Federal Debt to Hit $1 Trillion This Year | Jul 8, 2020
Finance Minister Bill Morneau tabled the government’s Economic and Fiscal ‘Snapshot’. The Finance Minister confirmed that the Liberals are running a deficit of $343.2 billion this year, and for the first time the net federal debt will reach over $1 trillion this year.
Unlike in previous years, the government refused to provide at least a 5-year forecast.
The ‘snapshot’ also shows, for this year alone, a revenue loss of $71.1 billion, spending increases of $236.9 billion, and that the federal debt has increased to 49.1 per cent of GDP.
While the snapshot does not announce any new measures, it does include new money for as-yet-unannounced changes to the Canada Emergency Wage Subsidy.
Under Justin Trudeau, Canada is falling behind.
- Canada has the highest unemployment in the G7
- We are the only G7 country to lose its AAA credit rating
- We are the only G7 country without a recovery plan