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If a recession hit now, look for the deficit to almost double.

The bejeebers is already being scared out of people, with various surveys laying out doom-and-gloom prophecies that leave stomachs unsettled.

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Like a poll for the insolvency firm, MNP Ltd., for example, that shows 46% of Canadians are $200 or less away from bankruptcy at month’s end, and could teeter over the brink if interest rates even nudge a little higher.

This is known as living pay cheque to pay cheque or, even worse, living above one’s means via credit card or a burgeoning line of credit.

One thing it isn’t, however, is wise financial planning.

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The Fraser Institute, a conservative-minded Canadian think-tank, released a report Thursday out of Vancouver on how an economic downturn or recession this year might impact the federal government’s already over-blossomed budget deficit pushing $20 billion on a national debt of $667 billion.