Record pandemic spending by the federal government is being defended by Marcus Powlowski.
In commenting on the federal economic statement, the Thunder Bay-Rainy River MP concedes a projected $400 billion deficit is large but explains the alternative could be companies going bankrupt.
“For every company that folds and goes bankrupt those are people that are out of work who are going to be drawing on Employment Insurance in the coming months and are people that aren’t going to be spending any money because they don’t have any money,” noted Powlowski.
The Liberal MP adds spending money now may be in our long-term best economic interest to help keep the jobs we already have and to keep the businesses which are out there now still in operation.
Powlowski also repeated the government’s talking point concerning the size of our debt compared to the total value of our goods and services, the so-called debt to GDP ratio, is still significantly less than it was in the 1990s.
