Budget 97


Finance Minister Paul Martin unveiled the Liberal government's 1997
budget recently. As most economic and political experts predicted there were
very few surprises, if any. This was a cautious and predicable budget that was
every bit political as it was economical. With the Liberal government set to
call an election in late May or early June the Party was very reluctant to rock
the boat further. This is what they have done in the 1997 budget and the
subsequent reactions to the new budget from both the business and political
communities.
In this no-surprises, pre-election budget, Martin said deficit cutting
is coming to an end and that Canadians, particularly the unemployed, will ...

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could be considered a hidden tax increase.
Martin announced no new spending cuts in this budget although cuts made in
previous budgets are set to slash 3 billion more dollars this year. There was
some extra spending sprinkled into various areas. For starters, a new tax
benefit will be created in co-operation with the provinces, costing the Federal
government $600 billion. This program is attempting to help the poor and this
can be effective economically because poor people tend to spend everything they
have, and they almost always spend it domestically. This program will be
introduced in two the stages, the first of which will begin this July with a
$195 million supplement. Instead of benefits being capped at $500 per family,
the maximum working income supplement benefit will be increased to $605 for the
first child, $405 for the second child and $330 for each additional child. Other
expenditures will be include; tax credits for students, $300 million in new
health care ...

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PAPER DETAILS
Added: 2/1/2004 04:33:55 AM
Category: Economics
Type: Premium Paper
Words: 880
Pages: 4

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