EDMONTON—Alberta’s budget is out of the red, forecasts a rosy economic future and promises big-bucks spending on hospitals, health care and programs to plug gaps in its burgeoning labour force. Finance Minister Travis Toews says the 2022 budget forecasts a $500-million surplus, with small surpluses projected in years after that. It’s been seven years since…
‘Credible but Cautious’: Alberta Budget out of Red; Forecasts Rosy Economic Future
Japan’s Record $940 Billion Budget Set for Parliament Approval in March
TOKYO—A key Japanese parliamentary committee on Monday approved the government’s record $940 billion initial spending plan for the next fiscal year, setting the stage for the budget’s full passage through the legislature in March. Prime Minister Fumio Kishida is counting on the budget to pull the world’s third-largest economy out of the COVID-19-induced doldrums with…
Budget Officer Suggests Feds’ Foreign Homeowner Tax to Yield Less Than Liberals Plan
OTTAWA—The parliamentary budget officer is estimating that a new federal tax on vacant, foreign-owned properties may not bring in as much as the Liberals hope. The one percent tax was to take effect at the start of the year and the Finance Department estimates it will bring in $200 million in the 2022-2023 fiscal year,…
PBO Report Questions Need for Liberals’ Planned Stimulus Spending
OTTAWA—Prime Minister Justin Trudeau is giving no indications of plans to rein in government spending after a critical report by the parliamentary budget officer questioned the Liberals’ case to spend tens of billions in planned stimulus. The Liberals had promised up to $100 billion in economic stimulus, subject to a series of spending guardrails to…
Organizers Say Tokyo Olympics Cost $1.8 Billion Less Than Expected
The Tokyo Olympics cost $1.8 billion less than anticipated, local organizers said Wednesday, 4 1/2 months after the Games ended. Organizers said the estimated official costs were $13.6 billion. Officials said part of the reduction was because there were no fans—forced by the pandemic—and therefore vastly reduced labor costs. They also said other outlays were…
Sen. Paul Details $52 Billion Federal ‘Waste’ in Annual ‘Festivus Report’
Sen. Rand Paul (R-Ky.) has unveiled his annual “Festivus Report,” which tracks what he sees as “waste” spending by the federal government. According to the libertarian-leaning Kentuckian, that waste topped over $52 billion in 2021. Since arriving in the Senate amid the Tea Party wave of 2010, Paul had made the federal budget one of his…
Inflation Squeezes Holiday Budgets for Low-Income Shoppers
NEW YORK—Emarilis Velazquez is paying higher prices on everything from food to clothing. Her monthly grocery bill has ballooned from $650 to almost $850 in recent months. To save money, she looks for less expensive cuts of meat and has switched to a cheaper detergent. She also clips coupons and shops for her kids’ clothing…
LA Councilors Use Office Funds To Increase Police Presence
December 15, 2021
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LOS ANGELES—Some members of the Los Angeles City Council used their districts’ funds to pay the Los Angeles Police Department for increased presence and patrols in their districts, it was reported Dec. 14. Councilman Joe Buscaino used Council District 15 funds to provide police with $1.3 million for overtime to address crime in his district,…
Liberals’ Wage Subsidy Extension to Push Program Costs to $107 Billion, PBO Says
December 9, 2021
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OTTAWA—The parliamentary budget officer says the federal government’s plan to extend its wage subsidy will push the overall price for the program to almost $106.7 billion. The budget officer’s report released this morning estimates that the majority, about $4.8 billion, in subsidies will flow to businesses that continue to see a steep, and persistent drop…
Japan Seeks Extra Defense Budget Amid China, North Korea Concern
TOKYO—Japan’s Cabinet on Friday approved a 770 billion yen ($6.8 billion) request for an extra defense budget through March to expedite the purchase of missiles, anti-submarine rockets, and other weapons amid rising concern over the escalation of military activities by China, Russia, and North Korea. The request, still pending parliamentary approval, brings Japan’s military spending…
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