The Liberal government's deficit for this year will reach a stunning $130 billion figure, breaking a record for the highest deficit in Canadian history, according to Blacklock's Reporter.
Trudeau's Finance Minister Bill Morneau revealed these figures yesterday, telling reporters that the "deficit will go up." And go up indeed it will, with Canada's deficit trebling Parliament’s 1942 wartime deficit of $39.3 billion.
Canada's deficit, however, has been growing for some time under Trudeau's leadership, expecting to reach $28.1 billion even before the coronavirus outbreak shook the global economy. These days, every Canadian is born owing close to $19,000 in debt.
During the 2015 federal election, Justin Trudeau promised Canadians that he would balance the budget. Needless to say, this did not happen as a result of the government's excessive stimulus packages, prompting the prime minister to say "the budget would balance itself" a few years later.
Canada now has an excessive debt to GDP ratio, meaning the interest the country has to take out on loans is eye-watering. Some experts believe it could be possible that this debt will take decades to service, affecting the savings and taxes of ordinary Canadians.
When Morneau was asked about Canada's spending, he responded that it is "in excess of $105 billion or so—so, very significant measures."
On Wednesday, the Conservative leader Andrew Scheer said that Canada's debt was now "extraordinary." He later added that "this is one of the reasons why we have been calling on the government to have a plan to get back to balanced budgets."
This blueprint to return to economic stability has not yet been established by the Trudeau government.