$343 Billion

[Hamloc]

So the projected federal deficit for 2020-2021 is $343 billion. Net federal debt at the end of this budget period over $1.2 trillion. The Liberal’s have always preferred to express debt as a percentage of GDP, that will be just over 49% up from 31% last year. They are doing an awesome job! FML

[Marusko]

$9,125 per capita

[AlbertaFarmer5]

So the projected federal deficit for 2020-2021 is $343 billion. Net federal debt at the end of this budget period over $1.2 trillion. The Liberal’s have always preferred to express debt as a percentage of GDP, that will be just over 49% up from 31% last year. They are doing an awesome job! FML

They are doing an awesome job of buying generations of liberal voters amongst the financially illiterate class, which evidently has become the majority.
They have also done an excellent job of making Canada a prime candidate for take over by the UN
It is all about how you frame the issue. You mistakenly thought their goal was responsible governance.

[bucket]

And not much for the average farmer .....

2 billion for improved BRM programs would be a drop in the bucket and yet nothing.....

[dmlfarmer]

No question this is a massive deficit if you ignore that every other country is adding similar amounts of debt because of the pandemic. Lets compare Canada's deficit to the US deficit for this year. The US have allocated US$2 trillion for the CARES ACT in March and $US3 trillion for the HEROES ACT in May to deal with Covid 19. (over 7 trillion dollars Canadian and at 10/1 population ratio this would work out to double the deficit Canada is running per person).

In March 2020 the US national debt stood at US$23.5 trillion and at the end of June the US national debt was over US$26 trillion. Since Trump became president the national US debt has grown by more than US$ 6 trillion dollars

Apparently the right can spend just as well as the left!

[AlbertaFarmer5]

DML, two words :
Reserve Currency.
Any comparison Between Canada and the US's ability To manage deficit spending or even out right money printing is meaningless.

Not sure why you brought up left vs right, Trumps rhetoric and track record is anything but right center.

[dmlfarmer]

DML, two words :
Reserve Currency.
Any comparison Between Canada and the US's ability To manage deficit spending or even out right money printing is meaningless.

Not sure why you brought up left vs right, Trumps rhetoric and track record is anything but right center.

You are ignoring that fact that there are more than one reserve currency in the world. Reserve currency is not a god given right, or set in stone. It is simply a willingness to hold that country's currency as a hedge and to facilitate foreign trade.

Yes the US is the dominant world currency, with about 60% of reserves. But the world bank lists other recognized reserve currencies too. For example as of 2019:
1. U.S. Dollar: $6.74 trillion (61.82%)
2. Euro: $2.21 trillion (20.24%)
3. Japanese Yen: $572 billion (5.25%)
4. Pound Sterling: $495 billion (4.54%)
5. Chinese Renminbi: $213 billion (1.95%)

Interestingly the Country in 6th Place in Reserve Currency is Canada at 210 billion (1.92%)

Should the world decide the US is no longer the economic powerhouse it once was, or that US$26 trillion in debt it has, or if they simply decide they would rather buy commodities (oil, wheat etc) in Euros or Rubles, or even Canadian dollars, the US could lose it reserve currency leader status. Markets are a funny thing that way.

[dmlfarmer]

Oh, and the reason I brought up right and left was simply because 2 posters ahead were laying blame on Liberals, who I assume represent the left economically. And I honestly thought Trump and the Republican party is still consider right leaning economically.

[Taiga]

There is a pretty big difference between 6.7 trillion and 2.2 trillion. Most people can grasp a million dollars. A billion dollars is hard to fathom, and a trillion dollars is unthinkable.

[jazz]

dml the US economy is nothing like Canadas. Comparing our debt to theirs is moot. Thats an industrialized first world country with vibrant growth across all sectors. Ours is a debt backwater being held up with FIRE. You need to do some digging.