The federal government has seemingly ditched the debt-averse approach that largely prevailed in Ottawa since the mid-1980s.
Since 2007/08, Canada’s federal debt has grown by $176 billion to $692 billion in 2015/16.
Ontario will run its eighth consecutive budget deficit in 2015/16, with a projected $7.5 billion shortfall.
Since 2007/08, combined federal and provincial government net debt has grown from $834 billion to $1.3 trillion.
As expected, the 2015 federal budget had the general feel of an election budget, with a small surplus and a smattering of initiatives to satisfy various voting groups.
Imagine you’re near what you thought was a dormant volcano but it suddenly erupts. Assuming you escape, you might later reflect that there was nothing “sudden” about it.