Something for debt to GDP'ers to think about. A worst case 25% drop in GDP (1.7T to 1.28T) combined with a 16% increase in debt (712B to 824B) will increase the debt to GDP ratio to 64% in a single year. Plus added borrowing as the economy tries to recover.
https://www.cbc.ca/news/politics/covid-19-pandemic-pbo-report-1.5512062
During the roughest time of the recession our deficit was 55 billion in 2009, 33 billion in 2010, and 26 billion in 2011.
We've been running a deficit of 20 billion a year in recent years with record low unemployment.
Who knows what our deficit will be by the end of this year due to the virus & needed cash injection/stimulus. EI claims are skyrocketing (increasing gov expenditures) and revenues from income taxes, sales tax etc. (gov revenues) will tank. This is far, far worse than the 2008 recession for Canada, and we don't have our oil industry and high oil prices to get us through this like before.
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