A staggering number, equivalent to almost half the debt Canada had accumulated in our entire history up until 2020.
When finance minister Bill Morneau unveils the upcoming expected budget deficit, it is believed the number will be staggering.
Over $300 BILLION.
To get a sense of how massive that number is, consider that the US budget deficit in the mid 2000’s was in that range.
Additionally, Canada’s total federal debt was in the $600 billion range up until this year, meaning we may accumulate half of all that historic debt in just a single year.
We also learned recently that Canada has the highest unemployment rate among G7 countries.
Now, as if that wasn’t enough, it is appearing that Canada may have the biggest ‘fiscal swing,’ in terms of the increase to the deficit as a percentage of GDP among ‘advanced economies.’
Whatever the specific number ends up being, it’s clear that Canada has massively added to our debt, at a time when the federal Liberal government has created an anti-growth environment, making our recovery that much more perilous.
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