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Canadian Liberal Party

Bernnie Federko

TRIBE Member
The federal deficit is now slated to be significantly higher than initially projected


The 2020-2021 deficit is expected to come in at $28.1-billion, an $8.4-billion increase from budget projections this past March. And billions more will be added over the next four years as the Liberal government implements a new tax cut and adjusts federal pension obligations because of low interest rates.


Here’s Campbell Clark’s view: “The Liberals might be able to deliver on election promises, or leave a lot of room for spending ‘firepower,’ but they cannot do both – not unless they ditch the promise to keep the debt-to-GDP ratio from growing.”
 

Bernnie Federko

TRIBE Member
The reason for the spike in federal deficit projections: A little-discussed accounting change related to public-sector pensions is a key factor behind the billions of dollars added to the Liberal government’s budget numbers, Parliament’s spending watchdog says.
 
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acheron

TRIBE Member
looking at that photo I wonder what his neighbour had to do to get his pool installed - it isn't 7.5m from the protected land either.
 
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Bernnie Federko

TRIBE Member
Charlie J. Angus shared a post.
2 hrs ·
Justin Trudeau gave $12 million so Galen Weston's company can fix their fridges. Kashechewan received $0.

His company was found guilty in a bread fixing scheme and they fought the rise in the minimum wage. The people of Kashechewan have a signed agreement with the Trudeau government to finally move the community to safe ground. But the Prime Minister would rather be the head butler to the 1% than to live up to his promises to build a fairer Canada for all citizens
 

Bernnie Federko

TRIBE Member
From the Department of Quicksand


Finance Minister Bill Morneau has delivered an update on federal spending and economic projections linked to the government's response to the COVID-19 pandemic.
Morneau is calling today's statement an "economic and fiscal snapshot" rather than the traditional economic and fiscal statement that comes between budgets.

Here are some of the highlights:
Annual deficit
The deficit for 2020-21 is expected to rise to $343.2 billion from the $34.4 billion deficit projected before the pandemic.
A big chunk of that additional deficit can be attributed to the $212 billion in direct support measures the federal government is providing to individuals and businesses.
The snapshot says that, aside from the pandemic program spending, the economic slowdown is estimated to have added another $81.3 billion to the deficit in 2020-21.
GDP decline
The Canadian economy is projected to shrink by 6.8 per cent this year before bouncing back by 5.5 per cent next year, making this crisis the worst economic contraction since the Great Depression. The economy is expected to decline in 2020-21 more than twice as much as it did in 2009-10 in response to the global financial crisis.
The decline in GDP is expected to take place in the second quarter of this fiscal year, according to private sector projections of a 40.6 per cent decline in GDP.
Debt-to-GDP ratio
Due to the the financial supports provided by the federal government, the federal debt-to-GDP ratio is expected to rise from 31 per cent in 2019-20 to 49 per cent in 2020-21.
The federal government says it's getting a better deal on that debt through very low interest rates. "As a consequence of these developments, the government will save over $4 billion in public debt charges in 2020-21 compared to the forecast presented in the 2019 Economic and Fiscal Update in December 2019," the snapshot said.
Government revenue
The federal government's revenues are expected to decline to $268.8 billion in 2020-21 from a projected $341 billion in 2019-20.
The largest component of the federal government's revenue stream is personal income tax, which is predicted to shrink to $146.3 billion next year from $170.9 billion in 2019-20 — a decline of 14.4 per cent.
Corporate income taxes are expected to decline by 22.3 per cent, to $38.3 billion from $49.2 billion last year. The revenue from the GST is projected to decline 20.4 per cent to $30.9 billion from $38.8 billion in 2019-20.
Job losses
Between February and April, 5.5 million Canadians either lost their jobs or saw their work hours significantly reduced. Those losses pushed the unemployment rate to 13.7 per cent in May — the highest rise on record — from a pre-crisis low of 5.5 per cent in January.
Finance Minister Bill Morneau said that without government pandemic programs, the GDP would have contracted by more than 10 per cent and unemployment would have risen by another 2 per cent.

Canada Emergency Business Account (CEBA)
As of July 3, 688,000 applicants have been approved for roughly $27.41 billion in CEBA loans — $7 billion of which is forgivable if the loan is paid back before December 31, 2022. The cost of the program is expected to rise to $13.7 billion by the time it ends.

Canada Emergency Wage Subsidy (CEWS)
The total estimated impact of the Canada emergency wage subsidy will be $82.3 billion. That is an increase from the $45 billion estimate provided by the government last month and reflects the proposed extension and broadening of eligibility for the program.

The federal government says that as of June 29, 538,080 CEWS applications were approved. During the first claim period, from March 15 to April 11, more than 2.8 million employees benefited from the support, with an average payment of $2,061
Between April 12 and May 9, more than 2.7 million employees received the subsidy, with an average monthly top-up of $2,359. In the third claim period, which ran from May 10 to June 6, almost 2 million employees received the support supported, with an average monthly sum of $2,331 per employee.

Canada Emergency Response Benefit (CERB)
As of June 28, the CERB has provided over $53 billion in benefit payments to 8.16 million Canadians. That amount is expected to rise to $80 billion based on the eight-week extension and significant take-up of the program.

Canada Emergency Student Benefit (CESB)
To date, it has provided over $1.4 billion to over 600,000 applicants, which is expected to rise to $5.2 billion by the time it winds down.

/END
 

Mondieu

TRIBE Member
From the Department of Quicksand


Finance Minister Bill Morneau has delivered an update on federal spending and economic projections linked to the government's response to the COVID-19 pandemic.
Morneau is calling today's statement an "economic and fiscal snapshot" rather than the traditional economic and fiscal statement that comes between budgets.

Here are some of the highlights:
Annual deficit
The deficit for 2020-21 is expected to rise to $343.2 billion from the $34.4 billion deficit projected before the pandemic.
A big chunk of that additional deficit can be attributed to the $212 billion in direct support measures the federal government is providing to individuals and businesses.
The snapshot says that, aside from the pandemic program spending, the economic slowdown is estimated to have added another $81.3 billion to the deficit in 2020-21.
GDP decline
The Canadian economy is projected to shrink by 6.8 per cent this year before bouncing back by 5.5 per cent next year, making this crisis the worst economic contraction since the Great Depression. The economy is expected to decline in 2020-21 more than twice as much as it did in 2009-10 in response to the global financial crisis.
The decline in GDP is expected to take place in the second quarter of this fiscal year, according to private sector projections of a 40.6 per cent decline in GDP.
Debt-to-GDP ratio
Due to the the financial supports provided by the federal government, the federal debt-to-GDP ratio is expected to rise from 31 per cent in 2019-20 to 49 per cent in 2020-21.
The federal government says it's getting a better deal on that debt through very low interest rates. "As a consequence of these developments, the government will save over $4 billion in public debt charges in 2020-21 compared to the forecast presented in the 2019 Economic and Fiscal Update in December 2019," the snapshot said.
Government revenue
The federal government's revenues are expected to decline to $268.8 billion in 2020-21 from a projected $341 billion in 2019-20.
The largest component of the federal government's revenue stream is personal income tax, which is predicted to shrink to $146.3 billion next year from $170.9 billion in 2019-20 — a decline of 14.4 per cent.
Corporate income taxes are expected to decline by 22.3 per cent, to $38.3 billion from $49.2 billion last year. The revenue from the GST is projected to decline 20.4 per cent to $30.9 billion from $38.8 billion in 2019-20.
Job losses
Between February and April, 5.5 million Canadians either lost their jobs or saw their work hours significantly reduced. Those losses pushed the unemployment rate to 13.7 per cent in May — the highest rise on record — from a pre-crisis low of 5.5 per cent in January.
Finance Minister Bill Morneau said that without government pandemic programs, the GDP would have contracted by more than 10 per cent and unemployment would have risen by another 2 per cent.

Canada Emergency Business Account (CEBA)
As of July 3, 688,000 applicants have been approved for roughly $27.41 billion in CEBA loans — $7 billion of which is forgivable if the loan is paid back before December 31, 2022. The cost of the program is expected to rise to $13.7 billion by the time it ends.

Canada Emergency Wage Subsidy (CEWS)
The total estimated impact of the Canada emergency wage subsidy will be $82.3 billion. That is an increase from the $45 billion estimate provided by the government last month and reflects the proposed extension and broadening of eligibility for the program.

The federal government says that as of June 29, 538,080 CEWS applications were approved. During the first claim period, from March 15 to April 11, more than 2.8 million employees benefited from the support, with an average payment of $2,061
Between April 12 and May 9, more than 2.7 million employees received the subsidy, with an average monthly top-up of $2,359. In the third claim period, which ran from May 10 to June 6, almost 2 million employees received the support supported, with an average monthly sum of $2,331 per employee.

Canada Emergency Response Benefit (CERB)
As of June 28, the CERB has provided over $53 billion in benefit payments to 8.16 million Canadians. That amount is expected to rise to $80 billion based on the eight-week extension and significant take-up of the program.

Canada Emergency Student Benefit (CESB)
To date, it has provided over $1.4 billion to over 600,000 applicants, which is expected to rise to $5.2 billion by the time it winds down.

/END
That’s why it’s such a crime that Andrew Scheer isn’t the Prime Minister of this great nation. ...and why churches, gun-clubs and our fine, pro-life brothers and sisters have been so marginalized.

C’mon... You know that Belinda’s ex is the answer. ;)
 
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