We Need to Stop Talking About Government Debt

The Ontario government, in its most recent budget, warned of deficits for the next 10 years. So what? Why are we still talking about deficits? Granted, it’s a pervasive myth, as myths go, but it’s high time for concepts like government deficits (or GDP, for that matter) to be retired for something more meaningful. The first mistake is to assume that an economically sovereign country’s budget (i.e. Canada, or the US) is anything like your personal household budget. It’s not. The “national debt” is just a measure, over time, of how much money the government put into the economy (health …

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