David Tilson MP — Staying on track for balanced federal budgets : Caledon Citizen : https://caledoncitizen.com

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David Tilson MP — Staying on track for balanced federal budgets

Canadians want their government squarely focused on the economy, and that's exactly what our government has been focused on.
When the worst of the global recession hit, we took action to protect Canadian jobs with our Economic Action Plan. The results speak for themselves — Canada has the best job record in the G-7, the lowest debt levels in the G-7 and among the strongest projected economic growth in the G-7 going forward.
As the Canadian economy continues its recovery from the global recession, our government turns its head to the next step in the process; transitioning back to long-term balanced budgets starting in 2015. Reflecting our prudent fiscal management, we will enshrine this approach into law. Our government will introduce legislation requiring balanced budgets and concrete timelines for returning to balance in the event of an economic crisis.
As recently confirmed in the government's annual Financial Report (find out more by visiting www.fin.gc.ca), we are right on track by ensuring we have eliminated wasteful spending and ineffective government programs. In fact, the deficit last year fell to $18.9 billion, down by more than one-quarter ($7.4 billion) from the deficit in 2011–12 and down by nearly two-thirds from 2009–10.
Importantly, we are doing this without raising taxes. In fact, we have cut taxes more than 160 times since forming the government, including cutting the GST from seven to five per cent and lowering personal taxes. This has reduced the tax burden on an average family of four by $3,220. In addition, earlier this fall, we froze EI premiums for the next three years, saving Canadian businesses over $660 million in 2014 alone.
Taken together, the effect of our tax cuts is that government revenue as a percentage of GDP is at its lowest level in more than 50 years. When government is more efficient and effective instead of large and bloated, that means more money in the pockets of Canadian families and business — where it belongs.
Indeed, our government's constant hard work to control spending is making a real difference. We've been examining every government department, identifying wasteful spending and introducing common sense efficiencies to improve the way government does business. The results speak for themselves. Direct government program spending has fallen by more than $5 billion over the past three straight years. This is a first for any government in Canada. Never in our history has direct program spending fallen for three consecutive years.
Rest assured, our government will stay on track for balanced budgets and reducing wasteful spending.

Post date: 2013-11-15 15:14:30
Post date GMT: 2013-11-15 20:14:30
Post modified date: 2013-11-15 15:14:30
Post modified date GMT: 2013-11-15 20:14:30