WHITBY, ON – In a move that has left many voters reeling, Liberal Leader Mark Carney unveiled his party’s election platform, promising a jaw-dropping $130 billion in new spending over the next four years. This plan, which adds a staggering $225 billion to Canada’s federal debt, makes former Prime Minister Justin Trudeau’s final budget—projected to add $131.4 billion to the debt—look almost frugal by comparison. Canadians are left to wonder: how could Carney, a former central banker touted for his economic prudence, propose a debt explosion nearly $100 billion worse than Trudeau’s already bloated plan?
The Carney Liberal platform, released on April 19, 2025, frames this spending as “investment” to counter U.S. trade threats and stimulate private-sector growth, but also includes over $3B in gender and equity spending, apparently paying homage to Trudeau’s deeply unpopular approach prior to his resignation.
But the numbers tell a different story: deficits are projected to persist until at least 2028-29, with no clear timeline for a balanced budget. This is a far cry from fiscal restraint many were hoping for, especially when Trudeau’s last budget was already criticized for piling on debt faster than all previous prime ministers combined.
Social media reactions on X reflect the growing disbelief. The National Post’s Tristin Hopper remarked, “I honestly didn’t expect the Liberals to release an “all debt forever” platform, while Dimitry Pantazopoulos reacted with “Remember how we got here.. Christia Freeland resigned as [Finance Minister] because the Trudeau deficit was so irresponsibly huge. Today, Carney upended that deficit and promised an even bigger one.” These sentiments echo a broader concern: Carney’s platform relies on $28 billion in undefined spending cuts, a gamble that critics call “fiscal alchemy.” If these cuts fail to materialize, deficits could balloon even further, leaving taxpayers on the hook for record-breaking interest payments.
Carney’s defenders argue the spending is necessary to “Trump-proof” Canada’s economy and bolster defence, housing, and social programs like child, dental, and pharmacare. Yet, the platform’s promise to maintain these Trudeau-era initiatives while adding massive new expenditures raises eyebrows. The Liberals claim their carbon border adjustment and retooled industrial carbon price will protect trade-exposed sectors, but details remain murky. How can Canadians trust a plan that hinges on vague cuts and optimistic growth projections, especially when the Bank of Canada estimates a potential $125 billion economic hit from a global trade war?
As the April 28, 2025, election looms, Carney’s platform has sparked a firestorm of skepticism. The Conservatives, yet to release their costed platform, are seizing the moment, with leader Pierre Poilievre vowing to “bring down inflation, deficits, taxes, and spending.” Meanwhile, the NDP’s $227 billion spending plan, offset by taxes on corporations and the wealthy, only adds to the sense that Canada’s fiscal future is spiraling out of control. Carney’s promise of economic salvation sounds more like a debt-fueled fantasy, leaving voters to grapple with a sobering reality: the Liberal legacy of borrowing is not just continuing—it’s getting worse.
