Prime Minister Justin Trudeau has said that government would not predict the size of Canada's deficit in 2020, according to Blacklock's Reporter.
Stating his motive, Trudeau said that any budget forecasting would be "an exercise in invention." This comment will surely antagonize Conservatives who have been demanding greater clarity towards Canada's economic state.
Not only will Trudeau not forecast Canada's deficit, but his government will also refuse to predict federal tax revenues.
"Any predictions we make will be wildly unreliable even from one week to the next," said the prime minister. "We’re grappling to understand what exactly the Canadian economy is doing."
Sobering Parliamentary Budget Office studies suggest that Canada's deficit stands at an unprecedented $260 billion. This is five times the size of the Canada's last record-breaking deficit, which stood at $55.6 billion in 2010.
Trudeau has said that Canada "just don’t know what the impact of this pandemic is." This could presumably be elucidated through government audits which, so far, the prime minister has rejected.
"There are so many things we simply don’t know that making projections about what our economy could look like six months from now or a year from now would be an exercise in invention and imagination," argued Trudeau.
Canada's federal debt is expected to reach an astonishing $1 trillion in 2020. If interest rates rise, this could cripple our economy.