{"id":23874,"date":"2026-04-28T14:18:43","date_gmt":"2026-04-28T21:18:43","guid":{"rendered":"https:\/\/www.greenparty.ca\/?post_type=article&#038;p=23874"},"modified":"2026-04-28T16:54:48","modified_gmt":"2026-04-28T23:54:48","slug":"green-party-of-canada-profoundly-disappointed-by-spring-economic-statement","status":"publish","type":"article","link":"https:\/\/www.greenparty.ca\/en\/news\/green-party-of-canada-profoundly-disappointed-by-spring-economic-statement","title":{"rendered":"Green Party of Canada profoundly disappointed by Spring Economic Statement"},"content":{"rendered":"\n<p class=\"\"><strong>This government is mired in the past: Economic growth, at all costs, without economic sovereignty.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Spring Economic Update 2026 Green Party Reaction\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/blYoQCCQdkI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"\"><\/p>\n\n\n\n<p class=\"\">While the government has proclaimed &#8220;good news&#8221; in shrinking the deficit from $78 to $65 billion, that is not due to good financial management nearly as much as to the reality that the November 4, 2025 budget was so late in the year that nearly $13 billion could not be spent in time, as explained by former Parliamentary Budget Officer Kevin Page. Overall, the Spring Economic Statement (SES) attempts to downplay long term financial risks while making grandiose announcements, absent any details.<\/p>\n\n\n\n<p class=\"\">The SES strikes a more complacent tone than current volatile circumstances warrant. It is remarkably imprudent to assume that &#8220;long term oil price expectations remain more anchored&#8221; (p. 27). The government is assuming that oil prices this year will be $15\/barrel more than the expectations of the November 2025 budget. No other energy economist globally is as sanguine in their expectations.<\/p>\n\n\n\n<p class=\"\">For grandiose announcements, such as the new &#8220;Canada Strong Fund&#8230; Canada&#8217;s Own Sovereign Wealth Fund,&#8221; or the long anticipated &#8220;Stronger Grid for a Stronger Canada&#8221; (p. 79), no details are available.<\/p>\n\n\n\n<p class=\"\">Workings of the Canada Strong Fund will be developed by the new &#8220;Canada Strong Fund Transition Office&#8221; with no deadline for results (p. 56). It is clear that unlike Norway&#8217;s Sovereign Wealth Fund, with billions generated through taxation of North Sea oil revenue, Canada&#8217;s fund is based on borrowed money. It appears to be another version of the Canada Infrastructure Bank, potentially a source for greater fossil fuel subsidies.<\/p>\n\n\n\n<p class=\"\">Meanwhile, even more underwhelming, the much needed east-west, north-south electrical grid is offered this feeble commitment: &#8220;the Government of Canada will soon release a discussion paper&#8221; (p. 79).<\/p>\n\n\n\n<p class=\"\">Similarly, the only mention of &#8220;Strengthening Climate Goals&#8221; is to establish &#8220;stronger vehicle emission standards&#8221; for greenhouse gases from internal combustion engines. The SES has no details and no deadline.<\/p>\n\n\n\n<p class=\"\">There is no reference, nor any plan to increase renewable energy from solar, wind, geothermal, small scale hydro or tidal. Neither is there any support for improved energy conservation. Only nuclear is promised huge levels of government support.<\/p>\n\n\n\n<p class=\"\">In tracking Liberal election promises to decrease Canada&#8217;s dependence on the US, the SES provides misleading graphs and charts. For example, the p. 33 graph showing exports of crude oil to non-US destinations could create the impression large changes have been made. In fact, exports of crude oil from Canada remain at approximately 90% of our total exports. Chart 8 (p. 31) on non-US exports is presented in percentages rather than absolute numbers. To the casual observer, the presentation would create the false impression of a large scale shift. Another place for egregious misrepresentation is describing decreased spending on geological storage of carbon, as if it were &#8220;revenue&#8221; (p. 64). The new subsidy to big oil reversing the November 4 budget treatment of enhanced oil recovery is a subsidy, not revenue.<\/p>\n\n\n\n<p class=\"\">&#8220;In my decades of reading Finance Canada documents, this SES is a new low in distorted presentation techniques,&#8221; said GPC leader Elizabeth May.<\/p>\n\n\n\n<p class=\"\">The Green Party was pleased with the funding for endangered whales and Canadian athletes. Support for Native Friendship Centres is a relief, although the funding is insufficient to meet the needs.<\/p>\n\n\n\n<p class=\"\">&#8220;The government&#8217;s rosy budget projections come on the back of worsening the climate crisis,&#8221; noted Green Party Deputy Leader, candidate for Kitchener Centre, Mike Morrice.<\/p>\n\n\n\n<p class=\"\">The Build Canada Strong vision for our economic future is grounded in promoting artificial intelligence, fossil fuels, nuclear and building our own military-industrial complex.<\/p>\n\n\n\n<p class=\"\">&#8220;Our government is leaving behind our youth, longing for a brighter economic future, those struggling with the affordability crisis, and instead serving transnationals and the billionaire class,&#8221; said Elizabeth May.<\/p>\n\n\n\n<p class=\"\"><strong>-30-<\/strong><\/p>\n\n\n\n<p class=\"\"><strong>For media inquiries or to arrange an interview:<br><\/strong><a href=\"mailto:media@greenparty.ca\">media@greenparty.ca<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This government is mired in the past: Economic growth, at all costs, without economic sovereignty. While the government has proclaimed &#8220;good news&#8221; in shrinking the deficit from $78 to $65 [&hellip;]<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"location":[33],"section":[6],"class_list":["post-23874","article","type-article","status-publish","hentry","location-ottawa","section-media-release"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.greenparty.ca\/en\/wp-json\/wp\/v2\/article\/23874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greenparty.ca\/en\/wp-json\/wp\/v2\/article"}],"about":[{"href":"https:\/\/www.greenparty.ca\/en\/wp-json\/wp\/v2\/types\/article"}],"wp:attachment":[{"href":"https:\/\/www.greenparty.ca\/en\/wp-json\/wp\/v2\/media?parent=23874"}],"wp:term":[{"taxonomy":"location","embeddable":true,"href":"https:\/\/www.greenparty.ca\/en\/wp-json\/wp\/v2\/location?post=23874"},{"taxonomy":"section","embeddable":true,"href":"https:\/\/www.greenparty.ca\/en\/wp-json\/wp\/v2\/section?post=23874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}