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Ottawa has set a borrowing record with its unchecked spending during the lockdown, borrowing more than one third of a trillion dollars in 27 days, according to Blacklock's Reporter.
The Trudeau government has used this money to finance their pandemic relief packages such as CERB or the employee wage subsidy. This has often been referred to, incorrectly, as a stimulus package, in reality it was created to force the economy into a hibernation.
Finance Minister Bill Morneau's assistant said that "in total between March 1 and March 26 we’ve issued $371.5 billion in debt."
This spending has been a cause for concern with some politicians. Shadow Finance Minister Pierre Poilievre, for instance, has predicted a rise in interest rates as a result of this.
With Canada's overwhelming national and household debt, a rise in interest rates would be all but fatal for this nation's economy. Interest rates "can’t go anywhere else but up," said a gloomy Poilievre.
"All this talk we’re hearing from deficit advocates about how now’s a great time to borrow because rates are low, well that will be out the window in two years when all of this debt rolls over and has to be borrowed again, presumably at higher rates," added Poilievre shrewdly.
Canada's debt has been estimated to reach a remarkable $1 trillion this year by government officials.
Another Conservative MP was equally pessimistic with the state of Canada's economy: "brace for the coming storm," he said. "Interest rates I really think are an existential threat to the future of the ability of the Government of Canada to conduct its business."