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Macdonald-Laurier Institute

Deficit spending is the root of today’s bank failures: Jack Mintz in the Financial Post

Three lessons that should be learned from this week’s bank failures

March 16, 2023
in Columns, Domestic Policy Program, In the Media, Jack Mintz, Latest News
Reading Time: 2 mins read
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Deficit spending is the root of today’s bank failures: Jack Mintz in the Financial Post

This article originally appeared in the Financial Post. Below is an excerpt from the article.

By Jack Mintz, March 16, 2023

We all know the old expression, “waiting for the other shoe to drop.” Well, the shoes are now dropping following governments’ excessive deficit spending during the pandemic.

The first shoe was runaway inflation, which by June of last year had reached 9.1 per cent in the U.S., 8.6 per cent in Euroland and 8.1 per cent in Canada. To get it back down to two per cent, central banks have been hiking interest rates. On Tuesday we learned that U.S. inflation is still six per cent year-over-year, so the Federal Reserve has a way to go yet. Six per cent was down, which is good, but February’s inflation (seasonally adjusted) was 0.4 per cent, slightly above the average of the previous six months. Not good news for Main Street…

***TO READ THE FULL ARTICLE, VISIT THE FINANCIAL POST HERE***

Source: Financial Post
Tags: domestic policyeconomic policyJack Mintz
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