Remember when, in the 2015 Canadian general election, candidate Justin Trudeau made the controversial pledge to run up a $10 billion deficit? The Conservatives hated it, of course, but even the NDP accused the Liberals of spending on the “shoulders of future generations.”
Fast forward six years, and Canada’s deficit for fiscal year 2021 is projected to top out at an eyewatering $381.6 billion. We’ve all gotten used to massive quantities of borrowed money being thrown around during COVID-19 (particularly when the Americans keep approving trillion-dollar spending bills) but Canada is currently burning through borrowed money at a rate that is unprecedented in our history.
