Liberals Running Biggest Deficit In The World, Spending Above World War Two Levels

Combined with massive money printing by the Bank of Canada, and the risk to our economy becomes clear.

In a Financial Post article, respected economist Jack Mintz explains how truly immense the Liberals spending has become:

“What is surprising is that Canada will have the distinction of running the largest deficit among all countries — advanced, emerging and developing — at 19.9 per cent of GDP. This even “trumps” the United States, which has the second highest forecast deficit at 18.7 per cent. And it’s almost double the average deficit for Euro area countries (10.1 per cent of GDP).”

And, while an increase in spending was necessary to address the economic damage caused by the China Virus, the rate of spending has now soared above even WW2 levels:

“Here’s another kicker. Spending by all levels of government in Canada is projected to hit 57.3 per cent of GDP in 2020. That’s more than at any time in our history, including both world wars. Despite the big U.S. deficit, Americans will be spending only 47.2 per cent of GDP, fully 10 points less than us. Canadian governments are projected to spend more than Sweden (53.3 per cent of GDP), Germany (53.9 per cent) and the EU in general (55.7 per cent), reversing a long-standing tradition in which our fiscal policies stood between Europe’s and our American neighbours’.”

Notably, Canada’s unemployment rate is higher than most developed nations, meaning the government is spending more for a worse result.

Additionally, the Bank of Canada has been printing (or more accurately, creating on a computer) money at a rapid pace, as the charts below show:

Bank of Canada Assets Growth

Bank of Canada

This is the kind of thing we would expect to see if the far-left NDP got into power.

Instead, the supposedly ‘centrist’ Liberals – who are clearly moving in a socialist direction under Trudeau – are burning through money at a stunning clip, with serious consequences that will be faced by the Canadian People.

Spencer Fernando

Photo – YouTube

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Donald O'Kane

Take their credit cards away and tell them to use their own cash not the taxpayers!!!!

Mike

Do you have a plan on how to get this plan started?

Major Tom

…”spending above World War II levels……” What a bitter irony! With a Prime Minister who said…..”If you kill your enemies……they win!”

NancyW

The best part is even some of the provincial governments have had to spend way more so have increased their debt also or, is this included? I keep seeing articles where they say we are at 115% of the GDP, but then there is no place to to find the truth in this kleptocracy. We need to see a real budget, so again with the foreign run Puppet ndp/lie-beral Party at the helm, no law and order, no honesty or truth and no budget just out of control spending. But then the rumors of the UN’s big reset, when they… Read more »

Eleanor

Criminals every last one of them….how can we stop them? Is Trudy still supported by Ontario, Quebec and the Maritimes?

NancyW

No they are supported mostly by Alberta, then Ontario (but less from Ontario now)
Quebec is the big winner and has been since the 1st Trudeau made it so, Quebec has no debt, (but as Erin O’Toole says “the nation within our nation”) all the other provinces do have debt, but hard working Alberta who the lieberals “hate” pays the most and are now rightly thinking to separate from Canada and I wish I could too with our Laurention destruction puppets breaking our country up.

martin

WHY DO PEOPLE VOTE FOR PEOPLE WHO ARE NOT QUALIFIED TO DO ANYTHING LIKE THE NDP JUST A WASTED VOTE

Arie Intveld

The sad part of this is that far too many Canadians see this as a good thing; that Trudeau is more generous and caring with pandemic spending than other heads of state. These same Canadians actually believe that money is simply created on a printing press or a Dell computer sitting in the basement at the Bank of Canada. All this spending is with money that DOES NOT EXIST. Each and every Canadian taxpayer, for the next 3 generations, is being used as collateral for the biggest IMF government “loan application” in history. To add insult to injury, much of… Read more »

NancyW

Arie you said it very well, just too many North Americans do not believe what our corrupt politicians are really doing.

Wills

Trudeau and cult are all in re: the Davos plan to collapse the middle class. There is no point criticizing them for massive debt and a wrecked economy – this is exactly what they are trying to achieve. Imagine what will happen if they get a majority in the next election.

Dale

Canada will NEVER recover from electing TWO of the Stupidest People to ever run a Country . . . pictured above ! ! !

I warned the low intellect Cdn Voters back in 2015 who voted themselves off the Balanced Budget/Surplus Island . . . for the Guy with the Great Hair.

3 More Years thanks to their Fellow Travellers in the marxist NDP . . . buckle up Canada it’s going to be a wild ride !

Mike

Notice to all Provinces of Canada.STOP all transfer payments.