Household savings in Canada skyrocket during pandemic as Ottawa doles out billions in emergency benefits

The growing cash hoard points to the steep decline in consumer spending that’s typical of recessions, but also raises questions about the efficacy of COVID-19 relief programs rolled out by Prime Minister Justin Trudeau, who has sought to cushion households and small businesses against the economic lockdown from the pandemic.Article content continued

Cross said a scaling system for the Canada Emergency Response Benefit , rather than a broad-based scheme, might have ensured that higher-income households didn’t simply put the cash toward savings. The CERB was unveiled early in the pandemic, providing $2,000 per month in cash across the board to people who had lost their jobs.

Ottawa is projected to run a $343 billion deficit in 2021 as COVID-19 expenditures continue to climb, including the Canada Emergency Wage Subsidy and a slightly retooled CERB program.Article content continued

Ya... except if you're a senior🤬

I don't know who these people are. Swimming in debt here ✋ End the lockdowns and fix the real problems: Long term care homes and hospital capacity.

Unstable government inspires people to not spend. No one trusts JustinTrudeau so they are buffering best they can. There is also “revenge saving” occurring, people deciding to actively not spend so that the economy tanks, and the govt gets called out on their ridiculous actions.

Who exactly are you counting? The people who kept their jobs since Jan and were working 12-14 hours a day on Zoom calls from home during the first lock down? If yes, this is true. However, it's been a balancing act for the rest of us.

What a joke this money went to ppl who didn’t need it at all - costing 300 billion to taxpayers cdnpoli

Fake News!

This his joke, right? How much money do you think they’re handing out?

People didn't make money....people aren't spending money because being isolated in your house with no dam place to.

Cue new 'savings' tax in 3...2...1..

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