Morning commuters cross Yonge Street at Bay Street in the financial district of Toronto, Ont., on May 22, 2020. Photo by Cole Burston/Bloomberg files

During the early days of the COVID-19 pandemic lockdowns, citizens of Canada and the world were advised not to be overly stressed by the short-term economic impacts. We were told that the governing authorities had the ability — through monetary policy, government spending and careful management of the pandemic — to overcome the unpleasant economic recession and social impacts to produce a swift return to normal growth and prosperity.

One example from the Canadian archive of such claims is former finance minister Chrystia Freeland’s 2022 budget speech, a rousing presentation that claimed the Canadian economy had sailed through the econ

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