I think a much deeper analysis would be necessary to say whether this “is a good thing.”
Re:Canada's vaccination rate overtakes US
by nameisname on Sunday July 18, 2021 @12:35PM
(#27874273)
Agreed. I want to see where this money went.
That's absurd. Money is not virtual to me, it directly translates to goods and services I can purchase to improve my life. Doubling the national debt in a year will lead to either a) inflation, b) higher taxes, or c) both, all of which are extremely undesirable given that Canada already has a high cost of living and a top marginal income tax rate > 50%.
Politicians spent irresponsibly in 2020 and continue to do so now. A cursory examination of even recent history (see: the 90s) is enough to show that we are in for a world of financial hurt within the next decade as interest rates rise to combat inflation.
There's a lot I disagree with in how you're framing your post, but I'll only address this:
What you describe is a good thing.
Borrowing lots of money during a crisis to avoid long-term damage is the best possible use of national debt (whereas compensating for a budget in deficit, the usual offender, is the worst).
We often forget that money is a virtual thing. It's a signal of where value should be distributed. During a crisis, firehosing money towards closed-down businesses is saying "this crisis is only temporary, these businesses should still be able to operate when the economy opens up again".