The federal government expects the deficit in 2018-19 to reach $18.1 billion and grow next year to $19.6 billion.
The higher-than-expected inflation of the late-1980s was one reason the bank switched to inflation targeting.
According to recent estimates, the government won’t achieve a balanced budget until 2045.
Over a ten-year period, Canada’s general government gross debt rose from 69 per cent to 87 per cent.
Between 2004 and 2014, Alberta created more than 350,000 jobs.
The two biggest automatic stabilizers from Ottawa are income taxes and employment insurance payments.
A phrase heard almost hourly at the conference was “this time is different.”
Canada raised tariffs in the 1930s and sunk into the Great Depression.