NEWS RELEASE
MP JOHN BRASSARD
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The government’s fiscal snapshot presented in the House of Commons today has confirmed that Canada is facing a $343 billion deficit this year and the federal debt will climb to $1.2 trillion in 2020/21 for the first time in history.
“We now know that Canada is borrowing more money in 2020 than the federal government typically spends in an entire year,” said John Brassard, Barrie-Innisfil Member of Parliament.
“However, what we still don’t know, four months into this COVID-19 crisis is even more troubling. The Liberal government has failed to present a transparent plan to help get Canadians back to work and our economy back on track.”
Under Justin Trudeau, Canada has spent more than other countries and yet Canadians have fallen behind:
- Canada has the highest unemployment in the G7
- Canada is the only G7 country to lose its AAA credit rating
- Canada is the only G7 country without an economic recovery plan
“We expected the finance minister would present Canadians with a clear, transparent economic recovery plan today and, instead, he bragged that Canada’s COVID-19 emergency response was the most expensive in the G-7. Canada has spent the most money of any G-7 country and yet we are seeing the worst results.”
While Opposition MPs have been demanding a detailed economic recovery plan immediately, he government today said it will present an economic recovery plan in the fall – months too late for most Canadians who want to get back to work now.
Coming out of the pandemic, every country in the world is going to be competing for the same investments and the same opportunities and Conservatives know that a strong recovery depends on unleashing the power of the private sector.
Every other G-7 country has a plan and the Canadian government needs to learn from those examples and do the same. A clear and effective plan will help Canadians get back to work, support small businesses, lower taxes, cut red tape and make Canada an attractive place to do business once again.
“This is not a typical summer where people are relaxing and enjoying vacations. Families are anxious about the future," said Brassard. "Businesses are struggling to hang on and many are running out of time. The government needs to act immediately to improve the existing measures and make the necessary changes to get people back to work and businesses back on their feet.
"Canadians cannot afford for Justin Trudeau to be wrong when it comes to our economic recovery,” Brassard said. “Livelihoods are literally on the line in Barrie-Innisfil and across the country.”
Conservatives have presented constructive solutions to restart the economy, including a Back to Work Bonus to address labour shortages in communities across the country, support small businesses and encourage Canadians to safely return to work.
“It’s going to take a whole lot of hard work and strong leadership to get Canada’s economy back on track,” Brassard said. “Canadians are counting on this government to get it right and Conservatives will continue to put forward construction solutions to help Canadians and businesses that have been impacted by COVID-19 to get back on their feet and back to prosperity.”
Under the Back to Work Bonus plan, Canadians who lost their jobs through no fault of their own during the pandemic will continue to receive their full $2,000 Canada Emergency Response Benefit (CERB).
However, as businesses reopen, workers who earn between $1,000 and $5,000 per month would qualify for the Back to Work Bonus, a CERB top-up that would be gradually phased out by 50 cents for every extra dollar earned over $1,000.
“Conservatives have always supported getting help to Canadians who need it, but we now need a proper plan, a detailed federal fiscal plan to support our economic recovery. That is the only way we will boost consumer and investor confidence and mitigate the possibility of further damaging downgrades to Canada’s credit rating. Unfortunately, today’s fiscal snapshot is an out-of-focus picture of the past and a major missed opportunity for the government to provide Canadians with the clear picture of the future that they deserve.”
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