The Guardian (Charlottetown)
DEBT TO BE REPAID
Unless some new economic tool is devised to write off government debt, the deficits being incurred by all levels of government in Canada in response to COVID-19 will have to be repaid. Politicians are counting on future economic growth to reduce the debt to gross domestic product (GDP) ratio to insignificance, as was the case after the Second World War.
But if we do not use our present emergency spending to transition to a green economy, aside from the environmental consequences, Canada will be left at a competitive disadvantage in a world moving away from fossil fuels. In times of change, sticking with the past is not a recipe for future success.
The signals coming out of Ottawa are not encouraging. During the pandemic, the fossil fuel industry has benefitted from over $11 billion in new subsidies, compared with $220 million for clean energy (350.0rg).
Meanwhile, Jonathan Wilkinson, the federal minister of the environment, seems content to wash his hands of responsibility to review a proposal that will allow Alberta’s largest coal mine to near double in size.
As we saddle our children and grandchildren with massive debt, we could at least have the decency to leave them a modern economy relevant to global efforts to avoid climate catastrophe.
Michael Pagé, Montague
Post: The Guardian, Letters to the Editor Box 760, Charlottetown PE C1A 4R7