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When Justin borrows 300 billion, who has to pay it back?


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The federal government has on your behalf borrowed 300 billion so far this year. According to the Canadian Tax Payers federation 18,4000 people paid income tax last year.

 

In the latest year for which CRA data is available, 27.5 million people filed a tax return. Of that, over 9.1 million people or one-third of all filers paid no federal income tax that year. Thus 18.4 million tax filers paid all federal and provincial income tax. 

 

That means that each taxpayer would have to pay on average over $16,000 to cover this debt. Adding this to the 2 trillion already accumulated debt they now owe $124,000 on average. Do you think that a: more people will be paying taxes this year or b: less people will be paying tax this year? Here is a hint a: is incorrect. With thousands of small business failures and many failures among larger businesses the tax base has been seriously eroded. Do you think that Justin has stopped spending money like a drunken sailor with a bag of other peoples money? If you do believe this you are in the minority.

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Taxpayers will pay it back over time, like we did with our war debt.

I don't know what you would have preferred. Would you let people be homeless and starving? When the pandemic is over, do you want people to be so penniless that the economy can not recover in our lifetime?

What is your alternative?

Edited by Queenmandy85
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Jeez... Justin borrowed money?  OMG WHAT DID HE DO WITH IT?

 

Oh, right.  Gave it to Canadians to get through the pandemic.

 

Look, this partisan bullshit has to stop.  People in my province are trying it against Doug Ford as well.

 

These governments are trying to get us through a crisis. Many thanks to opposition members who DON'T make frivolous claims.

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7 hours ago, Queenmandy85 said:

Taxpayers will pay it back over time, like we did with our war debt.

I don't know what you would have preferred. Would you let people be homeless and starving? When the pandemic is over, do you want people to be so penniless that the economy can not recover in our lifetime?

What is your alternative?

We did have the debt from World War 2 close to being paid off, but then we were burdened by our first Trudeau. Pierre was Prime minister from most of 1968 until 1984. During that time he presided over a 738% increase in our national debt. The difference with this Trudeau is that while he is writing cheques that we have no hope of covering he is encouraging his premiers to destroy the tax base. If you think that unprecedented spending and fiscal irresponsibility will save people from homelessness and hunger, you might want to revisit that thought.

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7 hours ago, Michael Hardner said:

Jeez... Justin borrowed money?  OMG WHAT DID HE DO WITH IT?

 

Oh, right.  Gave it to Canadians to get through the pandemic.

 

Look, this partisan bullshit has to stop.  People in my province are trying it against Doug Ford as well.

 

These governments are trying to get us through a crisis. Many thanks to opposition members who DON'T make frivolous claims.

I do blame Trudeau and Ford, it is their fault! Maybe being  impartisan, you would rather blame the green party, or Mothers Against Drinking and Driving. Sorry that does not fly. The lockdowns are not saving anyone, they are only spreading the same number of infections over a longer period of time. They like to call this flattening the curve. The justification for all this is so that our hospitals will not be overwhelmed. In Ontario there are currently 484 hospitalizations, and 384 hospitals. In case you are struggling with the math that is less than 2 cases per hospital (1.26), of those 147 are in I.C.U. (0.304).  

 

As for your crisis there are currently 103,000 infections among Ontario's population of 14,570,000. That means that 1 person in every 140 is currently infected. This is not good, but again lockdowns are not preventing any of these, just letting people get ill later. The destruction of our economy is however a real crisis. Perhaps you should stop trying to shoo away baby bear, and pay attention to Momma Bear who is bearing down on intending to turn you into a chew toy.

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These are interesting questions, I dont think the topic is ridiculous. Just because they are spending money certainly doesnt mean its being spent wisely, and at these spending levels and minimal oversight, fraud and abuse is quite likely.

Other countries have used a different model, and it appears to work for them, both financially and in terms of the virus.

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On 11/22/2020 at 10:31 AM, oops said:

The federal government has on your behalf borrowed 300 billion so far this year.

....

True. But our federal Canadian government in the past has borrowed/spent much, much more. (Look at data for 1946.)

====

I reckon that we have a manic-depressive PM. Because of Covid, he's in a manic phase: spend, spend, spend.

What happens when he's depressive?

 

Edited by August1991
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On 11/22/2020 at 11:19 AM, Queenmandy85 said:

Taxpayers will pay it back over time, like we did with our war debt.

I don't know what you would have preferred. Would you let people be homeless and starving? When the pandemic is over, do you want people to be so penniless that the economy can not recover in our lifetime?

What is your alternative?

Agreed.

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To pay back a debt, you need to be making more money than you are spending. If you think that this is the case, then you have no idea of what is happening in this country. This is so far from reality that it is beyond absurd. I will try not to wake you though, because your dream world is so much better than the reality you will some day wake up to.

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1 hour ago, oops said:

To pay back a debt, you need to be making more money than you are spending. If you think that this is the case, then you have no idea of what is happening in this country. This is so far from reality that it is beyond absurd. I will try not to wake you though, because your dream world is so much better than the reality you will some day wake up to.

This country Canada - the rocks, trees, indigenous/immigrant/settler people - are worth far more in the future.

As you say, "to pay back a debt", you need to create more than you receive.

For centuries, like Swedes and Americans, we Canadians have managed to do this - while also creating a federal State with two Official languages.

And yet, Canada has no single unique Official culture.

Edited by August1991
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Yes we did spend more in 1945, this was of course in the middle of World War 2. This also was also a record year for gross domestic product (a measure of goods and services produced nationally). When the war ended we had several years of strong production and healthy gdp (gross domestic product). Under Prime Ministers Lester Pearson and John Diefenbaker we actually decreased the national debt. This was a time when Canadian businesses were supported and encouraged by our federal leaders.


 

Trudeau has in 2020 borrowed 300 billion dollars, which is an incredible one third of the debt accumulated during Canada's first 153 years as a nation.  At the same time he has encouraged the provincial Premiers to lock down their economies.  This has resulted in unprecedented failures especially among small businesses. With partial re openings under restrictions that added costs and reduced revenues, many more business failures are expected. This will of course produce an unprecedented drop in gdp that may very well exceed that of the great depression. Rising expenditures accompanied by falling gdp is a very real problem. If you think that we will manage this situation, then take another look at our manager.

 

You might want to read the article below if you think that our federal government is in good hands.

 

https://www.fraserinstitute.org/article/prime-minister-trudeau-cements-his-debt-legacy

 

Here is one morsel: By the time Prime Minister Trudeau completes his current term, federal debt per person (inflation-adjusted) is projected to increase by 5.6 per cent, more than any prime minister who did not preside over a world war or recession.

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This is not just a current Liberal problem, but it DID start with Tur...TRUdeau #1.  Think is: so-called "conservatives" talked a lot about it, but did little to stop this debt growth.  I would not go so far as to give the Little Tur...er...uh... TRUdeau or his rag-tag inclusionist cabinet much credit for anything they have done, but without anyone else's track record to compare, we have no idea how inept or even "ept" the whole Covid relief efforts are.

Reality is: governments should have NO ability to borrow at all - except in genuine emergencies (which pandemics would fit).  Politicians should be held accountable for the promises and spending by being required to collect the bill during their term.  But, since Canadians are particularly lacking any collective intellect or balls, we instead get what we have.

BTW: to put things into perspective:  Canadian deaths in WW1 near 60,000 so about 15,000 a year (right about where we are with Covid mortality now).  WWII cost us 23,000 over 5 years, or something under 5,000 per year.

https://www65.statcan.gc.ca/acyb02/1947/acyb02_19471126002-eng.htm

So, I think we legitimately claim this as some kind of exceptional event.

Edited by cannuck
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It is true that Justin's daddy Pierre during his 14 years as prime minister in two separate tenures did increase the national debt by 720%. This reversed the trend of the three post world war 2 prime ministers that preceded him of  made serious progress in repaying the war debt. We made progress under Louis St. Laurent (liberal),John Diefenbaker (progressive conservative) and Lester Pearson (liberal). Pierre changed all this doing lot of damage, but Justin is making that pale by comparison.

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On 11/22/2020 at 4:16 PM, oops said:

We did have the debt from World War 2 close to being paid off, but then we were burdened by our first Trudeau. Pierre was Prime minister from most of 1968 until 1984. During that time he presided over a 738% increase in our national debt. The difference with this Trudeau is that while he is writing cheques that we have no hope of covering he is encouraging his premiers to destroy the tax base. If you think that unprecedented spending and fiscal irresponsibility will save people from homelessness and hunger, you might want to revisit that thought.

There can be no doubt about it that comrade Trudeau must be arrested and charged with crimes against Canada and Canadians.  Nothing less will do. This crime mistake of Canaduh is on a mission to destroy this once great nation and turn it into a third world hell hole. And the way the majority of non thinking Canadians think these days this buffoon will probably succeed and maybe even get elected again.

With all of the dear comrade leaders we have in Canaduh today how can anything ever get better again. It's impossible. And there can be no doubt about it hat this Convid 1984 virus nonsense is what will bring us all down. Believe it or not unless the sheeple finally decide to climb out of their cocoon and end this farce once and for all. Injecting unknown vaccines into your veins without knowing what is in t is very foolish indeed. 

Maxine Bernier is the only real and true conservative leader that we have left in Canada that will save Canada from the likes of comrade Trudeau and his communist ilk. Just saying. ;) 

 

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