Altair said:
https://www.google.ca/amp/www.macleans.ca/economy/economicanalysis/we-are-not-heading-to-fiscal-crisis/amp/
That's nice 'n' all, until interests climb to the point where servicing that debt eats up too much to be able to afford. I've lived through a time where that was a huge concern.
https://www.macdonaldlaurier.ca/history-wars-was-trudeau-a-disaster-david-frum-and-lawrence-martin-debate/
"Canada today is a very successful country. It has suffered less from the global economic crisis than any other major economy. So Canadians may be tempted to be philosophical about disasters in their own past. Hasn't it all come out right in the end?
"But I want to stress: Canada's achievement overcoming Pierre Trudeau's legacy should not inure Canadians to how disastrous that legacy was.
"Three subsequent important prime ministers - Brian Mulroney, Jean Chrétien and Stephen Harper - invested their energies cleaning up the wreckage left by Pierre Trudeau. The work has taken almost 30 years. Finally, and at long last, nobody speculates anymore about Canada defaulting on its debt, or splitting apart, or being isolated from all its major allies.
"Yet through most of the adult lives of most people reading this, people in Canada and outside Canada did worry about those things. And as you enjoy the peace, stability and comparative prosperity of Canada in the 2010s, just consider - this is how Canadians felt in the middle 1960s. Now imagine a political leader coming along and out of ignorance and arrogance despoiling all this success. Not because the leader faced some overwhelming crisis where it was hard to see the right answer. But utterly unnecessarily. Out of a clear blue sky.
"Pierre Trudeau took office at a moment when commodity prices were rising worldwide. Good policy-makers recognize that commodity prices fall as well as rise. Yet between 1969 and 1979 - through two majority governments and one minority - Trudeau tripled federal spending.
"In 1981-'82, Canada plunged into recession, the worst since the Second World War. Trudeau's already big deficits exploded to a point that Canada's lenders worried about default. Trudeau's Conservative successor, Brian Mulroney, balanced Canada's operating budget after 1984. But to squeeze out Trudeau-era inflation, the Bank of Canada had raised real interest rates very high. Mulroney could not keep up with the debt payments. The debt compounded, the deficits grew, the Bank hiked rates again - and Canada toppled into an even worse recession in 1992. Trudeau's next successors, Liberals this time, squeezed even tighter, raising taxes, and leaving Canadians through the 1990s working harder and harder with no real increase in their standard of living. Do Canadians understand how many of their difficulties of the 1990s originated in the 1970s? They should. To repay Trudeau's debt, federal governments reduced transfers to provinces. Provinces restrained spending. And these restraints had real consequences for real people: more months in pain for heart patients, more months of immobility for patients awaiting hip replacements."
Y'all really, really do not want a rerun of that.
Anyway, the initial point was the claim that people have it better now than fifty years ago, which I dispute. National debt is one problem, or quickly
could be again; personal/household debt is another. Even a slight increase in interest rates could tip more than a few people over a financial cliff.
And that would be the start of an avalanche.