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th ei fp .c a Th e IF P -H al to n H ill s | T hu rs da y, Ju ly 23 ,2 02 0 | 6 ABOUT US This newspaper, published every Thursday, is a division of the Metroland Media Group Ltd., a wholly-owned subsidiary of Torstar Corporation. The Metroland family of newspapers is comprised of more than 80 community publications across Ontario. This newspaper is a member of the National NewsMedia Council. Complainants are urged to bring their concerns to the attention of the news- paper and, if not satisfied, write The National NewsMedia Council, Suite 200, 890 Yonge St., Toronto, ON M4W 2H2. Phone: 416-340-1981 Web: www.mediacouncil.ca newsroom@theifp.ca IndependentAndFreePress @IFP_11 WHO WE ARE Publisher Kelly Montague Regional Managing Editor Catherine O'Hara Managing Editor Karen Miceli Distribution Representative Iouliana Polar Real Estate Kristie Pells Regional Production Manager Manuel Garcia Halton Media General Manager Jason Pehora CONTACT US The Independent & Free Press 280 Guelph Street, Unit 77 Georgetown, ON L7G 4B1 Phone: 905-873-0301 Classifieds: 1-800-263-6480 Fax: 905-873-0398 Letters to the editor All letters must be fewer than 320 words and include your name and telephone number for verification purposes. We reserve the right to edit, condense or reject letters. Published letters will appear in print and/or online at theifp.ca Delivery For all delivery inquiries, please e-mail lpolar@miltoncanadianchampion.com or call 905-234-1019. OPINION TO LEARN HOW TO SUBMIT YOUR OWN CONTENT VISIT THEIFP.CA Finance Minister Bill Morneau recent tabled the federal government's Eco- nomic and Fiscal Snapshot 2020. The snapshot high- lights spending and eco- nomic projections linked to Canada's COVID-19 Eco- nomic Response Plan. With this year's budget delayed indefinitely due to the pandemic, this is the most detailed economic up- date this year. The snapshot projects a massive increase in the federal deficit, a signifi- cant decline in GDP and a jump in the federal debt-to- GDP ratio. The Liberal govern- ment is projecting a deficit of $343 billion this year, the largest deficit in Canadian history. For the first time, the net federal debt will climb over $1 trillion. Compared to earlier this year, federal govern- ment revenues are expec- ted to be down by $71.1 bil- lion and spending up by $236 billion. The debt-to-GDP ratio is projected to jump this year from 31 to 49 per cent, and Canada's economy is ex- pected to contract 6.8 per cent. This year's emergency spending and resulting def- icit were necessary to help Canadians through this pandemic. However, the Liberal government had weakened Canada's fiscal position before the pan- demic by racking up $87 billion in deficits -- at a time when the economy was booming and the gov- ernment should have been saving. As a result, the federal government has a lot less room to manoeuvre post- pandemic before Canada hits the fiscal wall, like what happened in 1995. That is why Canada's debt was recently down- graded by Fitch Ratings and Canada lost its AAA credit rating. In addition, the snap- shot did not provide any re- covery plan -- something that is needed immediately to address the millions of Canadians who are unem- ployed and whose emer- gency benefits run out this fall. Parliament is shut down until Sept. 21, provid- ing no opportunity for MPs to raise these concerns in the House of Commons. The Liberal government needs to reopen Parlia- ment in order to ensure better accountability for the billions of dollars being spent without parliamen- tary approval or oversight, and to ensure that pressure is put on the government to provide a roadmap for re- covery. Canadian lives and livelihoods are depending on it. Michael Chong is the MP for Wellington-Halton Hills, and the shadow minister of democratic institutions for the official opposition. He can be reached at Mi- chael.chong.a3@parl.gc.ca. A BLEAK FISCAL SNAPSHOT MASSIVE INCREASE IN DEFICIT AND DROP IN GDP ARE EXTREMELY CONCERNING, WRITES MICHAEL CHONG Young children will start learning financial planning at school. This is an excellent life skill and, in my opinion, an educa- tional upgrade. One of the foundations an individual carries through life is a strong edu- cation. Reports over the years show a correlation to higher education and high- er earnings. Maintaining a desired standard of living requires earning an income, but it also requires the skill of managing your money. That is the role of financial planning. The Ontario govern- ment announced a new curriculum that starts in September. All elementary grades will have financial literacy. CBC reported students from Grades 1 to 8 will learn about the value of coins, cash, calculations of interest rates, how to use customer loyalty programs and general issues of long- term financial planning. Other aspects of math education will also change. This is based on the in- creasing frustration with the existing Ontario cur- riculum that has not been upgraded in 15 years. Standardized math scores in recent years of Ontario students in Grades 3 and 6 are disappointing. Premier Doug Ford cam- paigned on upgrading the math education. The inclusion of financial literacy will help students succeed as financially self- sufficient adults, and will al- so help the government. The pressure on govern- ments to provide financial assistance in the form of di- rect payments or services is a tremendous strain on its finances. The more our educational system can as- sist individuals in being stronger financially, the less support they might need from the government. Education is critical. Math is recognized as an important subject that will benefit those with math ability and our country. Ontario has made a good decision that will have positive impacts for decades ahead. Peter Watson is regis- tered with Aligned Capital Partners Inc. (ACPI) to pro- vide investment advice. In- vestment products are pro- vided by ACPI. ACPI is a member of the Investment Industry Regulatory Orga- nization of Canada. The opinions expressed are those of the author and not necessarily those of ACPI. Peter Watson provides wealth management ser- vices through Watson In- vestments. He can be reached at info@watsonin- vestments.com. A GREAT ADDITION TO OUR EDUCATION SYSTEM TEACHING FINANCIAL LITERACY TO YOUNG STUDENTS WILL PROVIDE THEM WITH AN ESSENTIAL LIFE SKILL, WRITES PETER WATSON PETER WATSON Column SNAPSHOT A tiger butterfly visits a Georgetown backyard. Do you have a great local photo you'd like to share? Send it to sleblanc@metroland.com, along with a brief description. Rob Johnson photo MICHAEL CHONG Column SIGN UP FOR OUR WEEKLY NEWSLETTER AT THEIFP.CA