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Economist Armine Yalnizyan breaks down Canada's growing debt and its impact on government spending, discussing concerns about affordability, debt reduction, and the need for assistance. The podcast also explores government initiatives for rental housing construction and Canada's economic outlook, demographic changes, and the opportunity to build a resilient future.
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Quick takeaways
- Canada's debt-to-GDP ratio is the lowest among G7 countries despite a high accumulated debt, primarily due to pandemic support measures.
- Rising cost of living and affordability issues, particularly in housing, exacerbate the housing crisis for individuals with low incomes or precarious housing situations.
Deep dives
The Canadian government's debt and interest payments
The Trudeau government's accumulated debt is over $1.21 trillion, with interest payments amounting to approximately $46.5 billion. However, this is only 10% of the government's revenue, and the current debt-to-GDP ratio is the lowest among G7 countries. The high debt is primarily a result of the pandemic, as the government took on debt to support provinces, businesses, and individuals, which contributed to a rapid economic bounce-back.
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