As the restrictions on public gatherings, businesses and public institutions gradually lift, what should we do to re-build a healthy local economy? What will be the long-term impact of all the government spending on our future abilities as a country to borrow? What will happen to our taxes? Our panel of 3 business leaders and a former mayor explores the financial impact of the pandemic on local businesses and government balance sheets. Will Peterborough bounce back, or are we perched on the edge of a historical precipice? The federal deficit for 2020-21 is projected to balloon to $252.1 billion according to the Parliamentary Budget Officer. Canada’s deficit for 2019-2020 was $24.9 billion. So far the projected deficit is set to increase over 10-fold, and the year is not yet half over. What lies ahead? Will employment rebound, or will the 2020s turn into a lost decade?
Many thanks to our experienced panellists — Gywneth James – Co-owner of Cody & James Chartered Professional Accountants, Stuart Harrison- President & CEO of the Greater Peterborough Chamber of Commerce, Sylvia Sutherland – Journalist and former Peterborough mayor, and Paul Bennett – Business Owner & Developer — for their insights into the world of business and government finance and what may lie ahead for all of us.