And there’s no end in sight to the massive deficits, as the Liberals pursue a job-killing radical far-left ‘green’ agenda.
The budget deficit for the first three months of the 2020-2021 fiscal year was a whopping $120.4 BILLION.
For comparison, the government ran an $85 million deficit in that same time period last year.
A key reason for the gigantic budget deficit was a huge surge in aid spending for Canadians who were told to stay home by the government due to the CCP Virus Crisis.
Spending rose by $90.3 billion, with about $70 billion being spending on government transfers to individuals.
The wage subsidy program also cost $22.8 billion in that time period.
Revenue plummeted, dropping $32 billion due to reduced tax revenue and deferred payments.
While this was necessary at the time of the crisis, the Liberals appear set to try and lock in this unprecedented era of massive deficits.
Rather than unleashing the true potential of the Canadian economy, the Liberals are pushing for a radical far-left ‘green agenda,’ which will make things worse by massively increasing debt, killing good jobs, and increasing the cost of living.
The impact will be devastating and will make it far more difficult for Canada to recover from this current crisis, and make the burden of debt even worse.
Photo – YouTube