In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
That said I got the best intuition for from Randall Wray’s intro to MMT. Truly insightful material. You can find several lectures of his on YouTube. Highly recommended.
There’s always billions in new spending. It’s called inflation.
My dude we are literally spending 1 billion per week on interest right now. That’s more money than what goes into healthcare and education combined
You should look at the quantity of money equation - https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/ap-long-run-consequences-of-stabilization-policies/money-growth-and-inflation/a/money-growth-and-inflation. Even the mainstream economic theory suggests that spending doesn’t necessarily mean inflation. And of course we have the humongous example of massive spending in Japan since 1990 that hasn’t triggered inflation for decades.
That said I got the best intuition for from Randall Wray’s intro to MMT. Truly insightful material. You can find several lectures of his on YouTube. Highly recommended.