A new report reveals that Canada spent more on the COVID-19 pandemic than it had during the entirety of World War II.
Estimates show that between March 2020 and April 2021, Canada spent $624.2 billion on pandemic initiatives.
When broken down, Canada spent an average of $1.5 billion a day for the entire year.
The study was conducted by the Toronto Star in association with economists from the University of Toronto, the Canadian Centre for Policy Alternatives and the Macdonald-Laurier Institute (MLI).
Canada’s spending surpassed World War II levels by December 2020. When taking into account inflation, the Second World War cost the country $252 billion at the time.
In 2021, the Trudeau government has already surpassed its 2019 commitment of $373.5 billion by 37%. According to estimates, $512.6 billion has already been dedicated towards pandemic programs in 2021.
“That’s money that’s gone forever. You can boost your income the following year, but the income you lost in 2020, that’s gone. That’s money for households, money for businesses, money for governments to pave roads and invest in health care,” MLI senior fellow Philip Cross told the Toronto Star.
“We’ve simply never seen anything like it. These are only the short-term costs. The cost of the pandemic, when all is said and done, will be much, much bigger.”
The study also found that in 2020, Canada’s economy took a 8.3% hit to its GDP totalling $2.31 trillion as of 2019.
Critics of the Trudeau government have claimed that the Liberal’s spending habits have led to life becoming more expensive for ordinary Canadians.
“Everything is getting more expensive under the current Liberal government. Inflation powered through the government’s target to a 10-year high. We now have proof: Lumber, houses and even food are increasingly expensive. Life is more expensive. That is a fact,” said Conservative Party Leader Erin O’Toole during Question Period on May 25, 2021.
