Events outside our borders will have a major impact on whether the massive provincial and federal deficits are affordable.

Canada’s federal debt this year alone will double but few seem to care how the money’s spent- or wasted – as long as the government says it’s about the pandemic.

Same people who didn’t predict the 2008 credit crisis, the collapse of the overnight lending markets in Sept, 2019 and the financial fall-out from the pandemic are pretending that’s the last of the disruptions.

Increasing taxes shouldn’t even be a consideration but politicians can’t help themselves and it makes recovery that much harder.

If not, then the choice we’ll be given is between increasing revenues through higher taxes or increased revenues through economic growth.