CAMBRIDGE -- Federal taxes must go up to pay off Canada’s increasing debt, Liberal leader Michael Ignatieff said today.
The challenge, he said, is to ensure the economic recovery is not hurt by raising the taxes, Ignatieff told about 100 people at a Cambridge Chamber of Commerce breakfast meeting.
Ignatieff’s comments were in response to a question from Cambridge business leader John Bell, who wanted to known when the federal debt will be paid back.
“We will have to raise taxes,” but not at the expense of hurting the recovery from this recession. He added that “an honest politician” cannot exclude a tax hike as an option.
“I am not going to load a deficit onto your children or mine,” Ignatieff said.
His speech centred on the need for the federal government to unite people rather than divide them during these trying economic times.
He also slammed Tory Finance Minister Jim Flaherty for labelling this recession as mild.
“You wonder what country he is in,” Ignatieff said.
He criticized the federal governement for not quickly freeing money in the federal stimulus package. He said the government should give municipalities the money, as they are in a better position to know how to spend it.