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Bond rating agency sends economic warning to Trudeau

The warning from Finch comes as Statistics Canada released stark economic news on Friday.

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Bond rating agency Finch has fired another shot across the bow of Canada’s economic ship.

“The recent announcement for significant additional spending by the Canadian federal government (on pandemic response) will support Canada’s economic recovery but will also widen the deficit, underscoring the risks surrounding future fiscal consolidation and the trajectory of public debt,” said Fitch this week.

“While we expect government spending to drop back sharply starting in 2021, a significantly widened deficit will make medium-term consolidation of the general government debt and deficit more challenging.”

In June, citing ‘significant fiscal deterioration in 2020’ Finch downgraded the Justin Trudeau Liberal government’s credit rating to AA+’/Stable.

“The latest announcements point to continued risks of further deficit widening.

“These measures, and the federal government’s $343 billion estimate of the upsized fiscal 2020/2021 deficit announced in the July fiscal snapshot point to a general government deficit above 21 pre cent of GDP in 2020, wider than our 16.1 per cent of GDP estimate at the time of the downgrade.

“The gross general government debt to GDP ratio will rise above 120 pre cent of GDP, significantly higher than the ‘AA’ median.”

The warning from Finch comes as Statistics Canada released stark economic news on Friday.

Stats Can reported the economy posted its steepest decline on record in the second quarter as the COVID-19 pandemic forced the closure of non-essential businesses and slowed the economy to a crawl.

The agency says real gross domestic product contracted at an annualized rate of 38.7 per cent for the three-month period, the worst showing since the start of 2009 at the height of the global financial crisis.

Dave Naylor is the News Editor of the Western Standard
dnaylor@westernstandardonline.com
TWITTER: Twitter.com/nobby7694

Dave Naylor is the News Editor of the Western Standard and the Vice-President: News Division of Western Standard New Media Corp. He has served as the City Editor of the Calgary Sun and has covered Alberta news for nearly 40 years. dnaylor@westernstandardonline.com

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Flights from Vancouver to Kamloops priced more than $1,200 over Christmas

BC flight prices have skyrocketed over the Christmas season following flood damage to highways.

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Following substantial flooding in November, which led to savaged highways and infrastructure, many of those planning to visit family out of town for Christmas are forced to fly — and some will be paying exorbitant prices for it.

For example, a WestJet round trip — listed on Expedia — from Vancouver to Kamloops, BC on December 22, with a return flight on December 27 is listed at $1,264 as of Wednesday morning.

The normally 30-minute flight includes a nearly four-hour layover in Calgary.

On TripAdvisor, the same round trip is priced similarly.

Those planning a round trip from Vancouver to Kelowna, BC on the same dates will save a few hundred bucks in comparison to those headed for Kamloops. For example, one round trip with WestJet from Vancouver to Kelowna — December 22-27 — is listed at $741 on Wednesday, although it includes a six-hour layover in Edmonton.

Normal flight times between the locales are 55 minutes.

Prices on WestJet’s website are comparable. On Air Canada’s site, all are currently sold out for the aforementioned dates and locations.

However, those travelling between Vancouver and Kelowna can find cheaper trips on Swoop if they fly out of Abbotsford, BC. On Wednesday morning, a non-stop round trip from Abbotsford to Kelowna, departing on December 22 and returning on December 29, is priced under $300.

Reid Small is a BC-based reporter for the Western Standard
rsmall@westernstandardonline.com
Twitter.com/reidsmall

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Top Ontario doc says separating vaxxed and unvaxxed best way to get COVID under control

Ontario has had more than 626,000 cases of COVID-19 which has left more than 10,000 people dead.

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One of the ways to bring the COVID-19 pandemic under control is to stop “the mixing of unvaccinated and vaccinated,” says Ontario’s chief medical officer.

“Basic means of protecting individuals is stopping the mixing of unvaccinated and vaccinated,” said Dr. Kieran Moore at a Tuesday press conference.

“And if our cases continue through and after the holidays we would make recommendations of government to continue the certification process in play. But we’ll continue to review the data. We do have a very robust testing strategy in Ontario for the winter months as we’ve released previously. We’ve purchased … 11 million rapid antigen test for all students in Ontario.”

Moore was asked whether COVID-19 is “something we’re just going to have to learn to live with” and whether it would ever go away.

“We have a long ways to go with the World Health Organization and other international organizations to try to decrease the number of individuals in which this virus can mutate and/or spread,” he said.

“But I do see a time when we’ll have low, endemic rates and it will turn out to be like influenza or other winter respiratory viruses where there’s a seasonality to it, where it does have an intermittent impact on our health-care system and like influenza, you need an annual vaccine to protect against it.”

Ontario has had more than 626,000 cases of COVID-19 which has left more than 10,000 people dead.

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Trudeau’s beach denier demoted

Trudeau was photographed twice on a beach in Tofino after deciding to skip the first day of a holiday he created — the National Day of Truth and Reconciliation on September 30.

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The Justin Trudeau spokesman who told reporters the prime minister “wasn’t on a beach” when he was, has been demoted, says Blacklock’s Reporter.

Trudeau was photographed twice on a beach in Tofino after deciding to skip the first day of a holiday he created — the National Day of Truth and Reconciliation on September 30.

Trudeau had promised to “set a higher bar for openness and transparency in government.”

Alex Wellstead will be “taking on new challenges” as press secretary to the industry minister, the Prime Minister’s Office said yesterday.  

Wellstead. Courtesy Twitter

Wellstead in a statement called it “a very difficult decision to make.” He had worked as Trudeau’s official spokesman for 20 months.

Wellstead on September 30 issued misleading statements to conceal the fact Trudeau spent the National Day for Truth and Reconciliation at a beach resort in Tofino, B.C.

“He wasn’t on a beach,” Wellstead told The Canadian Press at the time. Global News and the weekly Chilliwack Progress photographed Trudeau strolling on the beach and enjoying a glass of beer on a beachfront patio.

The Prime Minister’s Office claimed Trudeau was in private meetings in Ottawa. Staff flew an Indian Residential School “survivors’ flag” and issued a solemn statement in Trudeau’s name.

“We remember the children who never made it home,” it said.

Wellstead did not explain his conduct.

“You as a communicator need to understand everything,” Wellstead said in a March 30 interview with public relations students at Sheridan College in Oakville, Ont.

The prime minister in 2015 Ministerial Mandate letters said officials must be truthful and transparent.

“Members of the Parliamentary Press Gallery, indeed all journalists in Canada and abroad, are professionals who by asking necessary questions contribute in an important way to the democratic process,” wrote Trudeau.

“Your professionalism and engagement with them is essential.

“We have committed to set a higher bar for openness and transparency in government. It is time to shine more light on government to ensure it remains focused on the people it serves.

“Government and its information should be open by default. If we want Canadians to trust their government, we need a government that trusts Canadians.

“It is important that we acknowledge mistakes when we make them. Canadians do not expect us to be perfect. They expect us to be honest, open and sincere in our efforts to serve the public interest.”

Trudeau on October 6 apologized for the Tofino holiday.

“Traveling on September 30 was a mistake and I regret it,” the prime minister told reporters.

“What made you decide to take a personal trip on a day your government set aside to honour the victims and survivors of residential schools?” asked a reporter.

“Like I said, it was a mistake,” replied Trudeau.

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