In 1995, 34¢ of every dollar sent to Ottawa was commandeered to cover the interest on our debt. Today this is down to 14¢. This improvement is a result of careful and difficult work by Paul Martin. We may need a deficit in the short term but Canada quite literally cannot afford a structural deficit.
James Morton
1 comment:
Interest rates were 7 percent in 1995. Today they're roughly zero. This explains most of the difference.
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