Quote:
Originally Posted by Gerrard
Governments were much richer then and the services they could provide for their citizens more varied.
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The early to mid 80s were the peak of the government debt crisis. They set the high water marks for the deficit at GDP ratio. Governments were paying roughly 12-14% on their debts.
As an aside, I still have a 20 year Alberta government bond that I purchased in 1993 that pays 13.5% annually. Governments did not enjoy the benefits of lower interest rates until the mid to late 80s.