One prediction certain to come true is that by the end of this year governments will be grappling with weakened public finances, a smaller economy and a more cautious public. As I reported last week, the IMF predicts Canada’s all-government gross debt will reach 110 per cent of GDP in 2020. Our fiscal deficit, which is still growing, will be second highest among advanced countries as a share of GDP, behind only the United States. Many people are now predicting taxes will increase in the coming decade.

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