Chrystia Freeland has an idea. It involves your bank account.
She even has a trendy new buzzword for it: “pre-loaded stimulus.” She told BNN last week, “households do have quite a lot of money that they’ve saved because there hasn’t been that much due in the pandemic.” We can’t have that! “And certainly, it would be great if that money could go to driving our recovery.” What an opportunity! “If people have ideas on how the government can act to help unlock that pre-loaded stimulus, I am very, very interested.” Somebody give her the keys to unlock our savings and fire them out a cannon. Imagine the stimulus!
To a government that brags about its $381 billion deficit, savings can only be a bad thing. The debt to GDP ratio will rise from 31 per cent last year to 56 per cent next year. That is below the 66 per cent ratio that led to a near-default in 1996. We are not yet off the cliff but getting close and moving there fast.
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