Federal Budget 2021: What's behind the government's eye-popping deficit spending?

Canada’s net debt is now over $1 trillion for the first time ever, after a $354 billion deficit for the pandemic year just over. It is expected to keep climbing with deficits of $155 billion this year, and $60 billion in 2022-23.

That is driven in part by more than $100 billion in new spending over the next three years, including costs to maintain federal wage and rent subsidies and aid for laid-off workers, until September now, instead of cutting them off in June.

“This budget is about finishing the fight against COVID,” Freeland said, in her budget-day speech. “It’s about healing the economic wounds left by the COVID recession. And it’s about creating more jobs and prosperity for Canadians in the days and decades to come.”

Global's Chief Political Correspondent David Akin joins us now to break down some of the hard numbers - and economic truths - behind those eye-popping figures.

For more info, please go to https://globalnews.ca/news/7768619/federal-budget-2021-liberals-covid/

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