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Canadian News Apr 19, 2021 4:31 PM EST

BREAKING: Trudeau budget introduces $100 BILLION in spending, debt over 100% of GDP

This will lead to a deficit of $354.2 billion this year. This will represent 4.2 percent of Canada's GDP.

BREAKING: Trudeau budget introduces $100 BILLION in spending, debt over 100% of GDP
Nico Johnson Montreal, QC

This article was published more than 1 year ago, information might not be up to date.

Prime Minister Justin Trudeau's government has presented its first budget in over two years, introducing $100 billion in new spending.

That figure will lead to a deficit of $354.2 billion this year.

As a result of this, Canada's debt will rise to be over 100 percent of the GDP. This is the highest ever debt to GDP ratio that Canada has had.

On top of this, up to $30 billion over five years will be aimed at reducing regulated fees by an average 50 percent by 2022 and a $10 daily average cost by 2026.  

The Trudeau government has allocated $3 billion to help ensure that provinces provide a high standard of care in their long-term facilities. $12 billion will also be allocated towards the Canada Emergency Wage Subsidy.

The federal government also seeks to rebuild vaccine manufacturing capacities. $2.2 billion will go towards biomanufacturing and life sciences.

"This budget is about finishing the fight against COVID ... it's about creating more jobs as well as prosperity for Canadians in the days, and indeed, the decades to come," said the finance minister.

The Trudeau government hopes to raise revenue by taxing the ultra rich on global web giants and non-resident homes.

Trudeau's federal budget will contribute over $2 billion for childcare, although the Liberals have promised that the deficit will not exceed $400 billion, according to CBC News.

There will be a national childcare program, although experts predict that the $2 billion figure could quickly rise. This childcare expenditure will likely be amplified as the most important piece of this budget. percent

This is the first budget to have been delivered since 2019. This is the longest time in Canadian history that the country has gone without a budget, which is particularly startling as this country has witnessed unprecedented spending throughout the pandemic.

On top of this, the Liberal Party will likely campaign on this budget, daring the Conservative Party to criticize it.

It is unclear whether the Trudeau government will pull back spending after the unsustainable pandemic deficits. Senior officials within the government have often used the term "build back better," which has led some to infer that the Liberals may plan to spend their way out of an economic crisis.

It is very unlikely that Canadians will see any austerity measures announced.

Trudeau's Finance Minister Chrystia Freeland will also provide a $12 billion extension to the Canada Emergency Wage Subsidy, with other pandemic support programs being stretched out until the end of summer.

Another 70 to 100 billion dollars will be distributed to alleviate the suffering of an unstimulated economy.

It is also worth noting that Chrystia Freeland is the first woman in Canadian history to deliver the budget.

Prominent Conservative MP Pierre Poilievre compared Trudeau's economic strategies to that of his father: "today Trudeau will lock in permanently high deficits paid with printed dollars."

"Back to the future, when his dad did this in early 80s: inflation: 12% -unemployment: 12% (record); interest rates: 18% (record); suicide rate: 14.8/100k (record); 650k more people in poverty," he added.

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