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PUBLISHED: 05/12/2020 Canadians got a snapshot of the country’s finances in the Fall Economic Update, and it comes splashed in red ink. The COVID pandemic and its effects are the focus in Minister Freeland’s update. Government revenues are down as the feds get set for another round of spending to navigate through the second wave, piling Canada’s deficit to almost 400 billion dollars. ———————————— GUESTS: Ian Lee - Professor at Carleton University Sprott School of Business - https://sprott.carleton.ca/profile/ian-lee/ David MacDonald - Senior Economist at Canadian Centre for Policy Alternatives - https://www.policyalternatives.ca/offices/national/staff ———————————— REFERENCES: https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.federal.federal-budget-analysis.canadian-federal-fall-economic-statement-2020--november-30--2020-.html https://www.osler.com/en/resources/regulations/2020/fall-economic-statement-2020-briefing https://www.budget.gc.ca/fes-eea/2020/report-rapport/FES-EEA-eng.pdf https://www.ctvnews.ca/politics/ottawa-beefs-up-loans-for-hard-hit-sectors-but-big-airlines-not-included-for-now-1.5210709 https://www.newswire.ca/news-releases/canada-s-national-airlines-react-to-the-federal-government-s-fall-economic-statement-885149147.html https://www.theglobeandmail.com/politics/article-liberal-economic-statement-an-act-of-deception/ https://ipolitics.ca/2020/11/27/mondays-fall-economic-statement-will-try-to-bridge-current-and-future-needs/ https://globalnews.ca/news/7492405/coronavirus-economic-update-canada-2020/ https://policymagazine.ca/fall-economic-statement-2020-let-the-questions-begin/ https://www.newswire.ca/news-releases/canadians-spend-cautiously-opt-to-save-for-emergency-funds-and-investments-scotiabank-report-reveals-885341684.html https://nationalpost.com/news/politics/household-savings-in-canada-skyrocket-during-pandemic-as-ottawa-doles-out-billions-in-emergency-benefits https://ottawacitizen.com/executive/posthaste-canadians-excess-cash-hoard-tops-150-billion-and-that-could-supercharge-the-economy-in-2021/wcm/c7a6061b-2a39-4e68-bff2-8ee456705663 https://globalnews.ca/news/7492399/fiscal-update-child-benefit-wage-subsidy-airline-refunds/