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More distressingly, Canada is going deeper into debt than any other developed nation to fund its COVID spending addiction.
This year, Ottawa will borrow an amount equivalent to 20% of GDP just to finance all its spending (COVID and otherwise). The average in the leftist European Zone will be half that.
To top that all off, the Liberals have gone longer between their most recent election and their first budget than any government in Canadian history – over 13 months and counting.
Their Nov. 30 economic update, announced this week, will just be a snapshot, not a full budget.
The Parliamentary Budget Officer (PBO) earlier this month rebuked the Trudeau government for not knowing (or at least not divulging) how much money it is spending and where.
Yves Giroux, the PBO, said that without accurate, up-to-date public accounts, it becomes impossible for the opposition or anyone else to take the government to task.
I think we’re not hearing from Trudeau as much anymore because he is like an NHL general manager with a team full of mediocre players who nonetheless has made so many bad moves he has now run out of cap space.
Trudeau can’t afford to make any more moves because he tapped out the treasury in the first go-round.
To the extent that the Liberals cannot spend now to help ease the economic pain of second lockdowns, if necessary, they are indirectly helping finance the spread of the pandemic.