Trudeau Offers Economic Selfie, Conservatives Recommend Economic Plan

Written By Arnold Viersen, Posted on July 11, 2020

Ottawa, ON – Yesterday, 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’s leadership, Canada is the only G7 country to lose its AAA credit rating, the only G7 country without a recovery plan, and we have the highest unemployment in the G7,” said MP Arnold Viersen. “The debt-to-GDP ratio is rising, the deficit has exploded to $343.2 billion, and the Liberals have completely lost control over the federal debt.

“Canada needs a plan to help Canadians get back to work and to restart our economy – not another selfie.”

“Conservatives know that to be competitive, we need to unleash the power of the private sector. We will help Canadians get back to work, support small businesses, lower taxes, cut red tape and make Canada an attractive place to do business once again.”

“We will continue to call on the Trudeau government to put forward a transparent plan to guide Canada’s recovery. Canadians deserve no less.”

Arnold Viersen

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