Trick-or-treating has been banned in several cities this Halloween to limit the spread of COVID-19. But a ragtag swarm of frightening creatures has nevertheless come out to frighten Canadians with spooky stories about the risks of government deficits. Several of these bogeymen have even been spotted in the halls of Parliament. During the first phase of the pandemic, as governments incurred unprecedented deficits, these debt monsters stayed in their caves. After all, the overwhelming consensus among economists and international financial institutions (like the IMF and the World Bank) is that governments must spend massively to fight both the pandemic and recession, and that trying to reduce deficits will do more harm than good.