Last week, the federal government released a financial snapshot of the costs incurred by the COVID-19 pandemic. The results – a $343 billion deficit.  

While many understood there would be a cost to the federal government in fighting the pandemic and helping to keep the economy afloat, the numbers still don’t sit well with many people. This includes the opposition Conservatives. 

“The deficit is going to be $343.2 billion this year, and it’s going to make for the first time where our net federal debt will reach over one trillion,” said Souris-Moose Mountain MP Dr. Robert Kitchen. The Conservative MP said the fact there isn’t a plan to come out of the deficit, and start to pay off the debt, isn’t sitting well with many in Ottawa. 

“This government has refused to provide any type of plan – usually we get at least a five-year forecast, so we’re not seeing any of that,” Kitchen added. 

As many countries grapple with the economic impact of the COVID-19 pandemic, here in Canada the numbers show the country has struggled to keep up. The unemployment rate as of July 10th was 12.3 percent, well ahead of many other countries, including the United States, which is struggling with controlling the spread of the virus. The comparison against many other countries isn’t favourable for Canada either. 

Kitchen pointed out the unemployment rate is just the beginning. 

“We have become the highest unemployed in the G7,” Kitchen said. “We are the only G7 nation that has lost its AAA credit rating.” 

Kitchen was quick to point out the efforts made here in the southeast have allowed the region to have some of the strongest employment numbers in the country. He attributes this to businesses in the region listening to the authorities, taking the steps needed to help limit the spread of the virus, and now they are able to slowly get back into place.