Bill Morneau is a Micawber-like figure, unshakeable in his optimism that the worst won’t happen. Not even the prospect of the engine of the country’s economic growth – the Alberta oilpatch – seizing up. Morneau said that he is working with industry to make sure it meets their joint goal of getting projects built. In that event, the continuous reduction of debt as a proportion of GDP that Morneau clings to will not happen. I suggest that Canada is now locked into a series of structural deficits that will not disappear with economic growth.

Source: National Post November 23, 2018 00:56 UTC