Absolutely. I think that, as we come out of the lockdown, we'll again hear the same voices telling us that we need to borrow more in order to consume more. That's the problem we're in now. We have the second-highest debt-to-GDP ratio in the G7, when you take total debt as a share of our economy. Only Japan is worse. Even France and Italy, which have almost collapsed under their debts, have a lower total debt-to-GDP ratio than does Canada. Yet, when we come out of this, I guarantee you there will be those voices that say that the only way forward is to pile more debt on the backs of our businesses, taxpayers and consumers in order to “get the economy going”. What that will do is make us more vulnerable to eventual rises in interest rates, which will impose incredible costs, unsustainable costs, on our economy.
What would you say to those who are continually advocating debt as the solution to all of our problems?