Given the existential threat posed by climate change, leading climate experts argue that we should be spending 1-2% of GDP—that’s $20-40 billion per year—to aggressively decarbonize. Budget 2021 falls short.
Federal Budget 2021 was expected to deliver between $70-100B in COVID-19 recovery funds. Does it deliver and will funds be allocated in meaningful ways? Our experts weigh in.
Canadian business is understandably concerned about Buy America conditions on Biden’s US$2.3-trillion COVID recovery plan. But lobbying U.S. governments for waivers for Canadian suppliers can only get us so far. In addition, the Trudeau government should increase the pool of transit, water and green energy projects these firms can bid on—by attaching sustainable and social purchasing criteria to badly needed public infrastructure upgrades here in Canada.
Chump change won’t cut it here. The federal government should be spending upwards of $40 billion per year to accelerate our transition to a net zero carbon economy.
The interest rate the federal government pays on debt hasn’t been this low since the Second World War (and possibly earlier).
Both Prime Minister Trudeau and Finance Minister Chrystia Freeland reiterated their commitment to lay the groundwork for a Canada-wide system of child care at the Liberal Policy Convention this past weekend.
Can we dare to hope?
Will the budget put muscle behind the oft-repeated Liberal "real change” mantra?
Governments need to step up to address both the immediate economic needs the pandemic has created and the longer-term, equitable recovery this crisis requires.
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