April 7, 2022
After the grievous COVID years, Canada’s economy appears to have landed on it’s feet — and credit is due to the resilient people of Canada, to Canada’s business sector, to the unsung heroes working in Hospitals and in NGO’s, and to the government of Canada headed by Prime Minister Justin Trudeau, and his Deputy Prime Minister / Minister of Finance Chrystia Freeland.
This isn’t to dismiss the contribution of Canada’s New Democratic Party (NDP) with which the Liberal Party of Canada (LPOC) under PM Trudeau has recently signed a Supply and Confidence agreement in order to provide a virtual majority government as we transition out of the COVID economy.
The NDP occasionally votes with the LPOC on legislation of mutual interest, but due to the recent signing of the Supply and Confidence agreement the LPOC and the NDP will for all intents and purposes function as a single political unit until 2025 — thereby guaranteeing that any legislation the two parties want to pass, will succeed — no matter how the members of Canada’s official opposition party (the Conservative Party of Canada) feel.
Highlights of Budget 2022
This budget is about three things: a) Helping to facilitate a better Green Economy in Canada, b) Affordability, with a special focus on housing, and, c) rolling out a free Dental Care programme for under-12-year-old children who live in families with a household income of less than $90,000/yr.
Here’s a short video of Dawna Friesen (Global National’s News Anchor / Executive Editor) interviewing Finance Minister Chrystia Freeland about Budget 2022, followed by analysis from reporter David Akin (Global TV’s Chief Political Correspondent) and Mercedes Stephenson (Global TV’s Ottawa Bureau Chief) from 00:45 to 16:05 in the video.
- Canada’s total debt will fall, it’s Debt-to-GDP ratio will fall, and the size of the annual budget deficit will fall from 2% of GDP in 2022 to .5% of GDP by 2027.
- Canada is only one of eleven countries in the world with a AAA credit rating (from both the S&P and Moody’s & Fitch bond rating services) while the country’s total debt and it’s Debt-to-GDP ratio are the lowest in the G7.
This is only possible because Canada’s economy is rocketing along at the moment.
And the reason for it is because Justin Trudeau’s government acted swiftly and decisively to protect Canadians when COVID first hit, otherwise, the economy would be suffering the same sort of post-COVID malaise seen in other countries.
Here’s the ‘money quote’: Justin Trudeau’s Liberal government (skilfully) navigated the perilous COVID era, then (brilliantly) signed a Supply and Confidence agreement with Canada’s New Democratic Party, and now has presented a (sensible and positive) budget that will give Canadian citizens confidence and the business sector welcome thrust as we transition out of the Coronavirus economy.
Pleasantly surprised, I’d have to say. It appears that the team of PM Justin Trudeau and Finance Minister Chrystia Freeland, along with the recent signing of the Supply and Confidence agreement with Canada’s New Democratic Party is a winning combination for this country. Well done.