Budget 97

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Term Paper Title	Budget 97
# of Words	838
# of Pages (250 words per page double spaced)	3.35

Budget 97

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 soon
reap the rewards of 40 months of strict financial management.  With the Federal
deficit dropping over the last few years, the Liberals feel that they can
balance the budget in the next two years.  This is important because it will
allow the government to halt their foreign borrowing to finance the deficit.
This greatly helps the credibility of Canada and puts the country's destiny back
into 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 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 funding and tax credits for medical expenses of the disabled.
Depending on how you look at it, Martin is either spending more or just cutting
less.
     There have been many contrary viewpoints that economic and political
leaders have thrown out and most are unsure.  It appears that...

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