Juno News - September 13, 2022


Canada recklessly spends and prints money


Episode Stats


Length

2 minutes

Words per minute

171.20953

Word count

402

Sentence count

22


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I discuss the devastating effects of the Global Pandemic in the wake of 9/11, and why Canada spent more than any other country in the G7 on responding to the crisis. I also discuss the Fraser Institute's new report, which sheds light on why the government spent so much more than other countries during the pandemic.

Transcript

Transcript generated with Whisper (turbo).
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.