Federal Budget Full Of New Spending And Massive Deficits

Federal Budget Full Of New Spending And Massive Deficits

Finance Minister Chrystia Freeland is predicting Canada’s economy will bounce back this year and next from the worst economic downturn since the Great Depression. The forecast is contained in the government’s massive 739-page budget. The federal government posted a $354-billion-dollar deficit for the pandemic year just over, and the budget projects a deficit for 2021-22 of nearly $155-billion. Freeland says the government’s top priority remains protecting Canadians’ health and safety, particularly during the third, aggressive wave of COVID-19 infections across most of the country. The government’s budget estimates all the spending should create or maintain some 330,000 jobs next year. It is widely viewed as a pre-election platform with more than $100 million dollars in new spending over the next three years. It also promised billions in new spending in a long-term plan for provinces to create daycare spaces and drive down fees.

Photo Credit: Government of Canada via Twitter

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