The federal government announced July 8 that it is projecting a deficit of $343 billion due to the COVID-19 pandemic. The number is staggering and it will take decades for Canada to fully recover.
The Chamber, along with the Canadian Chamber of Commerce, is calling on the federal government to transition from a subsidy-based response to one focused on investments aimed at restoring economic growth and getting Canadians back to work.
"Today should have been an opportunity to offer Canadians a clear picture of the challenges and a coherent strategy to address them," said a statement from the Canadian Chamber. "What businesses, investors, analysts and Canadians alike wanted to hear was how we will move away from the short-term measures that are quickly draining the federal treasury to helping families and businesses once again become self-sufficient."