Trudeau Is Going To Bury Us In Debt


Decapoda
+6
#1  Top Rated Post
A shocking new report quietly released by the federal government admits that their finances could collapse in the coming decades if politicians don’t make responsible choices.
Two days before Christmas, when most politicians and their staffers had long left their offices for the holiday break, the finance department released — without fanfare or wide notice — a surprising update on long-term economic and fiscal projections.
The report warns that lower than expected growth combined with higher program spending “would be sufficient to put at risk the fiscal sustainability of the federal government.”
Ian Lee, who teaches at the Sprott School of Business at Carleton University, says Canadians should certainly be worried about these numbers.
“I’m old enough to remember when Pierre Elliott Trudeau first took us into deficits, which were much smaller ones than they are today,” Lee told the Toronto Sun in a telephone interview. “Everybody back then said ‘What’s the big deal?’ But the problem is that debt started to snowball and get out of control. It’s so difficult for politicians to say no and to make hard, difficult choices.”
The forecast also assumes that the budget won’t be balanced until 2055. Projections show it peaking at $38.8 billion in 2035.
This goes against a key Liberal campaign promise.
During the 2015 election, Justin Trudeau pledged to balance the budget before the next election, in 2019. Yet, in the fall fiscal update announced this past November, Trudeau’s Liberal government pushed the goal posts back and projected deficits until 2021 and beyond.
These new assumptions from the finance department now call all of the Liberal government’s numbers into question.
This is not the only alarming figure revealed.
Another key fiscal promise of the prime minister’s campaign was to bring down the debt-to-GDP ratio to 27% by 2019. Yet the finance report also places this accomplishment out of reach.
It instead projects the debt ratio consistently hovering around 31% for the next few years, then dropping to 30.4% by 2021.
Federal debt is also assumed to cross the $1 trillion mark around 2031. It is currently $635 billion.


Buried government report reveals looming fiscal crisis


•Returning to surplus
Trudeau’s campaign promise: 2019
Finance department’s forecast: 2055
•Reducing the debt ratio
Trudeau’s campaign promise: down to 27% by 2019
Finance department’s forecast: still up at 30.4% by 2021
•Still not balancing itself
“The commitment needs to be a commitment to grow the economy and the budget will balance itself.”
— Liberal leader Justin Trudeau, 2014
•Gloomy future
“I don’t think it’s going to end well.”
— Ian Lee, Carleton University
•Federal debt projections
-2017: $635 billion
-2021: $746 billion
-2030: $992 billion
-2045: $1.5 trillion

I think it's safe to say budgets do not, in fact, balance themselves as our inept leader would have us believe. Trudeau is not just incompetent, it appears he's actually a serious threat to the future fiscal welfare of our country.
 
Machjo
+2
#2
This is where Greece has the advantage over Canada. The fact that no one wants to lend to the Greek government forces it to balance the books. Canada has no such check in place.
 
Goober
Free Thinker
+2
#3
I am old enough to recall the 70's and 80's with massive deficits. Then Chretien was elected PM and combined with huge cuts and a rebounding world economy we dug our way out.
It will not be that easy next time as we see slow world/Canada economic growh, which I am afraid will be the norm
 
Remington1
+1
#4
Quote: Originally Posted by Machjo View Post

This is where Greece has the advantage over Canada. The fact that no one wants to lend to the Greek government forces it to balance the books. Canada has no such check in place.

Huge difference is that Greeks don't pay nearly the amount of taxes we pay ( if they pay some at all!!). They are in trouble by their own doing. We on the other hands are getting buried by lack of vision.
 
Machjo
#5
Quote: Originally Posted by Remington1 View Post

Huge difference is that Greeks don't pay nearly the amount of taxes we pay ( if they pay some at all!!). They are in trouble by their own doing. We on the other hands are getting buried by lack of vision.

I'm not sure about that. I'm sure the government was probably forced to raise taxes and cut spending to get help from other governments and the IMF.

Maybe that's what Canada needs. A tough pill to swallow, but I bet Greece will see an economic miracle in a few decades thanks to the balanced budgets forced on it. The balanced budgets will toughen them up as a people, and they'll probably end up with a streamlined, no frills no gimmicks government as a result.
 
pgs
Free Thinker
+1
#6
Quote: Originally Posted by Goober View Post

I am old enough to recall the 70's and 80's with massive deficits. Then Chretien was elected PM and combined with huge cuts and a rebounding world economy we dug our way out.
It will not be that easy next time as we see slow world/Canada economic growh, which I am afraid will be the norm

Yup I fondly remember sky high interest rates and the much higher income tax levels . It was great seeing $2000.00 out of a $5000.00 cheque . Those were the days my friend , those were the daze .
 
DaSleeper
+1
#7
Quote: Originally Posted by pgs View Post

Yup I fondly remember sky high interest rates and the much higher income tax levels . It was great seeing $2000.00 out of a $5000.00 cheque . Those were the days my friend , those were the daze .

Or wage and price control.....Only the wage control retroactive to before we had just settled a negotiated contract......
 
Johnnny
No Party Affiliation
#8
Right now theyre talking about this on CBC news. The bar doesnt have sub titles but you can tell.
 
EagleSmack
+3
#9
Trudeau doesn't care... he's set for life and will take off for St. Kits.
 
darkbeaver
Republican
+1
#10
Coming Decades! hahahahahahahahahahah days idiot not decades

Quote: Originally Posted by EagleSmack View Post

Trudeau doesn't care... he's set for life and will take off for St. Kits.

He's a figurehead only. I'm in dayly contact with him, I help him dress and make sure he dosn't hurt himself in the bathroom. And I write his speeches.
 
EagleSmack
#11
Quote: Originally Posted by darkbeaver View Post




He's a figurehead only. I'm in dayly contact with him, I help him dress and make sure he dosn't hurt himself in the bathroom. And I write his speeches.

Do you set up his selfie shoots?
 
Danbones
Free Thinker
+1
#12
Trudeau?
he usually unshellfishley shoots himshelf
 
darkbeaver
Republican
+1
#13
Yes. You have to control his selfiyness all day, you wouldn't believe the shots we have to censor.
 
JLM
No Party Affiliation
#14
Quote: Originally Posted by Decapoda View Post

A shocking new report quietly released by the federal government admits that their finances could collapse in the coming decades if politicians don’t make responsible choices.
Two days before Christmas, when most politicians and their staffers had long left their offices for the holiday break, the finance department released — without fanfare or wide notice — a surprising update on long-term economic and fiscal projections.
The report warns that lower than expected growth combined with higher program spending “would be sufficient to put at risk the fiscal sustainability of the federal government.”
Ian Lee, who teaches at the Sprott School of Business at Carleton University, says Canadians should certainly be worried about these numbers.
“I’m old enough to remember when Pierre Elliott Trudeau first took us into deficits, which were much smaller ones than they are today,” Lee told the Toronto Sun in a telephone interview. “Everybody back then said ‘What’s the big deal?’ But the problem is that debt started to snowball and get out of control. It’s so difficult for politicians to say no and to make hard, difficult choices.”
The forecast also assumes that the budget won’t be balanced until 2055. Projections show it peaking at $38.8 billion in 2035.
This goes against a key Liberal campaign promise.
During the 2015 election, Justin Trudeau pledged to balance the budget before the next election, in 2019. Yet, in the fall fiscal update announced this past November, Trudeau’s Liberal government pushed the goal posts back and projected deficits until 2021 and beyond.
These new assumptions from the finance department now call all of the Liberal government’s numbers into question.
This is not the only alarming figure revealed.
Another key fiscal promise of the prime minister’s campaign was to bring down the debt-to-GDP ratio to 27% by 2019. Yet the finance report also places this accomplishment out of reach.
It instead projects the debt ratio consistently hovering around 31% for the next few years, then dropping to 30.4% by 2021.
Federal debt is also assumed to cross the $1 trillion mark around 2031. It is currently $635 billion.


Buried government report reveals looming fiscal crisis


•Returning to surplus
Trudeau’s campaign promise: 2019
Finance department’s forecast: 2055
•Reducing the debt ratio
Trudeau’s campaign promise: down to 27% by 2019
Finance department’s forecast: still up at 30.4% by 2021
•Still not balancing itself
“The commitment needs to be a commitment to grow the economy and the budget will balance itself.”
— Liberal leader Justin Trudeau, 2014
•Gloomy future
“I don’t think it’s going to end well.”
— Ian Lee, Carleton University
•Federal debt projections
-2017: $635 billion
-2021: $746 billion
-2030: $992 billion
-2045: $1.5 trillion

I think it's safe to say budgets do not, in fact, balance themselves as our inept leader would have us believe. Trudeau is not just incompetent, it appears he's actually a serious threat to the future fiscal welfare of our country.


Not too honest either!
 
Decapoda
+5
#15
The last long term economic report released under Stephen Harper's government in 2014 projected Canada would eliminate its debt within 25 years. After a little over a year into junior's term, things look drastically different. Canada is now projected to run catastrophic deficits year after year. By 2045, Canada is now projected to be 1.5 Trillion in debt! Just 2 years ago, Canada was projected to have a 760 billion surplus by that same year.

This incompetent fool is a walking disaster for Canada. Incompetant actually doesn't even come close to describing him. With all his "post national state" bullsh*t he's been spewing, and his punitive self inflicted hobbling of the Canadian economy by taxing essential, life giving co2, his talk about Canada only working when Quebeccers are in charge, and now this disasterous economic forecast, I'm seriously starting to believe this idiot actually hates the country he's been charged with leading. What the hell is wrong with this guy...what is his freaking malfunction?? Hard to comprehend the vision of a fool.
Last edited by Decapoda; Jan 5th, 2017 at 11:08 PM..
 
darkbeaver
Republican
+1
#16
PET with a gun to his head destroyed the Bank of Canada and us Canadians what own and operate the institution as I undewrstand. We borrow needlessly, a tiny little war would set us free. Fuk off we owe you nothing. You stole our cod. Pricks.

The Russians have always been enemies of Nova Scoitians, fish bandit communists, the did introduce freezere trawler to Canada. Huge seaworthy refrigerators, our handlines could not stop the communist onslaught.Burning
 
JLM
No Party Affiliation
+1
#17
Quote: Originally Posted by Decapoda View Post

A shocking new report quietly released by the federal government admits that their finances could collapse in the coming decades if politicians don’t make responsible choices.
Two days before Christmas, when most politicians and their staffers had long left their offices for the holiday break, the finance department released — without fanfare or wide notice — a surprising update on long-term economic and fiscal projections.
The report warns that lower than expected growth combined with higher program spending “would be sufficient to put at risk the fiscal sustainability of the federal government.”
Ian Lee, who teaches at the Sprott School of Business at Carleton University, says Canadians should certainly be worried about these numbers.
“I’m old enough to remember when Pierre Elliott Trudeau first took us into deficits, which were much smaller ones than they are today,” Lee told the Toronto Sun in a telephone interview. “Everybody back then said ‘What’s the big deal?’ But the problem is that debt started to snowball and get out of control. It’s so difficult for politicians to say no and to make hard, difficult choices.”
The forecast also assumes that the budget won’t be balanced until 2055. Projections show it peaking at $38.8 billion in 2035.
This goes against a key Liberal campaign promise.
During the 2015 election, Justin Trudeau pledged to balance the budget before the next election, in 2019. Yet, in the fall fiscal update announced this past November, Trudeau’s Liberal government pushed the goal posts back and projected deficits until 2021 and beyond.
These new assumptions from the finance department now call all of the Liberal government’s numbers into question.
This is not the only alarming figure revealed.
Another key fiscal promise of the prime minister’s campaign was to bring down the debt-to-GDP ratio to 27% by 2019. Yet the finance report also places this accomplishment out of reach.
It instead projects the debt ratio consistently hovering around 31% for the next few years, then dropping to 30.4% by 2021.
Federal debt is also assumed to cross the $1 trillion mark around 2031. It is currently $635 billion.


Buried government report reveals looming fiscal crisis


•Returning to surplus
Trudeau’s campaign promise: 2019
Finance department’s forecast: 2055
•Reducing the debt ratio
Trudeau’s campaign promise: down to 27% by 2019
Finance department’s forecast: still up at 30.4% by 2021
•Still not balancing itself
“The commitment needs to be a commitment to grow the economy and the budget will balance itself.”
— Liberal leader Justin Trudeau, 2014
•Gloomy future
“I don’t think it’s going to end well.”
— Ian Lee, Carleton University
•Federal debt projections
-2017: $635 billion
-2021: $746 billion
-2030: $992 billion
-2045: $1.5 trillion

I think it's safe to say budgets do not, in fact, balance themselves as our inept leader would have us believe. Trudeau is not just incompetent, it appears he's actually a serious threat to the future fiscal welfare of our country.


I don't know a hell of a lot about the subject, but I do know enough that when Ian Lee starts talking, people should start listening!
 
Bar Sinister
No Party Affiliation
+1
#18
What is important is not the level of debt, but the ratio of debt to GDP, and the cost of debt servicing. Under Pierre Trudeau that ratio rose to about 29%. Under Brian Mulroney it rose to 64%. Under Jean Chretien and Paul Martin it declined to 36%. And under Stephen Harper it rose to 91%. Frankly, blaming the current government for a mess created by Harper's refusal to reduce spending while at the same time cutting taxes seems to be something of a mystery to me. However, as I mentioned debt servicing is also a factor and at current interest rates even the current level of debt is not of major concern. That could change if the economy does not improve, or interest rates rise, or if the government decides to create even larger deficits, but we will just have to wait and see.
 
Danbones
Free Thinker
#19
Unlike most of the world, we have publically owned central bank chartered to make interest free loans to our government.
What we have been sold is debt slavery pure and simple
 
mentalfloss
-1
#20
It's internal debt so it's fine.

Our Debt to GDP ratio is also fine.

Japan is an example of why debt isn't something to be concerned about.
 
Dixie Cup
Conservative
#21
Quote: Originally Posted by Machjo View Post

I'm not sure about that. I'm sure the government was probably forced to raise taxes and cut spending to get help from other governments and the IMF.

Maybe that's what Canada needs. A tough pill to swallow, but I bet Greece will see an economic miracle in a few decades thanks to the balanced budgets forced on it. The balanced budgets will toughen them up as a people, and they'll probably end up with a streamlined, no frills no gimmicks government as a result.



Huh - I just heard on the radio this morning that Greece is back in trouble again. Must check that out.
 
Danbones
Free Thinker
+1
#22
Quote: Originally Posted by mentalfloss View Post

It's internal debt so it's fine.
Our Debt to GDP ratio is also fine.
Japan is an example of why debt isn't something to be concerned about.

Forget Greece, Japan is the world’s real economic time bomb
Forget Greece, Japan is the world's real economic time bomb | Fortune.com

In conclusion, I would like to point out that if the government does nothing specific to address these issues while the economy is seeing a moderate but continuing recovery, there will be a tremendous price to pay at some time in the future.
http://www.japanpolicyforum.jp/archi...225124313.html

really, do you even read what you type?
 
Dixie Cup
Conservative
#23
Quote: Originally Posted by Danbones View Post

Forget Greece, Japan is the world’s real economic time bomb
Forget Greece, Japan is the world's real economic time bomb | Fortune.com

In conclusion, I would like to point out that if the government does nothing specific to address these issues while the economy is seeing a moderate but continuing recovery, there will be a tremendous price to pay at some time in the future.
Japan’s Economic Outlook for 2016 | Discuss Japan – Japan Foreign Policy Forum:

really, do you even read what you type?



Yeah, they said the same thing about Japan on the radio this a.m. as well. Apparently, we re headed for a financial disaster within the next few years if not sooner. I don t recall hearing any solutions though, although I might have fallen back to sleep.
 
taxslave
Free Thinker
+1
#24
Quote: Originally Posted by mentalfloss View Post

It's internal debt so it's fine.

Our Debt to GDP ratio is also fine.

Japan is an example of why debt isn't something to be concerned about.

Neither is fine. Most of our debt is borrowed money that we pay interest on.
 
mentalfloss
-1
#25
Lol no Japan is doing quite well because its debt is internal, meaning it really doesn't matter how high it goes.

All of Greece's debt is external, which is why people get issues at the bank.

Even then, the situation there isn't that bad.

Quote: Originally Posted by taxslave View Post

Neither is fine. Most of our debt is borrowed money that we pay interest on.

The standard of living has gone up regardless, so don't worry.
 
Danbones
Free Thinker
#26

Note: After this survey was conducted, GDP growth rates have been revised retroactively for the last two quarters (i.e. to a 0.5% decrease for Q2, and a 1.0% increase for Q3 in 2015)
Source: The ESP Forecast Survey (December 2015), Japan Center for Economic Research
Japan’s Economic Outlook for 2016 | Discuss Japan – Japan Foreign Policy Forum:

geez man
lol
economics is not your strong subject is it?
 
mentalfloss
#27
That's normal.

There is low growth everywhere.

Under Harper, we actually suffered a recession in 2015 because of low spending and tax cuts.


Thankfully we are getting necessary investments now.
 
taxslave
Free Thinker
#28
Quote: Originally Posted by mentalfloss View Post

Lol no Japan is doing quite well because its debt is internal, meaning it really doesn't matter how high it goes.

All of Greece's debt is external, which is why people get issues at the bank.

Even then, the situation there isn't that bad.



The standard of living has gone up regardless, so don't worry.

Ni it hasn't and our grandkids are not going to be impressed with your greedy squandering that they will be expected to pay for.
 
mentalfloss
#29
We haven't paid for the boomers fukk ups, don't worry.
 
relic
Free Thinker
+1
#30
You contards seem to conveniently forget that your hero steve had the biggest deficit in Canadian history, but then,facts are foreign to you ****ers