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In addition to the force of Justin Trudeau’s optimistic personality, an obvious explanation for the Liberals’ election victory is that they promised to spend more than they taxed. Focusing just on the amounts promised, there is no reason to fear any serious negative consequences as a result. But the lurking issue is how this victory changes political incentives in the future. The “deficit taboo” is gone – but with it, have we lost the force that keeps democratic politics from leading to a debt crisis?

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