Budget 97 :: essays research papers

Budget 97finance Minister Paul Martin unveiled the Liberal administrations 1997budget recently. As most scotch and political experts predicted there werevery fewer surprises, if any. This was a cagey and predicable budget that wasevery bit political as it was economical. With the Liberal government set tocall an election in late May or early June the Party was very reluctant to rockthe boat further. This is what they oblige done in the 1997 budget and thesubsequent reactions to the pertly budget from both(prenominal) the business and politicalcommunities.In this no-surprises, pre-election budget, Martin said deficit cuttingis approaching to an end and that Canadians, particularly the unemployed, impart soonreap the rewards of 40 months of nonindulgent financial management. With the Federaldeficit dropping over the last few years, the Liberals feel that they canbalance the budget in the next two years. This is important because it willallow the government to halt their for eign borrow to finance the deficit.This greatly helps 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 contrive could be considered a hidden tax increase.Martin announced no new spending cuts in this budget although cuts made inprevious budgets be set to slash 3 billion more dollars this year. There was several(prenominal) extra spending sprinkled into various areas. For starters, a new tax benefit will be created in co-operation with the provinces, costing the Federalgovernment $600 billion. This design is attempting to help the brusk and thiscan be effective economically because poor people tend to spend everything theyhave, and they almost always spend it domestically. This computer programme will beintroduced in two the stages, the first of which will stimulate this July with a$195 million supplement. Instead of benefits being capped at $ergocalciferol per family,the maximum working income supplement benefit will be change magnitude 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 aesculapian expenses of the disabled.Depending on how you look at it, Martin is either spending more or just 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 nominate Canadiansfeel better either. Martin was expected to put money into job presentation in order