A $1 billion cut to the Canada Education Budget is in place to help cut jobs and save billions of dollars.

The cuts will save $1,000 per child for every $1 in education expenditures.

A new $1 million savings is expected to save up to 2,500 full-time jobs in 2018-19.

The $1-billion education budget was announced Friday by the Minister of Education and Training, Carolyn Bennett.

“This is the largest budget cut in the history of Canada Education and this budget will save millions of dollars for Canadian families,” said Bennett in a press release.

“I am pleased to announce that the Government of Canada is putting the needs of our families ahead of our own economic interests and I will continue to fight for this.”

The announcement was made in the wake of the recent financial crisis, which saw the unemployment rate rise to 8.9 per cent, and the global economic crisis.

Bennett says that the cuts are aimed at creating a “stronger economy and a better working environment for all.”

The cuts are part of a $1 trillion plan to boost education spending in Canada.

Canada is one of the highest per-capita earners in the world and the OECD says it has the highest levels of education spending per person in the industrialized world.

Bennett will announce the cuts on Tuesday, July 13.

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