That is essentially what financially irresponsible governments like the Federal Liberals [ Trudeau] do. Do not think for one second that any of that money will ever be paid back. It will not. Fiscal policy will just manipulate interest rates to necessarily keeping them low so debt servicing on debt is a somewhat manageable cost, until it is not. And then they will print more money and/or create more debt.
I'm glad that I won't be around when the people born after Gen X will be on the hook for paying for all the perks the Canadian Government bought on credit on behalf of their ancestors.
Canadians born around 1925 got the best deal:
1) They were a little too young to be drafted into World War II,
2) Many of the men just slightly older than they were were killed or injured in WW2. At the age when they joined the full time job market, the post war economy was booming, and many could and did chose a single employer, for which they worked their entire Career.
3) Interest rates for mortgages and taxes were very low when they were old enough to buy a home.
4) Before computers, businesses did a lot of mathematical work manually, with many more workers needed to perform routine tasks. Well paying blue-collar jobs were also plentiful for those with less education.
5) Most women were at home popping out the Baby Boom generation, so there was less competition for jobs.
5) They might have worked half of their career before the Canada Pension Plan was introduced, but they got full credit for all their Employment years during which they made no contributions.
6) Inflation and wage increases in the 1970's greatly increased the value of their company pensions, often based on number of years worked and highest average salary for X number of years.
7) They were nearing early retirement age when companies started to downsize in the early 1980's.
8) They were often able to retire early, and live many years after their retirement, with increases to human longevity spawned by medical advancement.
9) They were able to provide an even higher standard of living for their children.
My father was born in 1923. He was drafted into World War II, but was injured in boot camp, and saw no action in the European Theater. He did, however, receive generous funding for his University education for being a 'veteran'. He took a job with an Insurance Company straight out of the U of T, and never worked for anyone else. He retired in 1984 at age 61, with indexed company and Canadian pensions.
I was born in 1961. When I was College age, a recession was starting, and interest rates were very high, (20% on my student loan). Companies were starting to downsize, and most of the better jobs were held by Baby Boomers a few years older than I was. Things got progressively worse for many of the people born later than I was. As a perk, I got to be a teen in the 1970's.
I wouldn't want to be twenty now, and have to live another sixty or more years in the world that's coming.
