Past due: How crushing household and business debt is pushing our economy to a tipping point [Toronto Globe and Mail (Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Toronto Globe and Mail
Past due: How crushing household and business debt is pushing our economy to a tipping point The summer of economic recovery is fading away, replaced by a season of growing uncertainty as the weight of tens of billions of dollars in deferred debts bears down on consumers and businesses. For months, the economy has been pulled along by two lifelines: the unprecedented intervention by Ottawa to prop up households and businesses with income supports and subsidies, and an equally unprecedented move to allow individuals and companies to put off paying their mortgages and taxes. Add to that the uncounted debts amassed by tenants and by businesses that have run up tabs with suppliers. Lessons for current Liberals on managing debt and remaking government As a result, employment rebounded faster than many economists had expected. Household debt tumbled, partly because Ottawa’s spending shored up the finances of low-income earners, and partly because debt deferrals – along with limited opport
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