Trudeau Liberals will unveil economic impact of pandemic spending next week

The Trudeau Liberals will reveal the economic impact of their emergency spending next week. On Monday, Deputy PM and Finance Minister Chrystia Freeland told lawmakers that she will release new deficit projections on November 30, Bloomberg reports.

The announcement is being touted as a "budget update" and may include other long-term spending promises. "Our plan will continue to support Canadians throughout the pandemic and ensure that the post COVID economy is robust, inclusive and sustainable" Freeland told fellow legislators in the house.

The COVID-19 pandemic has left Canada with it's deepest budget deficit since World War II.

In July, Freeland’s predecessor Bill Morneau projected a $343 billion shortfall this fiscal year. Going farther back, the Scenario Analysis Update by The Budget Office projected that this year’s deficit would be $252 billion—almost five times as much as the previous record of $55.6 billion in 2010. This means the recent projection is almost $91 billion more than the number predicted in May.

Minister Freeland made headlines in early October when she told reporters that she would "not make projections today concerning the deficit" when asked if the deficit would surpass $400 billion.

She wrapped up her comments with a spiel about growing up on a farm: "I started driving a pickup truck when I was twelve," Freeland said. "I understand the importance of brake and gas pedals. Both of them are important. Both need to be controlled to drive properly."

It appears the pedal is stuck to the floor and there are no brake lines attached to this Liberal truck however—on top of the gargantuan deficit, the Parliamentary Office's Economic and Fiscal Outlook said the federal debt would reach a record breaking $1.45 trillion this year.