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Re: Canada loses its "AAA"
am sure GRG55 will not mind "Helping out"
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Re: Canada loses its "AAA"
Our Federal Liberals are raining cash down upon the country. The entire Federal budget last year was $346 Billion. The deficit was $19 Billion. Now the deficit alone is equal to what the entire budget used to be. Bernie and Elizabeth would be proud.
https://nationalpost.com/news/politics/liberals-fiscal-snapshot-predicts-343-billion-deficit-as-bill-morneau-offers-little-intention-to-curb-spending
Canada's fiscal snapshot predicts $343 billion deficit as Liberals offer little intention to curb spending
Jul 08, 2020
OTTAWA — The federal government expects to post a $343-billion deficit in 2021 as COVID-19 spending continues to mount, outpacing earlier estimates and reinforcing the depths of Ottawa’s weakened fiscal position.
In his fiscal update on Wednesday, Finance Minister Bill Morneau indicated that total government spending would balloon to $612 billion by 2021, nearly double the $346 billion spent in 2019. The swollen deficit is largely a result of higher projected spending under Ottawa’s two key COVID-19 financial aid programs, the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Response Benefit (CERB), which have been repeatedly extended and expanded in recent months.
The update on Wednesday underscores the fiscal bloodbath that Morneau finds himself in as he seeks to guide the Canadian economy out of its steepest decline in decades.
Opposition parties and industry groups have been pressuring the Liberal government to provide some indication as to when it will begin to rein in its spending programs, warning that indiscriminate spending could begin to weigh on an eventual economic recovery...
...The CERB, which provides $2,000 per month to people who have lost their jobs due to COVID-19, was initially expected to cost around $25 billion. That projection on Wednesday was increased to $80.5 billion through 2020 and 2021, after the NDP and Liberals agreed to extend the benefit until October 4...Comment
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Re: Canada loses its "AAA"
In the old days we had INTEREST RATES, that kept them honest (ish).......no longerComment
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