Liberals Plan New $100-Billion Spending Package To Boost Economy
OTTAWA – Despite facing a $381-billion deficit, the federal government announced further spending initiatives that could total $100-billion to help the economy recover from Covid-19. During her nearly 40-minute fall economic statement on November 30, Finance Minister Chrystia Freeland made it clear the economy will need more help during, and after, the pandemic.
“This is the most severe challenge our country has faced since the Second World War. It is the most severe economic shock since the Great Depression,” said Freeland.
According to the Finance Minister, eight out of every 10 dollars spent in Canada to fight the virus or help the economy comes from the federal government. Freeland said that Canada has procured $1-billion worth of Covid-19 vaccines, enough for every Canadian to receive 10 doses.
Freeland’s statement focused a lot on spending for vulnerable Canadians in the near future. For years the Trudeau Liberals have been criticized for the number of drinking water advisories that exist in Indigenous communities. Today, Freeland said that $1.5-billion will be spent on lifting all remaining advisories across these communities.
Canada will also invest $93-million to create a Black entrepreneurship program. The government is partnering with other financial institutions to bring this program to light.
There will be more financial help coming to parents of young children. Freeland announced that parents can receive up to $1,200 for every child under the age of six, who qualify under the child benefit program.
For working parents, Freeland made broad statements about how daycare will become more accessible and affordable across Canada. The finance minister didn’t go into specifics, but she hinted that Quebec’s system will be used as a model.
Students worried about student debt may also get a break in the coming years. The government is planning to eliminate federal interest on student loans for 2021 and 2022.
Freeland also made it clear that, even when the pandemic is over, the need for more economic support will not be over. The Liberals plan to use three to four percent of its gross domestic product for stimulus packages in the years following the pandemic.