Nov 04, 2022
By Jane Brown
Toronto’s mayor is weighing in on the Trudeau Liberals’ fall economic statement delivered Thursday by Finance Minister Chrystia Freeland.
In a release, John Tory says while he’s pleased to see “the statement does take some action to address inflation, it does not recognize the urgent need to continue to support Toronto and other cities as they grapple with the continued financial impacts of COVID-19.”
Reaction from the Canadian Federation of Independent Business is mostly negative.
A statement says the CFIB is disappointed the federal government did not include any immediate measures to support small businesses on their long road to economic recovery.
On Parliament Hill, no surprise there is opposition to the economic statement from Pierre Poilievre and the Conservatives.
“They said all the deficits were the result of COVID. COVID now is behind us and spending is still 30-percent higher because we know that it is not COVID that has caused the costs to rise. It is a costly coalition and an irresponsible prime minister who have put these priorities on Canadians’ shoulders,” Poilievre bleated.
He’s referencing the agreement between the New Democrats and government to include NDP policies in the minority Liberals’ agenda to keep the Liberals in power through 2025.
The fiscal update projects a $36.4-billion deficit for the current fiscal year but projects a surplus of 4.5-billion dollars five years from now.
It also shows new spending of about $30-billion, including money set aside for measures such as temporarily doubling the G-S-T credit.