...the Canadian Chamber of Commerce’s Chief Economist and Vice President of Policy and Advocacy, Trevin Stratton, issued the following statement regarding the economic and fiscal update [issued by the Governement of Canada on December 16, 2019].
“Regrettably, the government has increased its deficit forecasts, despite a weaker fiscal position than originally anticipated.
The Canadian Chamber is disappointed to see that government continues to refuse to set a plan to eliminate the deficit...
Instead, the update makes deficits an enduring fixture of our fiscal plan, which still incurs what we believe to be untenable levels of debt that future generations will have to pay for.
Our perpetual structural deficit will put Canada in a difficult position to use fiscal stimulus should it be required in the event of a widely expected global downturn. Should a foul economic wind blow at anytime in the next four years, this fiscal house of cards will inevitably fall.
Finally, and perhaps most critically, there was little discussion whatsoever about helping the most critical drivers of Canada’s economy: Canadian businesses. And yet, the Finance Minister ...hinted that business needs to invest more to help the economy...
This was excertped from 16 December 2019 news release by the Canadian Chamber of Commerce.