Cues Podcast

Governments around the world have spent more than $14 trillion to try to offset the economic damage of the pandemic, says Bryan Yu, in the latest episode of the CUES Podcast.“In Canada, I think we moved pretty quick,” says Yu, director and chief economist with Central 1 in Vancouver, British Columbia, which leverages its scale, strength and expertise to power progress for more than 250 credit unions and other financial institutions. “We had seen the implementation of the Canadian Emergency Response Benefit, which was largely providing funds for households who were negatively impacted by the pandemic and lost jobs, about $500 per week. So, a significant amount.“We also, of course, see the wage subsidy programs in Canada as well,” he adds in the show.  “So employers who lost substantial amounts of business were able to tap the subsidy in order to keep individuals employed.”He estimates that the Canadian government will now have to deal with a $380 billion deficit after the outlay. “But we're also, of cours