Canadian News

BREAKING: Trudeau uncertain about Canada's economic future as debt could reach $1 TRILLION this year

Trudeau stated that the government is "focused" on getting money to the pockets of Canadians, with seemingly no regard for the future.

Roberto Wakerell-Cruz Montreal, QC
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Prime Minister Justin Trudeau addressed media on Wednesday, giving some good news on the fight against COVID-19, as well as updates on the border situation, and Canada's fiscal debt.  

Trudeau started by announcing Canada's approved coronavirus antibodies test.

"Health Canada announced that it is authorized the first serological test for COVID-19 antibodies," said Trudeau. "This is a critical step for the work of the COVID-19 immunity task force, which now has a safe and approved test that can detect antibodies specific to COVID-19 in an individual's blood."

Trudeau would then go on to outline plans to support businesses, organizations, and communities to prepare for a successful economic comeback. Trudeau pointed to "a number of measures" that his government have rolled out to keep Canadians employed.

"The key to our collective success is maintaining the connection between employer and employee," said Trudeau, pointing to the half a million small businesses that have received loans through the CEBA.

A new report by the PBO's Yves Giroux said it was "not unthinkable" that the national debt could surpass $1 trillion dollars.

Giroux made the comment at yesterday's finance meeting after Shadow Finance Minister Pierre Poilievre asked if it was "possible or realistic" that the federal debt could reach $1 trillion dollars in this fiscal year.

"Possible, yes. Realistic? Yes. Certainly not unthinkable," replied Giroux.

On the matter, Trudeau said that Canadians "are right to be focused on the immediate, and getting things settled so that Canadians can actually feel safe and look at careful reopening. But at the same time, we've been transparent every step of the way about the investments we're making, and we will of course continue to share with Canadians our outlook for the future," said Trudeau.

"We recognize, however, that the situation is changing incredibly rapidly, and a budget is usually something that projects what's going to happen in the Canadians economy for the next twelve months, and right now we're having a lot of difficulty establishing with any certainty what's going to happen in the next twelve weeks," said Trudeau, on Canada's economic future.

On why Trudeau does not have a budget or a fiscal update, Trudeau said that the government is "focused" on getting money to the pockets of Canadians, with seemingly no regard for the future.

On the border, Trudeau repeatedly talked about "constructive and productive" conversations with the United States, including calls with President Trump. Trudeau said that the threat of international border crossers who could spread the virus here at home.

Trudeau was asked about comments from Canada's Ambassador to China, Dominic Barton, who said that China is alienating foreign countries and injuring its good will abroad, noting that China is accumulating negative soft power around the world. When asked if he agreed with that assessment, Trudeau said:

"There are many countries around the origins and early days on the COVID-19 situation, particularly questions on China that need to be asked in the coming months that need answers," the prime minister stated. "It's totally normal that we be asking questions on how different countries are behaving, including China."

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