And you thought it was all about stimulus!

Naive Canadian that you are, you may actually have believed the government when it offered the following justification of budget deficits at a time of economic growth: We are not satisfied with the rate of economic growth so we are going to borrow while interest rates are low and use the money to build productivity enhancing infrastructure that will pay for itself through the increased tax revenues generated by the new economic activity. Sounded good, didn’t it? Well like most things that sound too good to be true, this was too. Read the bad news in an op-ed by Sean Speer and me that appeared in the Financial Post on 8th November 2016.