REPORT: Rating Agency Warns That Trudeau’s Big Deficits Put Canada’s Credit Rating At Risk

Another failure of Trudeau’s economic policies.

In the wake of the latest Trudeau budget, there are warnings that Canada’s AAA credit rating is at risk.

The warning was issued by Fitch Ratings Inc., one of the biggest credit rating agencies.

Here’s what Fitch said, as reported by BNN Bloomberg:

“Canada’s gross general government debt, combining federal and provincial fiscal accounts, is higher than other ‘AAA’ rated sovereigns, excepting the U.S, and remains close to a level that is incompatible with ‘AAA’ status,” the report said.

The warning came after the federal government forecast a higher deficit of $19.8 billion in 2019-20 and $19.7 billion for 2021-22, before shrinking to $9.8 billion by 2023-24, in its budget on Tuesday.

“My reaction to Fitch is: Thank-you very much,” said Norman Levine, managing director of Portfolio Manager Corp., in an interview with BNN Bloomberg Thursday.

“When opposition politicians, when Street economists talk about it, the government poo-poos it. But when a rating agency says it, that means something.”

“In Canada, you have a government that’s a tax and spend government with no signs of ever changing that – they just keep moving the goal post further out,” Levine added. “But in Canada, the bigger risk I think is some of the provinces, which are in even worse financial shape than the federal government.”

A province facing some severe financial challenges is Ontario, which was ruined economically by years of failed Liberal governments. Things are on the mend with the Ford Government in power, but Justin Trudeau has now exported the failed Ontario Liberal economic policies to the nation as a whole.

Canada can’t afford the failures of the Trudeau government, and our whole country is being put at risk.

Spencer Fernando

Photo – Twitter

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NancyW

What this government has done to Canada financially, should have been illegal (another reason I loved The Really Right Honorable Mr. FOR CANADA Harper, he tried very hard in the nineties to make this so) if Mr. Scheer is this honorable, given the time we may get Canada back to real common sense, with EQUAL FOR ALL OF US, RIGHT ACROSS OUR COUNTRY, law and order (yes even for those against our country globalist elitists who somehow dishonestly keep being elected) and appropriate safe for Canada spending, and paying down our debt slowly without deficits unless there is a real… Read more »

shawn harris

It’s always the same results every time a Liberal socialist government gains power, up goes the taxes, regulations, spending, debts, deficits and we are always told two things; first it for own good and that of Canada and secondly, we Liberals are just helping you out of all the problems caused by a conservative free market government. No one needs more proof of these results, than just looking to what the Liberal socialists did to Ontario over the last 15 years. And it will most likely be another 15 years of pain and suffering to clean up another unnecessary Liberal… Read more »

Carlene

Ford has his hands full. It does not matter what he does the harassment, demonstrations even death threats are almost an every day event. It is disgusting how these so called special intetest groups are making life almost unbearable for Ford’s MPs. Lisa Macleod the most recent victim, a good woman her and her family are not deserving. All because Ford wants to correct the wrongs of the liberals for the benefit of all Ontario.

Ralph Knapp

Apparently, Trudeau’s economic philosophy, “The budget will balance itself isn’t working. Who knew?? 🙂