More fiscally conservative Liberal MPs are worried they are not being consulted.
Drummond, an adjunct professor at the School of Policy Studies at Queen’s University and a former chief economist at TD Bank, said winding down many COVID-19 programs would leave deficits of around $100-bilion a year, which if allowed to persist for a decade would take the debt burden to levels similar to 1995/96. “The economic and fiscal future of Canada has perhaps never been more uncertain,” he said.
If the political decision is made to spend, it should be done with an eye on improving future levels of GDP, rather than on raising incomes, he said.Article content continued Drummond points out that interest rates will rise and the Bank of Canada has pointed to problems with the country’s supply capacity that could depress growth rates for years to come.
One example of that was the $2.5 billion handed to seniors who qualify for Old Age Security, many of whom pointed out they didn’t need the money. Trudeau and Freeland may well have reached the same conclusion, particularly given recent polling that indicates the Liberals have recovered from their mid-summer WE scandal induced blip. One government official told the Toronto Star this week that they are not seeking their own defeat but “maybe it’s time for the Canadian people to weigh in on a post-pandemic environment.
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