ICYMI - Big spending on COVID-19 now should mean smaller government later, stephenharper argues in essay
In a rare newspaper column, former prime minister Stephen Harper argues that the massive public spending — and the subsequent massive public debt — in response to COVID-19 right now must lead to smaller government action so the economy can recover and debt levels can recede.
Harper was prime minister from 2006 to 2015, including during the 2008/09 global financial crisis when he brought in a major economic stimulus package in response to the recession. He now runs a consulting firm called Harper & Associates. Another problem, he says, is that public-sector balance sheets will be an “unholy mess,” exacerbated by the fact public debt levels were already “dangerously high” before the pandemic hit.
Defaulting on debtHe notes that Mexico faced default and Canada came close in the 1990s due to public debt, and many countries faced major debt problems in the 2008/09 financial crisis.
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