Skyrocketing Debt

“Terence’s knowledge as a businessman, expertise on the pharmaceutical industry and ferocious defense of his constituents make him an extraordinary colleague to have on the Conservative Team in parliament.” 

-David Sweet MP, Ancaster-Dundas- Flamborough-Westdale

Massive out-of-control debt is a serious risk for our economy and Canadian social programs.   

My Conservative government invested tens of billions to fight the great recession of 2008-2009 ($60 million for infrastructure right here in Oakville) Then we accomplished the hardest thing to achieve in any government: balanced the budget while reducing personal and business taxes to the lowest levels in 50 years. The Liberals are doing the opposite.

Fiscal responsibility was abandoned by the Liberals within weeks of being elected, breaking their biggest election promise. Instead we have the worst of both higher taxes making life more difficult, and out of control debt. Their actions will grow the debt more until 2045.

Overspending and massive debt is the formula for crisis that caused financial ruin in Spain, Italy and Greece in the 2008 recession. Recessions occur on average about every ten years in Canada.

Our goal must be higher growth in our economy that is sustainable, and bright future for our children and grandchildren, not massive debt payments for life.

Canada’s finance department now shows the Liberals are planning deficits until 2045. We are facing 27 years of tax increases and new additional debt of $ 450 B.  When the next recession hits who will bail out Canada?

More importantly what programs would the Liberals slash to make those greater loan payments? How many businesses will close down or leave Canada when they raise taxes again?     

We’ve seen this movie before. Former Prime Minister Pierre Trudeau, Justin’s father practiced out of control borrowing and spending in the 1980s. Taxpayers paid one trillion dollars in interest alone by 2000. Imagine what services $ 1 Trillion could have provided.     

Tens of billions in new debt carries huge new interest payments.  And the next recession could hit Canada harder because the last Liberal budget did nothing to address changes in the US economy which could easily turn from helping us to hurting us.

NAFTA is under current threat. U.S consumers buy over 70% of everything we make and the U.S. President needs to show he has amended NAFTA to protect U.S jobs.

Looming Dangers:

The U.S Congress just lowered corporate taxes and our corporate tax advantage is now gone. Congress is allowing write-offs of machinery and equipment over one year, and huge corporations like Apple to bring home tens of billions of corporate dollars at a 15% tax rate.

Yet the last Liberal budget did nothing to address changes in the US economy which will hurt us. Some employers like Royal Dutch Shell and Marathon Oil have already left Canada. Even renewable energy companies like NextEra have left Canada behind. Investment per worker at 59 cents is the lowest on record and heading down. 

The Liberals are introducing a new carbon tax on everything and refuse to tell us what it will cost: They claim it will have a low cost while it may actually have a high cost for working people. We are left to guess.

Canada’s economy loses $ 15 B/year because we can’t get our oil to tidewater.  Due to failed Liberal polices we have only one possibility left – the promised Kinder-Morgan pipeline, now purchased by the Liberals. Will that be a promise they keep, or another broken promise?

I am never satisfied when Canadians earn less, pay more for goods, and have far higher taxes than Americans. Are you?         

Let me work in Ottawa to build our economy for you and yours in Oakville, and for all Canadians in our future.

Help me win the coming Oakville nomination and start working for a strong sustainable economy in Ottawa.    


Pledge your support to Terence! Click here

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s