South Peace News
Canada’s economic situation is worsening at a record pace and is out of control.
July 9, the federal government confirmed the Liberals are running a deficit of $343.2 billion this year, and for the first time the net federal debt will reach over $1 trillion.
Unlike in previous years, the government refused to provide at least a five-year forecast.
The government forecasts a revenue loss of $71.1 billion, spending increases of $236.9 billion, and the federal debt has increased to 49.1 per cent of gross domestic product.
“Under Justin Trudeau’s leadership, Canada is the only G7 country to lose its AAA credit rating, the only G7 country without a recovery plan, and we have the highest unemployment in the G7,” says Peace River – Westlock MP Arnold Viersen in a news release.