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Economists debate what the fall fiscal update and a balanced 2015 budget really means for Canadians

Finance Minister Joe Oliver is predicting times good enough to put money-in-your-pocket and jobs-in-your-future. From tax cuts catering to your kids, to no increased spending plans for their grandparents, he's touting a financial timeline that could lead right into an election. But critics warn the balanced budget means a high cost to services....
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Finance Minister Joe Oliver is predicting times good enough to put money-in-your-pocket and jobs-in-your-future. From tax cuts catering to your kids, to no increased spending plans for their grandparents, he's touting a financial timeline that could lead right into an election. But critics warn the balanced budget means a high cost to services.

We will fulfill out commitment to Canadians to balance the budget in 2015. Next year we are projecting a surplus of 1.9 billion and in the years that follow rising to 13 billion dollars by the year 2019/20.Joe Oliver, Finance Minister

Yesterday, Finance Minister Joe Oliver laid out a timeline to make good on his government's promise to balance the budget. The audience at The Canadian Club of Toronto applauded the move. But NDP opposition leader Tom Mulcair believes it's important to remember how the government got to this point.

The Conservatives like to tell us that there is going to be a surplus, but let's look at how we got there. Because its based on cuts. Cuts to Veterans affairs, inspection of food. these are things the government has gotten out of but are part of the government's role. Its all predicated on one thing - the cuts they have brought in and for the future. They are promising to cut $36 billion of the projected transfers in healthcare. That's the kind of thing that allows them to talk to today about the surplus.Tom Mulcair, NDP Opposition Leader

For his view of what this fall fiscal update means for Canadians, we were joined first by Andrew Saxton. He's the Parliamentary Secretary for the Minister of Finance and the Conservative Member of Parliament for North Vancouver. Andrew Saxton was in Vancouver.

To discuss the costs and benefits of a balanced budget, we were joined by two economists:

Finn Poschmann is the Vice President for Policy Analysis at the CD Howe Institute.

Armine Yalnizyan is a Senior Economist at the Canadian Centre for Policy Alternatives.


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This segment was produced by The Current's Marc Apollonio, Lara O'Brien and Celia Grimbly.

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