PBO: Canadian Budget Deficit Could Hit Quarter Of A TRILLION Dollars

To get a sense of how big that is, it’s equivalent to some US budget deficits in the mid 2000’s.

In 2006, the United States was still mired in the Iraq War. Worries about the ongoing budget deficit and surging debt was rising.

The deficit hit $248 Billion, a number which was seen as still far too big at the time.

That can give you a sense of how shocking it is to see the Parliamentary Budget Officer predicting a budget deficit of $256 BILLION for Canada, over a quarter of a TRILLION dollars.

Our deficit is now hitting a level that was once seen as huge for an economy far larger than ours.

Of course, the US is headed for a gigantic budget deficit as well, likely to reach about 2 TRILLION or more.

These deficit woes are hitting tons of countries, not just Canada.

What will matter most is how Canada recovers, because economic growth will be the only way we can really manage the large expansion in Canada’s debt.

That’s why the carbon tax and anti-energy industry policies of the Liberal government are so dangerous, because they could cripple our long-term recovery, and make the debt burden far worse.

Spencer Fernando

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Doug

Ha !
Trudeau said “the budget will balance itself” , no ?

Hows that working out ?
Canadians elected a clown, too bad we all have to suffer because of this fool.

Del

I am scared of what has been allowed to happen to and has been done to this country. How are we going to attempt to recover? Companies, businesses and investing disappearing accompanied by much lower employment means everything is going to get a lot more expensive. A lot more. The money has to come from somewhere and it is us. How are millions going to exist when they get no UI and the CERB ends? Welfare? Will we see discrimination between those who can afford a new phone and those that have one three years ago? Our politic system has… Read more »