Roundup: Budget Day, 2024

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It was Budget Day, and as per usual with this government, any fiscal room that opened up, they spent and kept their deficit figures about the same. (Full document here). There were some minor tax increases on the top 0.1 percent and corporations, but apparently not as bad as some of the business lobby feared, though the way some of them went to bat for trickle-down economics this week was…something.

The overall theme has been about “generational fairness,” which they want to push as the Liberals desperately need to reclaim Millennial and Gen Z voters who are currently flocking to Poilievre, not because he has any policy solutions, but because they like his angry vibe (because that’s helpful, guys). And while that may be the theme, nothing I’ve heard suggests meaningful changes to address that generational fairness other than tinkering around the margins, but that seems to be par for the course, especially for this government.

Measures in the budget include:

  • The proposals to “unlock” public lands for housing development
  • The Canada Disability Benefit is in there, but it’s a very low level and there aren’t agreements with the provinces about not clawing it back
  • The commitment to investing in AI and data capacity.
  • More money for Indigenous housing and infrastructure, but never enough for the size and scope of what is needed.
  • Long-awaited details on carbon rebates for small business, but not Indigenous groups who were also promised them.
  • A $5 billion Indigenous loan guarantee programme.
  • Former Bank of Canada governor Stephen Poloz is being named to a task force on determining how pension funds can be used to invest more in Canada.
  • Directions for the Financial Consumer Agency of Canada to oversee open banking.
  • There is money for athletes, but not enough for what is needed by Olympians.
  • Higher taxes on tobacco and vaping products to help offset pharmacare costs.
  • Here are ten quick highlights, some of the “winners and losers,” some key numbers and even more highlights.

Meanwhile, some helpful threads about different aspects of the budget:

https://twitter.com/MikePMoffatt/status/1780326465420038220

And here are a few examples of Lindsay Tedds throwing some serious shade at people who don’t understand the capital gains changes. Ouch!

https://twitter.com/LindsayTedds/status/1780435405021835447

https://twitter.com/LindsayTedds/status/1780435859806069167

https://twitter.com/LindsayTedds/status/1780436934340575689

Ukraine Dispatch:

We learned that the destruction of the Trypilska thermal power plant last week was because of a lack of air defence missiles—they intercepted seven missiles, but there weren’t enough for the remaining four inbound missiles, and the plant was destroyed. (Thanks, America!) President Volodymyr Zelenskyy has signed the mobilisation bill into law, and it should take effect within a month. Here’s a look at the coming battle around Chasiv Yar.

Good reads:

  • The Lobbying Commissioner is conducting a preliminary assessment to see if a full investigation into Jenni Byrne’s activities is warranted.
  • The Canadian Institute of Procurement and Material Management is reviewing their award process after ArriveCan won their “Unsung Heros” award.
  • Kevin Carmichael delves further into the role that Stephen Poloz is being tapped for as part of the budget, and the current fiscal and political mood.
  • Susan Delacourt gets a sense that the Liberals are taking bolder moves in the budget as the sense of inevitability starts to creep up on them.
  • My column points to the NDP’s waffling on carbon pricing because they are wholly committed to the notion that Canadian politics is just America divided by ten.

Odds and Ends:

For National Magazine, I looked into what was in the budget for the justice system (and there were a couple of surprises).

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