July 12: Florida shatters U.S. record for a state’s largest single-day increase with at least 15,299 new cases, South Africa reimposes alcohol ban, curfew as coronavirus cases spike
But there was no mention of the Liberals’ fiscal anchor of pushing the ratio of debt to GDP below 30 per cent, a goal meant to be less rigid than the Conservatives’ balanced-budget orthodoxy while still setting a target for the government.
Under the Liberals’ fiscal anchor, the government could run deficits indefinitely, so long as the economy grew fast enough to keep those debts manageable, around 30 per cent of Canada’s gross domestic product. Of course, with this year’s record-setting deficit, Ottawa is already far adrift from that anchor, and likely headed farther away still if there is significant new spending to boost economic recovery, and if deficits persist in the next few years. Many economists believe the first is a necessity and the
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