Prime Minister Justin Trudeau rises during question period in the House of Commons on Parliament Hill in Ottawa on Wednesday, Dec.12, 2018. THE CANADIAN PRESS/Adrian Wyld

Canada’s robust credit rating should calm unease about federal deficits: Trudeau

Trudeau says Canada’s long-running triple-A rating means experts have confidence in his government’s approach to the economy

Prime Minister Justin Trudeau recommends any Canadians worried about his government’s deficits to look at the country’s strong standing with international credit-rating agencies for reassurance.

Speaking to The Canadian Press in a wide-ranging interview, Trudeau says Canada’s triple-A rating with agencies like Moody’s and Standard & Poor’s should provide comfort to taxpayers who fear his government has been accumulating too much debt.

Trudeau says Canada’s long-running triple-A rating means experts have confidence in his government’s approach to the economy — even though many critics, and especially the Conservatives, warn Ottawa should be curbing deficit-spending in a stronger-than-expected economy.

Asked about the next inevitable downturn or recession, Trudeau argues his government’s moves to boost immigration and to make investments in areas like skills training, public transit and a lower-carbon economy have made Canada more resilient against future shocks.

The Trudeau Liberals were elected in 2015 on a pledge to run modest annual shortfalls of no more than $10 billion and to balance the books by 2019. Instead, they have posted yearly deficits almost double that size and no longer have a timetable to return to balance.

After taking office, the Trudeau government shifted its focus to keeping the government’s debt burden on a downward track — and Trudeau says Ottawa will stick to that benchmark in the future.

Read more: Fed report to show $19-billion deficit in 2017-18

Read more: Federal fall update expected to offer more support for struggling news industry

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

World War II veteran, and former POW, Hans Andersen is seen at his home in Maple Ridge Oct. 21, 2020. (Photo: Malin Jordan)
WWII veteran Hans Andersen recalls his time fighting in Europe

99-year-old Maple Ridge resident places a wreath at Cloverdale Cenotaph each year

Fraser Health Authority closed Valhalla Distribution/MSJ Distribution in Delta on Oct. 3, 2020 after 23 employees at the facility tested positive for COVID-19. (Google Maps screenshot)
Fraser Health says outbreaks over at Surrey meat-processing facility, Delta distribution centre

Health authority says it worked with facilities ‘to strengthen their COVID-19 mitigation strategies’

Students at Janice Churchill Elementary count the ballots following the school election on Oct. 26, 2018. (Photo: Lauren Collins)
Local Student Vote mirrors Surrey’s election results

Nearly 8,000 students voted in mock election

A reminder to students at Surrey’s Strawberry Hill Elementary to physically distance during the COVID-19 pandemic. (Photo: Lauren Collins)
Five Surrey schools report COVID-19 exposures, with another at Sullivan Heights

INTERACTIVE TABLE: Search for schools, organize by exposure dates

Over the years, Janice Blackie-Goodine’s home in Summerland has featured elaborate Halloween displays and decorations each October. (File photo)
QUIZ: How much do you really know about Halloween?

Oct. 31 is a night of frights. How much do you know about Halloween customs and traditions?

This Halloween display by a Maple Ridge family, seen here Oct. 31 in the 23600 block of 119 Avenue, has been the target of social media complaints that it is racially insensitive. (Black Press Media)
Halloween gallows display by B.C. family slammed as racially insensitive by social media critics

Refers to medieval times, not Black lynchings, says man responsible

FILE - In this Jan. 23, 1987 file photo, actor Sean Connery holds a rose in his hand as he talks about his new movie “The Name of the Rose” at a news conference in London. Scottish actor Sean Connery, considered by many to have been the best James Bond, has died aged 90, according to an announcement from his family. (AP Photo/Gerald Penny, File)
Actor Sean Connery, the ‘original’ James Bond, dies at 90

Oscar-winner was knighted by Queen Elizabeth II in 2000

Hay bales can be donated to Critter Care Wildlife Society. (Critter Care/Special to The Star)
Straw bales used for Halloween decor can be donated to Critter Care Wildlife Society

Langley animal facility said they are always need in of fresh bedding

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

This house at 414 Royal Ave. became notorious for its residents’ and visitors’ penchant for attracting police. It was also the site of a gruesome torture in August 2018. It was demolished in 2019. KTW
6-year sentence for Kamloops man who helped carve ‘rat’ into flesh of fellow gang member

Ricky Dennis was one of three men involved in the August 2018 attack

Among the pumpkin carvings created this year by Rick Chong of Abbotsford is this tribute to fallen officer Cont. Allan Young.
Abbotsford pumpkin carver’s creations include fallen police officer

Rick Chong carves and displays 30 pumpkins every year

An online fundraising campaign in support of the six-year-old boy, Edgar Colby, who was hit by a car on Range Road Oct. 25 has raised more than $62,000 in a day. (Submitted)
$62K raised in 1 day for boy in coma at BC Children’s after being hit by vehicle in Yukon

The boy’s aunt says the family is “very grateful” for the support they’ve received from the community

The Excelsior 4 are set to make their second court appearance in Abbotsford on Monday (Nov. 2). (Ben Lypka/Abbotsford News)
‘Excelsior 4’: Animal activists set to enter not guilty plea in Abbotsford hog farm case

Animal rights activists expected to plead not guilty to charges, protest for Vancouver scheduled

Most Read