News

Parliamentary budget officer says basic income program could halve poverty rate

Parliamentary budget officer says basic income program could halve poverty rate
Politics
OTTAWA -- The parliamentary budget officer says a basic income program similar to one previously studied in Ontario could cut poverty rates nationally by almost half in 2022.

The reductions are not even across provinces, but budget officer Yves Giroux estimates that poverty rates could fall as much as 61.9 per cent in Manitoba or as little as 13.5 per cent in Newfoundland and Labrador if the federal government instituted the program.

At its core a basic or guaranteed income provides a no-strings-attached government benefit to citizens to provide each with a minimum amount of earnings.

Four years ago, Ontario began studying the effects of providing people with enough money to be about three-quarters of the way to the poverty line, and rolling back payments for every dollar of earnings.

Giroux s report today says a federal program modelled on that experiment would see workers nationally reduce their hours worked by 1.3 per cent.

The budget officer s report says the overall cost of a basic-income program would be an estimated $85 billion if implemented this fiscal year, rising to over $93 billion by 2026.
Read more on CTVnews
News Topics :
Similar Articles :
Top Stories
OTTAWA The parliamentary budget office says it could cost more than $98 billion to provide almost all Canadians with a basic income for six months beginning this...
Sports
Yves Giroux, Canada s parliamentary budget officer, is seen here on Parliament Hill in Ottawa on March 10, 2020. Giroux s latest overall deficit figure for 2020 is only $3.8...
Business
Budget officer Yves Girouxs report said the deficit estimate is the combination of a projected $169 billion in federal spending on emergency aid and a historic drop in economic output....
Business
OTTAWA The parliamentary budget officer says in a new report that this year’s federal deficit could hit $256 billion due to the COVID 19 pandemic. The result, posted this morning,...
Politics
The report made public this morning also warns that the deficit for the current fiscal year, which closes March 31, could be $26.7 billion, which would be an increase of...