Canada’s ‘most abnormal recession’ requires continued federal support for households, says top economist, but the longer we’re stuck, the worse it gets
Following hundreds of billions of dollars of government spending with the second wave of COVID-19 in full force, a number of leading experts and economists are saying that although government support needs to remain available to Canadians, economic recovery becomes more difficult to achieve the longer slowdowns continue—and that the development and deployment of a […]
Feds’ COVID-19 debt hits $278.8-billion, but government debt payments are falling
The federal government borrowed nearly $279-billion to battle the COVID-19 pandemic in just the first half of this fiscal year, but actually spent less money than it did last year on debt-related interest payments, according to two recent reports from Finance Canada. The government borrowed $293.8-billion between April 1, the beginning of the current fiscal […]
Treasury Board president slammed for transparency gaps in spending following ‘damning’ PBO reports
Treasury Board President Jean-Yves Duclos was pressed over the government’s spending secrecy at committee following the release of “damning” reports from Canada’s budget watchdog, with MPs calling on him to answer for a lack of fiscal transparency amid unprecedented pandemic spending. On the morning of Mr. Duclos’ Nov. 4 appearance at the House Government Operations […]
Eleven weeks after becoming finance minister, Freeland’s mandate letter has yet to be released
Eleven weeks after she was tapped to guide Canada’s economic recovery from the COVID-19 pandemic, the Liberal government has yet to release a mandate letter outlining policy objectives for Chrystia Freeland. Some observers have raised concern over the lack of fiscal transparency in pandemic spending as the government hasn’t tabled a budget in more than […]
The Bank of Canada needs a jobs mandate
The Bank of Canada was recently cast into the political fray by Conservative finance critic Pierre Poilievre calling it “an ATM for [Prime Minister Justin] Trudeau’s insatiable spending appetites.” In fact, the central bank is right to buy up government bonds to stabilize our economy and save jobs, but needs a more credible mandate that […]
Government adds $79-billion to expected spending, pushing annual total to $476-billion, and counting
The federal government says it needs to spend an additional $79-billion to carry on with its work this year in the global pandemic, pushing its projected tab for 2020-21 to $476-billion, with another round of spending still to be announced later. Treasury Board President Jean-Yves Duclos (Québec, Que.) tabled the supplementary estimates (b) in the […]
Feds’ pandemic wage subsidy could be lifeline—if it gets it right
The Speech from the Throne gave workers laid off due to the pandemic reason for hope and worry. Recognizing that phasing out recovery benefit programs would be a mistake, the government moved to extend benefits like the Canadian Emergency Wage Subsidy until June 2021. CEWS was designed to keep workers affected by pandemic shutdowns connected […]
Infrastructure bank’s $10-billion growth plan raises hope of green bond push in Canada
The Canada Infrastructure Bank’s new growth plan, a $10-billion dollar strategy announced on Oct. 1 to invest in five priority areas related to greening Canada’s infrastructure, could be a step towards boosting the green bond market in Canada, experts say. “There’s a great opportunity for us here,” said Karen Clarke-Whistler, principal at ESG Global Advisors […]
Canadians are ready for real action on a green and just recovery
Last week, the Green Budget Coalition published its annual recommendations for federal investments to achieve priority environmental outcomes. While we are still in the midst of a public health emergency, Canadians are ready for real action on a green and just recovery from this pandemic that both improves their lives now and builds a better, […]
Canada needs a new ‘fiscal anchor’ and Freeland needs to share financial plans, says PBO Giroux
The federal government should make more details about its historic, multi-billion-dollar pandemic spending plan public, including information about money set aside for yet-to-be announced measures, the expected debt and deficit by year’s end, and what the Liberals will use as a new fiscal “anchor” now that a declining debt-to-GDP ratio is unreachable, says Canada’s Parliamentary […]
