Budget 97 :: essays research papers

Budget 97Finance minister of religion Paul Martin unveiled the Liberal governments 1997 calculate recently. As most economical and governmental experts predicted there werevery few surprises, if any. This was a cautious and predicable budget that wasevery bit political as it was economical. With the Liberal government jell tocall an election in late May or archean June the Party was very reluctant to rockthe boat further. This is what they have make in the 1997 budget and thesubsequent reactions to the newfound budget from both the vexation and politicalcommunities.In this no-surprises, pre-election budget, Martin said deficit cuttingis coming to an hold on and that Canadians, particularly the unemployed, pass on soonreap the rewards of 40 months of strict fiscal management. With the Federaldeficit dropping over the last few years, the Liberals tactile sensation that they canbalance the budget in the next two years. This is authorised because it pass onallow the governm ent to halt their foreign borrowing to finance the deficit.This greatly facilitates the credibility of Canada and puts the countrys destiny backinto domestic palms. With this said, Martin announced no new tax increases,although the raise in the Pension Plan could be considered a hidden tax increase.Martin announced no new expending cuts in this budget although cuts made inprevious budgets are set(p) to slash 3 billion more dollars this year. There wassome supernumerary spending sprinkled into various areas. For starters, a new taxbenefit will be created in co-operation with the provinces, costing the Federalgovernment $600 billion. This program is attempting to help the poor and thiscan be effective economically because poor mint tend to spend everything theyhave, and they almost always spend it domestically. This program will beintroduced in two the stages, the maiden of which will begin this July with a$195 million supplement. Instead of benefits being capped at $500 per fam ily,the maximal working income supplement benefit will be increased to $605 for thefirst child, $405 for the second child and $330 for each additional child. Otherexpenditures will be include tax credits for students, $300 million in newhealth care funding and tax credits for medical expenses of the disabled.Depending on how you look at it, Martin is either spending more or still cuttingless.There have been many contrary viewpoints that economic and politicalleaders have thrown out and most are unsure. It appears that Martin has createda no-brainer budget that doesnt do anything to hurt but does not make Canadians tonus better either. Martin was expected to put money into job creation in order