Liberals investing in transparent and prudent fiscal plan for middle class

September 26, 2015

OTTAWA – Liberals are today presenting a transparent, prudent, and realistic fiscal plan to make immediate investments in jobs, the middle class, and those working hard to join it, so all Canadians have a real and fair chance to succeed.

“This election is about choices. The Liberal Party of Canada is making different choices than Mr. Harper and Mr. Mulcair. We are choosing to invest now to bring immediate change for all Canadians,” said former Finance Minister and Liberal candidate for Regina—Wascana, Ralph Goodale. “Liberals have a detailed, sustainable, and fully costed fiscal plan. We will make urgent investments in the middle class, and in the things that will improve our lives now – jobs, public transit, affordable housing, child care, training, innovation, and our environment.”

The Liberal fiscal plan will ensure that the government of Canada remains in a sustainable fiscal position. We will invest in growth for the middle class and follow a credible plan to balance the budget in 2019. In every year of our plan, the federal debt-to-GDP ratio will continue to fall. In addition, a new Liberal government will raise the bar on fiscal transparency by:

  • Releasing a fall Economic and Fiscal Update so that Canadians get an accurate picture of the federal government’s revised position since April;
  • Providing costing analysis for every government bill;
  • Ensuring accounting consistency between the Estimates and the Public Accounts;
  • Restoring the requirement that government borrowing plans receive Parliamentary approval;
  • Ending the inappropriate use of omnibus legislation;
  • Ensuring the Parliamentary Budget Officer (PBO) is truly independent, properly funded, and answerable only – and directly – to Parliament; and
  • Adding the costing of political party platforms to the PBO’s mandate – as is the case in Australia and the Netherlands – so that starting in the next federal election, Canadians can review the fiscal plans of political parties from a credible and comparable baseline.

In August, the Leader of the Liberal Party of Canada, Justin Trudeau, announced our bold fiscal plan for Canadians, and he has detailed the measures outlined in today’s document – as well as associated costing – over the past several months.

“Liberals have a strong track record of making the right investments at the right time. Through economic growth and job creation, we have balanced the budget, and we will do so again,” said former Minister of National Revenue and Liberal candidate for Markham–Thornhill, John McCallum. “By choosing to invest in the middle class and those working hard to join it, and by prioritizing job creation and economic growth, Liberals will restore fiscal responsibility to Ottawa. We will deliver the better government that Canadians want and deserve.”

Additional product:

 Backgrounder – Growth for the middle class: The Liberal fiscal plan and costing