The last time the Trudeau government brought down a budget two years ago, the projected federal deficit for this year was $19.7 billion, as opposed to $381.6 billion today.
Federal debt was projected at $725.1 billion, as opposed to $1.1 trillion today.
The debt-to-GDP ratio, a “fiscal anchor” that indicates the overall strength of the economy, where a healthy number in 2019 was 27%, is now 50.7%, compared to 30.5% in 2019.
Freeland, in her November economic statement, projected a dramatic drop in Canada’s deficit for the 2021-2022 fiscal year, which starts on April 1, to $121.2 billion, down from $381.6 billion (so far) this year.
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