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Articles on Deficits

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Finance Minister Chrystia Freeland gets a fist bump from Prime Minister Justin Trudeau after delivering the 2020 fiscal update in the House of Commons on Nov. 30, 2020. THE CANADIAN PRESS/Sean Kilpatrick

Canada’s fiscal update falls short in facing climate change and income inequality

The pace of federal government action to date does not align with the urgency of the twin climate and inequality crises. The latest fiscal update doesn't go far enough on either crisis.
Far from saving for a rainy day, governments are seriously indebting our children and future generations due to profligate overspending. Ben Wicks/Unsplash

Huge government debts mean Canada is robbing its kids

Canadian governments are failing to treat future citizens fairly by saddling them with huge debt. What policies should Canadian governments enact that offer greater fairness to future generations?
Bank of Canada Gov. Tiff Macklem speaks during a news conference at the Bank of Canada on Sept. 10, 2020 in Ottawa. THE CANADIAN PRESS/Adrian Wyld

The throne speech: Fiscal prudes are fretting about the wrong issues

While those on the left, right and middle worry about the federal deficit, the real world that we live in is in trouble. The fiscal prudes are fretting about the wrong issues.
Prime Minister Justin Trudeau looks on as Finance Minister Chrystia Freeland responds to a question during a news conference on Parliament Hill in August 2020. THE CANADIAN PRESS/Adrian Wyld

The throne speech must blaze a bold new path — including imposing a wealth tax

The speech from the throne is just around the corner. Will the Liberal government make broad and much-needed economic and social change amid the pandemic, or will it give in to the wealthy again?
Canada’s federal deficit has skyrocketed since the beginning of the coronavirus pandemic. How will Ottawa pay back the money its borrowed? THE CANADIAN PRESS/Sean Kilpatrick

Paying for the pandemic: Why the government’s massive coronavirus spending may not lead to higher taxes

Canada's federal deficit has ballooned as Ottawa spends billions in response to the coronavirus pandemic. An economist explains why the massive spending will not harm Canadians in the future.
Canadian bank notes are seen in this 2017 photo. Ottawa finances deficit spending by borrowing money. Twenty per cent of the money is borrowed from the Bank of Canada. In other words, the government borrows that money from itself. THE CANADIAN PRESS/Adrian Wyld

How government deficits fund private savings

Critics complain that government debt saddles future generations with a financial burden. The critics are wrong.

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