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Email this4:15 pm
February 27, 2018
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153 years and 2 world wars amounted to a Canadian federal debt of 775 BILLION dollars.
"Someone nameless" in 2020/2021 will add another 343 BILLION dollars to that debt. Don't forget, the feds bring in about 200 BILLION dollars in tax revenue every year. So "someone nameles" will spend approximately 540 BILLION dollars in 12 months. That's 14 thousand dollars for every man, woman and child in canada.
Canada's new federal debt will stand at 1.2 TRILLION dollars.
Thanks "someone nameless".
4:37 pm
May 24, 2016
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The people who receive CERB or other government financial help, are able to eat, pay their rent or mortgage, will thank “someone nameless”.
4:51 pm
December 12, 2009
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Agree with JenE. The federal government needed to provide the income support on an economic shutdown they ordered. It'd be different if the federal government let the economy run normally and, presumably, let the growth curve of cases and deaths spike higher than it did. Then, they'd not be obligated to provide support. But they felt this was the avenue to go, so here we are.
I have no problem with this, though would've preferred a much shorter economic shutdown and complete border closure at the end of January as opposed to the end of March. It would've been shorter and much, much less painful, in economic terms.
Ultimately, what needs to happen is the Bank of Canada needs to monetize the debt by substantially expanding the money supply to wipe clean (i.e., pay off and write off) the existing federal debt. It should do so, though, only on the condition that the federal government implement a strict belt-tightening regime that would see extraneous federal programs eliminated and thousands of public servants laid off, to control ongoing costs and prevent further debt write offs and further currency devaluations.
Cheers,
Doug
4:59 pm
October 27, 2013
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I didn't have an issue with some of the programs but they are too generous. CERB at $2k and extended simply does not incent folk in the minimum wage sector to go back to work. So many businesses are now desperate for staff.
5:03 pm
April 15, 2015
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I think this topic line could get out of control very quickly.Wasn't it *someone nameless* who said the budget will balance itself.This drama teacher better stay the hell away from my wallet.
5:23 pm
April 7, 2016
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I totally agree with JenE.
Canada is taking care of us!
5:42 pm
January 3, 2013
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I think it should have been per family NOT per individual like everything else which is based on family income. And also should have been more regulated. There are folks I know did some agreement with their work place to get laid off to get the $2K. Abusers are everywhere and who will pay it at the end? We the tax payers 🙁 I can't afford more taxes in QC. I will relocate to the Middle East, Teach English, and live Tax Free!
6:37 pm
September 11, 2013
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Doug, not sure the spending is because gov't feels obligated. They just know the more they spend the more popular they are, direct correlation, and along came the perfect reason to open the spigots. Sure enough, way up in the polls. Canadians love it, gov't loves it, win-win.
7:34 pm
February 27, 2018
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I'm not sure if it's time for me to weigh in on this topic again. This is a very very important financial debate because the results of our government's actions are going to ripple through the Canadian economy for decades to come.
I openly admit, something had to be done, money had to be spent, help was needed. You know there is a BUT. At the end of the day, after all that money has been spent (540 billion dollars), the inevitable will have only been delayed by weeks maybe months. The business sector is not recovering from covid in the near future, the business sector was struggling before covid, jobs are going to be lost and at some point in time "someone nameless" will have to stop paying everyone's bills.
Giving a person a "fish" fills their belly for a day, the art of catching the fish has to be taught. Handouts should never become dependent upon for one's survival. The Canadian governments, federal, provincial and municipal are in the business of giving out "fish". I worked my ass off in my youth to get the things in life that i have today. Vacations were not taken, sacrifices were made because we never lost sight of the bigger picture. Today's youth expect everything to be handed to them on a silver platter. It's not my job in my later years of life to buy the necessities for every Tom, Dick and Harry.
1:47 am
February 17, 2013
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Kidd said
I'm not sure if it's time for me to weigh in on this topic again. This is a very very important financial debate because the results of our government's actions are going to ripple through the Canadian economy for decades to come.I openly admit, something had to be done, money had to be spent, help was needed. You know there is a BUT. At the end of the day, after all that money has been spent (540 billion dollars), the inevitable will have only been delayed by weeks maybe months. The business sector is not recovering from covid in the near future, the business sector was struggling before covid, jobs are going to be lost and at some point in time "someone nameless" will have to stop paying everyone's bills.
Giving a person a "fish" fills their belly for a day, the art of catching the fish has to be taught. Handouts should never become dependent upon for one's survival. The Canadian governments, federal, provincial and municipal are in the business of giving out "fish". I worked my ass off in my youth to get the things in life that i have today. Vacations were not taken, sacrifices were made because we never lost sight of the bigger picture. Today's youth expect everything to be handed to them on a silver platter. It's not my job in my later years of life to buy the necessities for every Tom, Dick and Harry.
Agree with almost everything you said...except about the kids. Generally, it's accurate. Specifically, I trained my kids on handling money and the value of a dollar. They are both doing very well.
As for the national debt, I saw on the news today that even with the added deficit, we will be paying less servicing the debt than we did last year due to lower interest rates. Don't look for rates to increase any time soon.
The current situation is just compounding the problem that was already getting worse by the day. He who shall not be named was digging us into a hole at an accelerated rate to begin with. Blowing past projected budgets by billions. Now it looks like the debt will never be addressed without serious changes to tax rates and/or deep cuts (except for their pensions, golden parachutes, perks, wages, benefits or severance...God forbid). Alternatively, we can just whistle through the graveyard until the zombie apocalypse. I'm predicting the end of TFSAs. But what do I know...I'm just a retired bus driver.
5:16 am
September 11, 2013
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In a true democracy it's a leader's duty to do not what's best for the society but to carry out the wishes of the majority, whatever they are. He is doing precisely that, it's why he's popular. The majority of Canadians support this spending, he cannot be faulted for doing what most of us want. imo.
8:31 am
August 17, 2010
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Well said Kidd. Totally agree with your post #9.
In the fiscal update yesterday it was also announced that there will be no cuts to spending, I think that is reckless not to have a spending cut plan.
9:59 am
January 12, 2019
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Kidd said
I'm not sure if it's time for me to weigh in on this topic again. This is a very very important financial debate because the results of our government's actions are going to ripple through the Canadian economy for decades to come.
I openly admit, something had to be done, money had to be spent, help was needed. You know there is a BUT. At the end of the day, after all that money has been spent (540 billion dollars), the inevitable will have only been delayed by weeks maybe months. The business sector is not recovering from covid in the near future, the business sector was struggling before covid, jobs are going to be lost and at some point in time "someone nameless" will have to stop paying everyone's bills.
Giving a person a "fish" fills their belly for a day, the art of catching the fish has to be taught. Handouts should never become dependent upon for one's survival. The Canadian governments, federal, provincial and municipal are in the business of giving out "fish". I worked my ass off in my youth to get the things in life that i have today. Vacations were not taken, sacrifices were made because we never lost sight of the bigger picture. Today's youth expect everything to be handed to them on a silver platter. It's not my job in my later years of life to buy the necessities for every Tom, Dick and Harry.
-
Well said ⬆
And our Grandchildren's not-born-yet children will also be paying,
for this MASSIVE Debt ❗
Our 'Gift' to them,
-
Dean
" Live Long, Healthy ... And Prosper! "
11:46 am
September 11, 2013
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Dean, you think our granddaughters will still be having kids? Our kids are barely having any, though I suppose immigration might provide a different outcome for a while. And if the financial system's still chugging along in 3 generations, I'll be very surprised (and not just that I'm still alive), I'm guessing gov't debt holders like pensions funds, etc will have taken a few major "haircuts" by then.
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