The Toronto Star
August 21, 2009

[efoods]OTTAWA–The International Monetary Fund says most countries will need to raise taxes to pay off the trillions of dollars they spent fighting the global recession.

IMF chief economist Olivier Blanchard says in an article to be published today that governments acted properly in ramping up spending to stop the worst slump since World War II.

Soon, he says, nearly all countries will have to raise taxes to pay the recovery bill.

Canada’s Finance Minister Jim Flaherty has rejected the idea he will have to raise taxes to pay off about $47 billion in stimulus spending.

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