Fraser Institute: 'Budget deficits have become something of a norm recently for many Canadian governments. This is especially prevalent at the federal level, as Ottawa has recorded a deficit every year since 2007/08 and the most recent budget projects this will continue for at least five more fiscal years. While some provincial governments expect to return to balanced budgets in 2022/23, many others are still years away from turning red ink to black. During the COVID pandemic in the past two years, the federal government ran record deficits of $327.7 billion and $113.8 billion, respectively. Given the low interest rates and the lack of visible short-term costs in running budget deficits, some Canadians may likely question whether deficits matter anymore since at first glance there appears to be no cost to them...'