During the reign of PM Trudeau I, spending was out of control and we entered into a period of high inflation with home mortgages in excess of 15%. 

If interest rates go that high again most individuals & provincial governments will become insolvent.

Never again? This time its different? We have heard this all before.   

"The debt and deficits are not inventions of ideology. They are facts of arithmetic. The quicksand of compound interest is real." -Finance Minister Paul Martin. Didn't he go on to became a Liberal Prime Minister?