There is some optimism the Canadian economy could be starting to get back on its feet in about a month or so.
Lakehead University Economics Professor Livio Di Matteo hopes by then the spread of COVID-19 virus will be under some control.
“The important next step will be to start essentially re-opening economic activity in a measured and gradual basis to accommodate the fact we will have to have various types of precautions to minimize contact,” notes Matteo.
The LU economics professor is predicting a close to $200 billion federal deficit but is not ready to predict whether we may see added taxes beyond that.
He says in World War Two “marginal income tax rates went up quickly and were quite high,” but adds “World War Two did not involve a shut down of the economy, it actually involved a ramping up of the economy.”
