Mr. Speaker, in addition to dragging down growth, government borrowing risks driving up inflation.
According to CIBC economist Avery Shenfeld, additional government spending is being offset by the earlier need to hike interest rates to contain inflation.
Higher interest rates would be a disaster for the households, businesses and governments whose combined debts are almost four times the size of our entire economy. Higher interest rates could collapse our economy.
Why is the government risking our economic future on credit card debts instead of securing it with paycheques?