Re: “Feds’ spending spree slowing household debt,” March 14.
Bank of Canada governor Stephen Poloz tried to justify the federal government’s current deficit spending by saying that many governments shifted to austerity mode once they had shut down the massive stimulus measures put in place after the 2008 financial crisis.
The reality is that Canadian personal debt has gone up very significantly in the past two years after the last federal election, putting it at a record high.
If the past two years of huge federal deficits, with no end in sight, were intended to help reduce Canadian’s personal-debt accumulation, it is not working. No one can spend their way to prosperity. Not even our federal government. The same thing applies to taxation.
Bill Wilson
Saanichton
