‘Follow-Up’ Podcast: The Essential Things To Know About Canada’s Historic Debt Level

DM

The Liberal government revealed their fall economic statement this week, emphasizing prudence, despite being chock full of tens of billions in new spending and potentially more. It was a pledge to make good on a throne speech promise to take new baby steps toward designing a national child care program, an idea previously recommended at the federal level 50 years ago and never implemented. But it was Finance Minister Chrystia Freeland’s pitch to keep the spending taps open, to pump three to four per cent of GDP stimulus spending into the economy once the pandemic is over. Canada has never defaulted on its debt. But at $381.6 billion, the current deficit has grown to be more than 1000 per cent higher than it was projected to be at the start of the year.

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