2/3rd of Canadians own (lease) their homes with bank payments. The market mentality is of a supply shortage to support such outlandish prices. When the new stock fails to move and the renewals come up with no buyers to bail them out with easy credit. Then we’ll see where things land. IIWII.

If by “left” one means the political parties, the bourgeois oligopoly, and primary media, then yes. They are acting as if debt does not matter.

However, there are others on the ‘left’–revolutionary Marxists–who have been consistently staunchly opposed to the debt solution.

“The other way to circumvent the issue is by lending money to workers, just artificially extending spending power. What the workers could not get in wages, they could now borrow instead. Central banks over a whole historic period lowered interest rates to make borrowing cheaper. From a high of 19 percent in 1981, the Federal Reserve rate reached a 30-year low of 3 percent in 1993, and a new low of 1 percent in 2003.

Governments played their part by deregulating credit markets. Banks were required to have less money on hand for every loan they granted (i.e. they could be more ‘leveraged’, 1988-2004); restrictions against banks expanding into investment banking and insurance were removed (1990s); regulations against usury were removed (1970s); and, crucially for how things played out in 2007, 1982 regulations removed restrictions on different types of mortgages, thus enabling the subprime mortgage market.”
https://marxist.ca/article/2023-another-global-recession-is-coming

Well, that depends entirely on which “left” to which one refers. Perhaps one is referring to those lefties at the BOC whose own monitory policies helped flood financial markets with loose credit. If that’s the “left,” then yep, debt doesn’t matter. Until it does.

If on the other hand, the left to which one refers are the revolutionary Marxists, well that’s a firm nope.

“[A key] way to circumvent the issue [of a failing capitalism] is by lending money to workers, just artificially extending spending power. What the workers could not get in wages, they could now borrow instead. Central banks over a whole historic period lowered interest rates to make borrowing cheaper. From a high of 19 percent in 1981, the Federal Reserve rate reached a 30-year low of 3 percent in 1993, and a new low of 1 percent in 2003.

Governments played their part by deregulating credit markets. Banks were required to have less money on hand for every loan they granted (i.e. they could be more ‘leveraged’, 1988-2004); restrictions against banks expanding into investment banking and insurance were removed (1990s); regulations against usury were removed (1970s); and, crucially for how things played out in 2007, 1982 regulations removed restrictions on different types of mortgages, thus enabling the subprime mortgage market.”

https://marxist.ca/article/2023-another-global-recession-is-coming

Slowing credit growth seems hardly to indicate deleveraging but rather reduced leveraging.

In socialism, the sky is the limit.