Trudeau's Finance Minister Chrystia Freeland has said she will attempt to cut the ever-growing federal deficit by more than $180 billion in 2022, according to Blacklock's Reporter.
Freeland did admit that she is unclear how effective her measures would be. "This is not a master plan for the Canadian economy going forward," said Freeland. "That will be in the budget."
On Tuesday, Freeland virtually gave out a fiscal update, showing that Canada's deficit was at a record-breaking $327.7 billion. "The government remains committed to unwinding COVID-19 related deficits," read the update.
The Trudeau government expects the budget to sink to $144.5 billion in 2022.
The fiscal update states that Canada's economy would see a growth of 4.2 percent in 2022, and 2.8 percent in 2023. This, however, is not set in stone, due to threats posed by Omicron.
The budget itself includes $4.5 billion for Canada's Omicron response.
Nearly $2 billion will be provided to provinces and territories for rapid testing, along with $2 billion over two years for "therapeutic procurement, logistics, and operating costs."
"OECD projections suggest that by 2023, Canada's recovery will be the second-fastest in the G7," said Freeland. "The size of the Canadian economy this year will be 2.48 trillion dollars."
Join and support independent free thinkers!
We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.
Remind me next month
To find out what personal data we collect and how we use it, please visit our Privacy Policy
