Canada is Downgraded

The Liberal government has destabilized our finances and downgraded our debt, through over four years of reckless deficit spending. The United States, the European Union, Germany, Australia, Sweden, Switzerland, Norway, Denmark, Singapore, Luxembourg and the Netherlands have all retained AAA debt ratings with Fitch. All of these countries have had to contend with COVID-19, but Fitch has downgraded none.

Prior to COVID-19, Justin Trudeau broke all of his deficit-related promises. He blew past his promises to cap the deficit at $10 billion, balance the budget in 2019, and ensure that the debt-to-GDP ratio would never rise. He broke all these promises before the first case of COVID-19. Going into the pandemic Trudeau gave us $80 billion in debt, growth of 0.3%, half of Canadians $200 from insolvency, higher unemployment than the United States, United Kingdom, Japan and Germany and the second highest total public and private debt/GDP in the G7. All of this occurred before the first COVID-19 case.

Now, the government refuses to even introduce a budget or fiscal update to tell us the size of the mess they have made. We need a real fiscal update to illustrate the size of the problem and the government’s plan to unwind deficits and get our country working again.