Despite enormous deficit, Canada will pay less interest on debt this year than last
Here’s the bittersweet news about carrying a massive deficit during a pandemic: it’s cheaper to carry an enormous debt load in today’s economy than it was to carry a tiny debt load just a year ago. it’s about $4 billion cheaper. When federal Finance Minister Bill Morneau rolls out his fiscal “snapshot” early this afternoon to show how much the pandemic is costing us and how we will pay for it, much of the emphasis will be on why the federal government feels comfortable borrowing hundreds of billions of dollars…
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