Apr 24, 2020
By Jane Brown
Almost daily, Prime Minister Justin Trudeau announces new financial relief caused by the COVID 19 pandemic, leaving some Canadians wondering how will we pay this money back.
Toronto’s mayor spoke to that, during his conversation on Zoomer Radio’s Fight Back with Libby Zniamer.
John Tory explained, “the federal government is best positioned to borrow this money at the lowest cost around the world, because it is a government of a very healthy sovereign nation. Our debt-to-GDP, debt to the size of the economy ratio right now is the healthiest of all the big countries, and it will even after this expenditure, still be the healthiest of all big countries, not that we shouldn’t work to get the debt levels down. But I think people understand, this is the time we must make those investments in order to have the economy in one piece, so that when we come out of this pandemic, we’ll be able to function in a way that we can get back to normal.”
Mayor Tory says Toronto’s municipal government is applying for $1.5 billion from the other levels of governments to fund the losses incurred during the pandemic.
Listen for John Tory’s full conversation with Libby Znaimer by clicking here.