Canada’s Deficit And Debt Update: “Worse Than The Worst-Case Scenario.”

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Justin Trudeau and his trusty Finance Minister Bill Morneau announced today that Canada is on track for a $1.2 TRILLION debt by the end of the year; and so far this year, we’re well over a THIRD OF A TRILLION dollars in deficit.

As Globe & Mail columnist Andrew Coyne put it: “Worse than the worst-case scenario. Worse than the gloomiest projections. Worse even than the soften-them-up-with-a-leak advance story. And we’re a quarter of the way through the fiscal year.”

And I disagree with him most of the time.

As I said, “Too bad Trudeau & co didn’t handle border closures earlier instead of claiming it was ‘racist.’ Because this is the result. ‘Woke’ results.”

Even Trudeau’s very own state-owned CBC division, which gets $1.5 BILLION in taxpayer funding every year, has its eyes popping at the numbers. “Finance Minister Bill Morneau tabled a fiscal snapshot today that shows the federal government’s deficit is expected to hit $343 billion this year — an eye-popping figure largely attributed to pandemic-related support programs that have pushed federal spending to a level not seen since the Second World War.”

Notice they have to say “largely attributed,” which is because even they have to acknowledge that Team Trudeau’s deficit spending was already out of control — with no plan for any future correction of that massive pre-pandemic spending problem whatsoever. Since coming into office — during great economic times — they posted annual deficits now amounting to TENS OF BILLIONS, well before Trudeau allowed the virus into Canada to flourish and kill thousands of us and wreck our economy, people’s businesses, kids’ educations, people’s retirements, and the hopes and dreams of millions more. “The budget will balance itself,” Trudeau intoned in 2014.

Nice job. Great plan.

And the arrogance and ignorance is almost as startling as the numbers: “Some will criticize us on the cost of action,” Morneau said in a speech in the House of Commons today. “But our government knew that the cost of inaction would’ve been far greater.”

I’ll tell you about “inaction.” The Trudeau team utterly failed to act on border closures and quarantines until well after the virus was rampant in Canada, citing the fanciful “woke” narrative about it being perceived as “racist.” And this is the result. Their inaction did in fact do this. This is “woke,” liberal, progressive ideology in action. This is the real history, the facts, the scientific data-based results of that mentality, folks.

And if all that’s not startling enough, the CBC (perhaps sheepishly?) explains, “[The report] presents little in the way of a long-term plan to return the economy to pre-pandemic normalcy.” They’re purposely burying half the lede here. What should actually be happening in Ottawa today, fully planned-out and announced, is an all-hands-on-deck, wartime, full war cabinet style, excruciatingly definitive plan of attack on this economic crisis that they’ve allowed to fester —with the all-too willing help from the CBC and the rest of the Trudeau face-licking news media.

They didn’t have a plan before, and that was really, really bad. But this a whole new thing. Canada is literally on the economic brink, and they have no plan.

Joel Johannesen
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