Prime Minister Justin Trudeau rises during question period in the House of Commons on Parliament Hill in Ottawa on Wednesday, Dec.12, 2018. THE CANADIAN PRESS/Adrian Wyld

Canada’s robust credit rating should calm unease about federal deficits: Trudeau

Trudeau says Canada’s long-running triple-A rating means experts have confidence in his government’s approach to the economy

Prime Minister Justin Trudeau recommends any Canadians worried about his government’s deficits to look at the country’s strong standing with international credit-rating agencies for reassurance.

Speaking to The Canadian Press in a wide-ranging interview, Trudeau says Canada’s triple-A rating with agencies like Moody’s and Standard & Poor’s should provide comfort to taxpayers who fear his government has been accumulating too much debt.

Trudeau says Canada’s long-running triple-A rating means experts have confidence in his government’s approach to the economy — even though many critics, and especially the Conservatives, warn Ottawa should be curbing deficit-spending in a stronger-than-expected economy.

Asked about the next inevitable downturn or recession, Trudeau argues his government’s moves to boost immigration and to make investments in areas like skills training, public transit and a lower-carbon economy have made Canada more resilient against future shocks.

The Trudeau Liberals were elected in 2015 on a pledge to run modest annual shortfalls of no more than $10 billion and to balance the books by 2019. Instead, they have posted yearly deficits almost double that size and no longer have a timetable to return to balance.

After taking office, the Trudeau government shifted its focus to keeping the government’s debt burden on a downward track — and Trudeau says Ottawa will stick to that benchmark in the future.

Read more: Fed report to show $19-billion deficit in 2017-18

Read more: Federal fall update expected to offer more support for struggling news industry

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

FortisBC offers 90-day bill deferrals to customers impacted by COVID-19

Customers can apply for the relief program through the utility’s website

RCMP pursuit in Okanagan Falls leads to arrest of Penticton man

Seamus Kirby of Penticton is facing numerous charges including flight from police

North Okanagan bands together in support against COVID-19

New group launches website with tools to help endure crisis

Regional District of Okanagan Similkameen cuts two positions

Management roles cut as a result of ongoing COVID-19 pandemic

Summerland couple sharing positive messages

Carsten and Val Nielsen are displaying professionally made signs during COVID-19 pandemic

WATCH: Salmon Arm artist hosts virtual art show amid COVID-19

Roxi Hermsen’s show “Into the Cosmos” is a tribute to her father Bill Sim

HERGOTT: COVID-19 and ICBC

Paul Hergott is a personal injury lawyer based in West Kelowna

COVID-19: Armstrong gym fined $345 after failure to close

The fitness centre was issued a ticket a day after province ordered all gyms to close

Bus rider who travelled to Golden tests positive for COVID-19

The passenger travelled from Calgary to Golden on March 15

Armed robbery of legal grow-op in Sicamous ends in arrest near Enderby

Residents alarmed over increased police presence Tuesday morning

Wildfire burns out-of-control on Adams Lake band land in the Shuswap

BC Wildfire Service reports Shuswap two-hectare fire is not threatening structures

COVID-19: Vernon homeless shelters combine in curling club

Gateway and Our Place shelter sites housed under one roof amid pandemic

COVID-19: Don’t get away for Easter weekend, Dr. Bonnie Henry warns

John Horgan, Adrian Dix call 130 faith leaders as holidays approach

COVID-19: Trudeau says 30K ventilators on the way; 3.6M Canadians claim benefits

Canada has seen more than 17,000 cases and at least 345 deaths due to COVID-19

Most Read