NB Budget Feb 02, 2016, will it work?

Will the Budget to be announced on February 2nd be a draconian budget that will push austerity to the extremes? Currently the people of New Brunswick are paying 8 percent of their tax dollars to pay off the mighty deficient created by the former Conservative government when it put millions of dollars in the pockets of the rich and the big Oligarchs. The consequence of favouring the elites over the average New Brunswicker has put New Brunswick in a position where it has to pay as of today $685 Million per year to service this debt. Given New Brunswick only has a population of approximately 750 hundred thousand that is quite the debt load.

The minister of finance his Honorable Roger Melanson told those present that the government has already saved 115 Million Dollars and he expects that if the budget works as plan New Brunswick will be able to save between 244 million and 392 million in the upcoming year. In addition, it is expected that New Brunswick will receive in new revenues approximately 340 million to 516 million if everything goes to plan.

How is that going to affect the average New Brunswicker? The potential danger that lies with this economic revitalization strategy is the danger that it may take too much money out of the pockets of the average New Brunswicker causing them to stop spending except on the necessities.

This in effect could stagnate the economy where there is an increase chance that small business will either downsizing or closing shop all together, creating more stressors on the economy and the people of New Brunswick. The effect of take money out of people’s pocket would be counterproductive to Justine’s Trudeau strategy of stimulating the economy by putting more money into people pocket.


 

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