BLACK FRIDAY: Trudeau government delays incoming recession

The Coronavirus shutdown has devastated, quite obviously, devastated Canada's economy through the stifling of demand. If the lockdown is not lifted soon, thousands are expected to go out of business, forcing Canada into a recession.

Since the lockdown began, over one million Canadians have been laid off. This number, however, will only increase until the lockdown's restrictions are lifted.

Speaking to a House of Commons' committee, David Lefebvre vice-president of Restaurants Canada said that "dreams are broken, lives are in shambles."

A colleague of Lefebvre said that "for restaurants that are drawing little or no income, it’s unlikely that anything short of a hundred percent rent coverage will do enough for many to survive."

"It will cause a second wave of closures and job losses," he added. "Rents are ten to twelve percent of sales. The math is extremely straightforward."

Despite the enormous, inflation-inducing "stimulus" package created by the Trudeau government, rents had not been covered by the federal government until Trudeau's reduction announcement on Friday.

NDP MP Gord Johns told the select committee that "we’re one week away from half of businesses in this country not even able to pay their rent. We’re on the verge, we’re on the cliff right now, of losing half the small businesses in this country."