, permanent bite our governments ability to respond when things got rough.