^i'm not into sterile debates but the following compares the fiscal 'effort':
https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/hot-charts-201014.pdf
Cigar, thanks for posting. I think i read that Canada’s total federal debt is going up 35% this year alone. Staggering.
Since the pandemic started Trudeau has been spraying massive amounts of money into every part of the country/economy. When i think of Trudeau i have this image of a fireman with a hose shooting $100 bills out the end (and in every direction).
Yes, additional fiscal spending has been required to help the economy get through the pandemic. However, Trudeau is like a kid in a candy shop right now with no discipline or self control. The fact he has a minority government (and needing support of the NDP) further supports the bias to spend big.
On a personal level, my family has been a big beneficiary so i should probably just be quiet :-)
I guess you've read that somewhere. But deceiving figures like that 35% is something that doesn't sit well with me and makes me think that the content is bullshit. Doesn't even mean anything. The number is bigger because Canada's debt is lower. Is that a bad thing? Should our debt be bigger so that the % increase would be lower? If Canada would have half the debt it has then the % increase would be 70% even more staggering than the 35%. Should Canada have done less to support the economy in that case?
Federal government spending is at unprecedented levels. Spending will remain elevated until the virus is under control... which could be years away.
And guess what is happening with Provinces? Much larger budget deficits (Higher spending and lower tax receipts). We have an election here in BC and the NDP will likely be the winner. What is their most recent promise? To cut everyone in the province a check ($1,000 for families and $500 for singles). Because of covid :-)
And where is the most expensive real estate? Vancouver. Consumers hold record amounts of debt due to our housing bubble.
What not to like? Debt no longer matters. Free money for all...
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Ottawa to post $343B deficit as spending hits levels not seen since Second World War
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https://www.cbc.ca/news/politics/bill-morneau-fiscal-update-budget-deficit-1.5641864Federal debtload will hit $1.2 trillion in 2020-21, the government projects in its fiscal ‘snapshot’
Finance Minister Bill Morneau tabled a fiscal snapshot today that shows the federal government's deficit is expected to hit $343 billion this year — an eye-popping figure largely attributed to pandemic-related support programs that have pushed federal spending to a level not seen since the Second World War.
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All told, the mounting deficit has pushed the federal government's total debt level to more than $1 trillion — a number never before seen in Canada.
The projected debt will be $1.2 trillion by March 2021, up from $765 billion a year earlier.