Canada has handled the coronavirus outbreak better than many of its allies, including the United States, said Justin Trudeau on Wednesday, in a rare public comment on the faltering effort to contain the pandemic in the US.
When asked about the deficit, which the parliamentary budget office has suggested could be as deep as $252 billion, Trudeau defended what he says was a "very specific and deliberate choice" to help Canadians after many seemingly lost their jobs overnight due to the pandemic.
Fraser said Canada is borrowing at a rate below one per cent, which means the debt servicing cost to Canadians is $4 billion less than it was before the pandemic hit, as a result of these reduced interest rates.
Although that's an improvement from the record-high unemployment rate of 13.7 per cent in May for a labour force of just over 19 million, it is still much worse than the record low of 5.5 per cent pre-pandemic.
"Our government knew that the cost of inaction would have been far greater", he said.
Beyond new spending, the deficit has been pushed higher by a significant dip in the amount of revenue that Canada is expected to collect this year.
The anticipated deficit represents a 1,633 percent rise over the $14.66 billion budget shortfall in the fiscal year 2019-20 and 181-fold rise from the $1.41 billion surpluses the Trudeau government inherited from the previous government in 2015.
"Our government was well-positioned to be there for Canadians and lay the groundwork for our economy to bounce back".
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There have now been a total of 35 positive cases identified in Ellis County since reporting began, with 10 categorized as active. As of Wednesday, July 8, the Upper Peninsula (Region 8) has been changed to a low risk place for COVID-19, to a medium risk.
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The 168-page snapshot tabled on Wednesday offers a short-term economic analysis and a detailed account of what the government has spent already to shore up an economy on life support, reports CBC News. "Some of those jobs may not be there for workers at the end of the day".
Conservative leader Andrew Scheer, the leader of the opposition, called it a dire picture.
"A lot of the money that we owed was coming to maturity, and we had the opportunity to refinance because of the pandemic", he explained.
"We faced an enormous shock to our system", Morneau said.
And the Bloc Quebecois said the Liberals should have targeted aid at sectors that can expect to suffer the longest, such as aerospace and culture, while targeting multinational corporations and internet giants for taxes to offset some of the spending.
He said programs like CERB nonetheless need to be "retooled toward recovery" as provincial governments continue to gradually reopen the economy.
"It is now time for Canada to transition from a subsidy-based crisis response toward restoring economic growth and getting Canadians safely back to work", Mr Beatty said in a press release.