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Canada’s fiscal situation has deteriorated significantly over the course of the government’s response to the pandemic.
Canada’s federal debt is surging toward $1 trillion.
To limit economic damage from the CCP virus pandemic, the Canadian government and Bank of Canada are being pushed well beyond the extents they reached in dealing with the financial crisis a decade ago.
Running deficits for as far as the eye can see, Finance Minister Bill Morneau seems to only focus on the advantageous situation Canada is in that gives him cover to do so.
Canada’s federal Budget 2019 included a new program to help first-time homebuyers along with other selected measures while keeping a key metric of the nation’s indebtedness on a declining trend.
The federal fall fiscal update not having a roadmap to a balanced budget grabbed most of the headlines, but it wasn’t particularly surprising.
Canada is pushing hard to deepen trade ties with China as evidenced by a delegation including four federal ministers and three provincial ministers in Beijing earlier this month.
Canadian Finance Minister Bill Morneau’s third budget didn’t respond to the aggressive tax cuts south of the border that reduce Canada’s competitiveness.
