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Canada's national debt out of control...


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Canada just basically deferred the pain.  Economic pain now or economic pain later paying back the debt (with interest).  People have to eat, but the full economic effects of this won't be felt for a

Canada is running up 600+ billion in deficit spending and our MP's want the summer off.  Utter horse manure.

I don't see you even mentioning the pandemic and unfavorable economic conditions in the past couple of years.  What do you expect Trudeau to do; or you thought Scheer was going to do better ......for

22 minutes ago, oops said:

If Canada has increased it's debt while crippling the economy at the same reducing it's tax base, won't it have to print huge amounts of paper money like Germany did in the 1920s?

Printing more money devalues the currency and drastically increases inflation.   

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13 minutes ago, Michael Hardner said:

2008 didn't turn out the way economists predicted though.  That's part of the reason that the US has continued to go with large deficits.

 

 

The u.s. was in a huge deficit long before 2008. 

The debts of the federal government on January 1, 1791 amounted to $75,463,476.52.  Not much in today's world, but back then.....

I bet the u.s. debt will be a huge problem for them in years to come.  Japan and China hold the largest amounts of their foreign debt.  

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9 minutes ago, Cannucklehead said:

I bet the u.s. debt will be a huge problem for them in years to come.  Japan and China hold the largest amounts of their foreign debt.  

 

The U.S. enjoys several advantages that Canada does not have for public (and private) debt.

Canada had to slash spending and raise taxes to rescue the Canadian "peso" and restore debt ratings (1992 - 1995).

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13 hours ago, oops said:

I do miss Paul Martin, but if Trudeau was looking to be fiscally responsible he would have returned Bill Morneau's phone calls, and Cynthia Freespend wouldn't be conrolling our budget.

I doubt Freeland even controls what haircut she's allowed to have. The PMO makes all decisions now.

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On 8/25/2020 at 6:54 AM, oops said:

Who holds our debt, and is our obligation to pay it back? 

Define, uh, debt.

Margaret Atwood wrote a book with that title. Years ago, her book "Surfacing" convinced me that she had no writing talent.

=== 

As a Canadian, let me explain:

Gordon Lightfoot? True, honest.

Judy LaMarsh? True, honest.

Margaret Atwood? Fraud, dishonest.

Sylvain Lelièvre? True, honest.

Claude Dubois? Both.

But Robertson Davies

 

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In the April 23-28 Reuters poll of 25 economists, Canada’s economy was predicted to have contracted at an annualized rate of 9.8 per cent last quarter and to shrink 37.5 per cent this quarter.

In a January poll, they predicted 1.6-per-cent and 1.7-per-cent growth, respectively, showing just how abruptly the economy has turned. If the latest forecasts are realized, it would mark the deepest recession in at least six decades.

“Canada is in the midst of an historic economic contraction. The economy has largely shut down, paralyzed by measures to contain the coronavirus pandemic, free-falling financial markets, plunging oil prices and plummeting confidence,” said Tony Stillo, director of Canada economics at Oxford Economics.

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