Yeah, that’s a big deficit

Rosie and Elamin were pretty sure the federal government’s fiscal “snapshot” was going to present a rather bleak picture this week. Lo and behold, they were right on the money: Finance Minister Bill Morneau unveiled a projected deficit of $343 billion for the 2020–21 fiscal year, along with the expectation that Canada’s GDP will shrink by an amount not seen since the Great Depression. It all sounds pretty serious, but how worried should we be? Elamin and Rosie break down what you need to know about the Liberal government’s long-awaited economic update — and check in on how the opposition parties are feeling about it, too.