Skeptic:

You are exactly correct.  Retired people who live off their modest investments have suffered for years from very low interest rates on their bonds. And pension plans of all types have struggled to produce results equal to the needs of pensioners.

Granted that Canada's big cities have faced sky high demands for housing and there has been an explosion of demand. Yes, corporations and governments at all levels have drastically run up debt -- and that debt needs servicing (soon to be at higher rates).

Interest rates of the last several years have been super low -- abnormally low.  Not for one moment would a reasonable person think that these low rates would last forever. The Piper was always going to be paid.

We have exactly the wrong Governments to face these new times with their extreme spending.