Freeland to release mini-budget today as economists warn a recession is coming
CBC
Finance Minister Chrystia Freeland will table her fall economic statement today — a roadmap of what's to come from the federal government as the economy stands on the brink of a recession.
Prime Minister Justin Trudeau faced some heat when he told reporters during the 2021 election campaign that he doesn't pay much attention to monetary policy and the Bank of Canada's mandate to keep inflation at manageable levels.
"You'll forgive me if I don't think about monetary policy. You'll understand, I think about families," Trudeau said at a Vancouver campaign stop.
But now, with inflation at levels not seen in decades, monetary policy is something virtually everyone in government is seized with as the central bank hikes rates to push down sky-high prices.
Under Canada's system, monetary policy (interest rates) is set by the Bank of Canada, while fiscal policy (spending) is up to the elected government.
Speaking to reporters Wednesday, Liberals MPs said they don't expect to see major fiscal outlays from Freeland as the central bank continues to fight inflation.
"I'm a balanced guy. That might mean cuts in some places and some expenses in others. That works for me," Liberal MP Greg Fergus said.
WATCH: Liberal MPs discuss priorities ahead of Freeland's mini-budget
Ontario Liberal MP Marcus Powlowski said that with interest rates so high, "times are changing."
"I think there's more of an opportunity to be frugal," he said. "Any debt we incur is going to grow."
MP Rachel Bendayan, the associate minister of finance, said the government has been "extremely fiscally responsible" and is "planning on continuing on that track."
Conservative Leader Pierre Poilievre has made it clear what he wants: no new spending unless there are cuts elsewhere.
Anything else would be "pouring inflationary fuel on the fire," Poiliere said in question period Wednesday.
WATCH: Opposition leader asks Liberals about fall economic statement
P.E.I.'s Public Schools Branch is looking for 50 substitute bus drivers, and it'll be recruiting at three job fairs on Saturday, June 8. The job fairs are located at the Atlantic Superstore in Montague, Royalty Crossing in Charlottetown, and the bus parking lot of Three Oaks Senior High in Summerside. All three run from 9 a.m. until noon. Dave Gillis, the director of transportation and risk management for the Public Schools Branch, said the number of substitute drivers they're hiring isn't unusual. "We are always looking for more. Our drivers tend to have an older demographic," he said.