The second-quarter GDP numbers confirm that Canada's continuing "recovery," such as it is, is still balancing very precariously on a knife-edge between expansion and contraction. The various sources of growth vary widely in their current momentum. The overall net balance is barely positive. And coming austerity in the public sector could very much push the balance into negative territory in coming quarters.
It's budget season everywhere, and it's all about debt and deficits and the elusive quest to balance the beast, which can only be done, it is said, by cutting services or raising taxes.
The burden of interest charges -- on the same scale as health or education in most provincial budgets -- doesn't get questioned because interest is fixed by the gods according to divine law, retribution from which we can only escape through harsher and harsher penance.
Or is it? Let's chew on a couple of startling points.