Juno News - Canada recklessly spends and prints money

00:00:00.000 And last but not least, the government loves to say this line that it had no choice to spend what

00:00:05.180 it spent during COVID-19. They had our backs after all, and wouldn't it be so scary to think

00:00:10.020 if there was another government in power during the pandemic? So before I discredit this statement

00:00:14.220 entirely, recall, this is a government that has a lot of problems balancing budgets. Our Prime

00:00:20.340 Minister stated on the record that if you spend enough, budgets should quote-unquote balance

00:00:25.880 themselves. And this disastrous way of thinking came to fruition when after his first five years

00:00:31.060 as Prime Minister, he missed the mark by balancing the budget. He added over $100 billion to Canada's

00:00:37.920 national debt before COVID-19 even arrived on Canada's shores. But putting all of that aside,

00:00:43.320 it's clear from International Monetary Fund, the IMF's reporting, that Canada outspent its peers in

00:00:49.160 G7 by a long shot. The IMF states, Canada spent 19.7% of its GDP on its COVID response, which was

00:00:57.720 about $435.2 billion. Furthermore, analyzing the IMF data, the Fraser Institute reported that Canada

00:01:05.100 went into the most debt over COVID-19 compared to 35 other high-income countries. Here's a quote from

00:01:11.900 the report. Canada has the highest deficit to GDP ratio at nearly 20%. And you can see this chart

00:01:19.000 that's on the screen here. To put this in perspective, Canada's net borrowing is more than

00:01:24.380 double the ratio of Germany and triple that of Sweden and Ireland. Furthermore, Canada ranks higher

00:01:31.000 than the United States, the United Kingdom, and is almost double that of Australia, which has a similar

00:01:37.120 economy to Canada. So while it's true that Trudeau opened the floodgates of spending during COVID-19,

00:01:41.900 it's unclear why he had to spend so much more comparatively to other countries. Thankfully,

00:01:47.860 the Fraser Institute offers more insight as to why this might be the case. They found that the

00:01:52.480 government wasted at least tens of billions in, quote, poorly targeted assistance during the pandemic.

00:01:59.180 One example of this was they found that $12 billion went to students deemed to be dependents

00:02:04.020 living with parents in households with at least $100,000 in household income. Sadly, the Fraser Institute

00:02:10.900 found a ton more examples like this that frankly just hurt your brain as a taxpayer. So here's a reality

00:02:16.080 check. The government should stop avoiding blame and making excuses for why there's inflation in Canada.

Juno News - September 13, 2022