Gwyn Morgan: Canada’s Looming Fiscal Abyss

For anyone who still bought into Mark Carney’s self-declared image as the great global banker who would responsibly manage Canada’s finances, his recent promise to juice defence spending to 5 percent of GDP – $155 billion per year in today’s dollars – must surely be the final straw. The Liberal Prime Minister had already announced massive spending hikes and a huge deficit, with interest on the federal debt to hit $70 billion by 2029. All this will spell doom for a country already struggling with declining productivity, zero growth and a falling standard of living, concludes Gwyn Morgan. The veteran business leader charts Canada’s path to budgetary disaster and places the blame squarely where it belongs – on Canada’s profligate Prime Minister.