BankruptBaby
Canada's 3 Trillion Dollars of Debt
Canada's Gross General Government Debt was $2,918,973 Millions according to the OECD in the 3rd quarter (so $3T about...now!). Three Trillion looks like this: $3,000,000,000,000.00CAD and puts Canada's debt to GDP at 131.8% (from 108% a year ago).
Kudos to OECD – even the PBO has complained it is not getting enough information from the Trudeau government regarding Crown Corporations: "reporting on the probable or potential budgetary costs of liquidity supports has been lacking".
Also troubling is the Opposition Finance Critic's assertion that Canada printed (QE) almost an entire quarter of GDP.
The Federal Government is showing little concern. Trudeau is planning to increase the largest on-going payout to individuals (OAS - $60B and growing $5B per year). Surely most programs will continue to expand under Trudeau in addition to "stimulus".
Expect Trudeau to almost triple Canada's debt – as the Ontario Liberal Party did in that Province - same crowd! With historic budget delays and no fiscal anchor, it will take less than a decade too!
Canada's Provinces (included in $3T) show little signs of balance either! Ontario ($400B) for example is planning to incur more than half this year's deficits next year. Hopefully lock downs end in March or it will be much worse.
With Canada's workforce growth near Zero and massive new debt, young people will be referring to 2020 as the best year ever for life!
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