Ottawa runs $120B deficit in just three months as Canadian economy craters

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The staggering deficit comes as new numbers shows the Canadian economy shrinking by a record\u002Dhigh 38 per cent in the same period

Even as spending increased sharply over the quarter, the cost of public debt decreased nearly 30 per cent, from $6.9 billion to $4.9 billion. The lower debt charges are a result of record-low interest rates, which were slashed by central banks around the world at the onset of the pandemic.

The Canada Emergency Response Benefit , accounted for the single-largest expenditure over the quarter, at $41.6 billion. The next largest was the Canada Emergency Wage Subsidy at $22 billion and a small business loan program that cost nearly $7 billion over the quarter.Revenues also plummeted by 37 per cent, down by $32 billion to $52 billion over the quarter.

The Trudeau government seems poised to continue its spending binge, after the prime minister suggested his government would return to Parliament in September with “ambitious” spending plans that are expected to significantly expand the social safety net.

 

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scamdemic

Or, Canadians are being looked after during an unprecedented event.

And yet there are folks who support this debt, corruption ridden Government.

We will fight and work hard together, like we have always done! proudcanadian

DonnaReiter6 Wellcome sky high taxes

This is how you impose Socialism

Just the continuation of over spending by the loose nuts of auto balancing budgets as promised by the 3 time university drop out. Big surprise here, and fools keep loving him, like the Stockholm syndrome I guess. No substance all posturing & $$ for friends in high places

i mean what did we expect in the midst of a global pandemic? to run a tight budget? come on lol the government did the right thing by enabling *most* of us to stay afloat.

The trouble is that this mess is about 80 billion dollars WORSE than it should be because of Trudeau’s MULTI-BILLION dollar deficits in apparent GOOD financial times...!!!!! Spending now is good the mess he made before is “unforgivable”!!!!!

Enough is enough TrudeauResignNOW trudeaumustgo crimeminister

The easy part was giving all the money away. Now let's see if JT can re-biuld.

OH wait he's not fucking finished yet There's more DEBT to come. That means deeper DEPRESSION in the future. TrudeauMustGo

Opinion pieces by American News are cratering the media in Canada. Better?

Trudeau = Total Incompetence 👎🏼

The deficit is a hoax. The budget isn’t a chequing account with an overdraft. Come on time to get real!

Wow, the liberals are running us in a huge debt that we will have to leave our children with, I think that's unfair. We have to get our budget in line and now. No more Santa Claus giveaways. People have to get jobs and not rely on the Government for handouts always.

And threatening more lockdowns in Toronto

No exit plan

The TrudeauCorruption gift that keeps on giving

Well, considering the Feds are supporting millions of Canadians, businesses, and the provinces, it’s no wonder. But “cratering” seems like an opinion not fact.

You better look at USA.

Ottawa? I think you mean Canadians. This is our money. Wasted. Without even asking us.

Canadian economy didn't collapse it was forced down by the UN. UN is a malignant tumour !! AbolishtheUN

KrisEriksen11 Some kinds of ‘help’ are the kinds of ‘help’ we all can do without .. we the people don’t need this kleptocratic crap .. we need each other.

Someone stop him

BryanOlson73 X 100 you Cretans

I don’t like Trudeau at all but I can’t blame him for this.

Good thing the liberals have this figured out?!?! Can we all have another free cheque please?

What does the NP know? Surely the budget has balanced itself by know...The liberals promised.

alessacanada Collapsing the economic.

The Libs did exactly the right thing. Canada will bounce back and flourish as a result of the PM’s leadership. Well done Sir

Missing from your headline: In the midst of a pandemic!

😁😁😁National Post must be mismanaged by a group of clowns!!

I just can't get over how unread and uninformed the people in this thread are. No wonder Canada is F*CKED.

Can you imagine the corruption and blatant theft that has happened in this chaos over the past three months?

Trudo to K Telford “eh ah ho hum err can’t you call the Royal Canadian Mint for curb side pick up? “.

That's a pretty low and manageable number.

Time to bring these handouts to an end and to start doing the real work of charting our recovery. What do you say there fearless leader JustinTrudeau ? I really hope that you have a plan because there will be a confidence vote if you don’t... and more time will be wasted

Liberals are big spenders but have no clue how the money is earned!

.... LOL ... Canadians that voted for this cuck deserve everything they get

Said this was going to happen in 2015. Got called names.

Get the clown 🤡 JustinTrudeau out of office!

F😡ck.

National 🇺🇸Post says what?

If only they hadn't squandered that 130+ billion in dirty oil money Alberta gave them. They should have used it to diversify.

And your point would be Every other government in the world is in the same boat.

It’s at times like these I’m thankful we have a Journalism Grad in charge of our finances.

Is this supposed to be a shock to anyone? It’s no surprise he’s run us into the ground falling over his and his government’s stupidity in handling the pandemic. Selling the country out to any nation that wanted a piece instead of building up our core and giving us strength

truopemustgo

Time for new leadership!

I can't Wait until O'Toole Defunds all you fake fuks and then has you ALL charged with Covering up these vile corrupt stories.

JLCWood2017 So if that’s what they are reporting you can multiply that by 5 and should be in the ballpark somewhere

Liberals - growing the economy from the heart. How's that workin for ya'll?

Sunny ways

I am deeply concerned about Canada’s GDP numbers being 40% lower than the start of corona virus. While the USA is only down 6% from the same month last year! Seriously you liberals need to have your heads checked supporting this government..

Unbelievable. This also lands squarely on the shoulders of the NDP, Conservatives, & the Bloc for permitting Parliament to be suspended in March. What is it going to take before one of these parties admit that shutting our country down for a virus was an enormous mistake.

Good bye Canada

TruegritG

This is only the tip of it all. We are in serious trouble and people had better wake up and see what is going on. Our credit rating is in big trouble and this ☝️dodo is going to push his own agenda something he wasn’t even elected on.

What would one expect with a narcissistic substitute drama teacher running the show, trying to buy votes and cater to fluff virtue signalling for his minority government. TrudeauWorstPM

MarissaNovetsky This is what they want.

Get your helmets on !! And don't be a dummy.

Good Bye Canada when this guys done there will nothing left

Dayo

No fucks to give... cdnpoli

That framing though 🤔

The economy cratered because of the overspending and not knowing to economically handle a country. Covid and overspending beyond what was coming in on the GDP was the perfect storm.

Keep voting Liberal to complete the transition to socialism!

Ah fuck it....let’s see where it goes. I’m sure they have a stellar plan to get out of it...where do I buy my shiny new Chinese flag?

Maybe Drama teachers don't understand finance.

soon 1000's of homeless living in tent cities.What to do?

Bill and Ted’s excellent adventure running the show.

And yet Trudeau prorogued Parliament to hide from investigations into his criminal behaviour yet has spent 10's of billions in just days with no oversight & to be honest not hearing much about it from Canada's MSM who is focused on Trump...

rexglacer RIP Canada

We are not even halfway into this pandemic.

The situation gets even worse.

🇨🇦 Banana Republic 🇨🇦 🔥🍌💰🪱🔥🍌💰🪱🔥 No Worries Aladdin has 2 Honorary PhDs, a 1/2 Page Resume & a Killer 'Serious' Beard TrudeauWorstPM WEscandal TrudeauCrimeMinister TeamTrainWreck 🔥 WhereIsTheMoneyCatherine ? MagicKingdom PeterPanPM 🤡🧦🎈❄️👀🤪

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