Trudeau Is Going To Bury Us In Debt

bob the dog

Electoral Member
Aug 14, 2020
242
25
18
You just waste it anyway , toys , boats , vacations , who needs them ?
One of the root causes imo is that money has lost it's value and has become a superficial priority. Everyone has money and if they don't the banks are lined up to give them more than they need.
 

bob the dog

Electoral Member
Aug 14, 2020
242
25
18
Got a job , got credit .
I tried talking my 88 yr old father into applying for the 6 year no interest, no down payment new car program just to see if they would finance an 88 yr old living off his CPP.

Of course his vehicle is good enough and he doesn't need a new vehicle so maybe in a couple of years when he decides it's his idea I'll find out. My guess was that they would have done it.
 

Decapoda

Council Member
Mar 4, 2016
1,343
73
48
Any bets on how much worse our "fiscal update" is going to look form our last "fiscal snapshot?" When are we going to get an actual budget? Will the "fiscal update" balance itself?

Like people who have developed their retirement plan around the expectation of winning Lotto 649, I still believe that Trudeau is pinning all of his economic hopes for Canada on some kind of IMF debt jubilee. What an unimaginable, complete fool.

It continues to amaze me how comfortable Canadians have become having someone with the fiscal (and emotional) intelligence of a kindergarten student running the country.
 

IdRatherBeSkiing

Satelitte Radio Addict
May 28, 2007
12,594
134
63
Toronto, ON
Any bets on how much worse our "fiscal update" is going to look form our last "fiscal snapshot?" When are we going to get an actual budget? Will the "fiscal update" balance itself?

Like people who have developed their retirement plan around the expectation of winning Lotto 649, I still believe that Trudeau is pinning all of his economic hopes for Canada on some kind of IMF debt jubilee. What an unimaginable, complete fool.

It continues to amaze me how comfortable Canadians have become having someone with the fiscal (and emotional) intelligence of a kindergarten student running the country.
Planning on winning 6/49 is silly. Sensibly people have pinned it on Lotto Max.
 

bob the dog

Electoral Member
Aug 14, 2020
242
25
18
Freeland expected to announce a $400 B deficit for 2020. Trudeau ready to increase spending. There is no logic.

They want to get people back to work but the workers they are talking about are government workers sitting at home with no skills that can be converted to useful enterprise. Government is the number one industry in Canada followed closely by banking. Both useless and self serving but apparently essential.
 

Twin_Moose

Hall of Fame Member
Apr 17, 2017
13,308
142
63
Twin Moose Creek

Amid surging second coronavirus wave, Canada to unveil more spending


OTTAWA (Reuters) - Canada on Monday will unveil new spending plans and detail the cost of its emergency support measures as a harsh second wave of COVID-19 infections forces renewed health restrictions across the country.

The so-called Fall Economic Statement will be the first fiscal planning document drafted by Finance Minister Chrystia Freeland, who took over the role in August. Canada did not draft a budget this year due to uncertainty caused by the pandemic.

The document will include initial investments on green stimulus measures and there will be a "down payment" on a national childcare plan announced in September, sources said last week.

It is also expected to include new COVID-19 relief measures for hard-hit sectors. Freeland will plot what the government considers a sustainable path forward, focusing investments that are most likely to spur growth, sources said.

However, the ongoing emergency spending will likely mean a higher deficit than the C$343.2 billion ($264.4 billion) forecast in July.

"We don't really know what the take-up on the new aid programs is thus far," said Benjamin Reitzes, Canadian rates and macro strategist at BMO Economics.

Canada is in the middle of a severe second coronavirus wave with the seven-day rolling average of new cases well over 5,000 despite clamp downs.

But an economic rebound over the summer and recent promising vaccine news has brightened the medium-term outlook, and economists expect bigger stimulus spending will come in the 2021/22 budget due to be published during the first few months of next year.

The government "is in a good position. (It) can spend more before raising alarm bells," said Rebekah Young, director of fiscal and provincial economics at Scotiabank. "If they table a trajectory of debt going up and up, that could create some concerns, particularly from rating agencies."

($1 = 1.2981 Canadian dollars)
 

Colpy

Hall of Fame Member
Nov 5, 2005
21,635
205
63
66
Saint John, N.B.
At the end of World War One, it cost 4 German marks to buy a US dollar.

Unfortunately, the 1920 Versailles Treaty was not a well thought out document. The allies attempted to force the Germans to pay for the entire war. Reparations were extensive, paid by the year, forcing Germany into wild overspending and deep deficit.

By 1923, it cost 3 TRILLION German marks to buy an American dollar. Life savings were wiped out completely. Money was essentially completely useless. It was a disaster, and a major cause of the rage that led to the rise of the National Socialist German Workers' Party. (the Nazis)

Those who do not pay attention to history are doomed to repeat it.
 

Decapoda

Council Member
Mar 4, 2016
1,343
73
48
At the end of World War One, it cost 4 German marks to buy a US dollar.

Unfortunately, the 1920 Versailles Treaty was not a well thought out document. The allies attempted to force the Germans to pay for the entire war. Reparations were extensive, paid by the year, forcing Germany into wild overspending and deep deficit.

By 1923, it cost 3 TRILLION German marks to buy an American dollar. Life savings were wiped out completely. Money was essentially completely useless. It was a disaster, and a major cause of the rage that led to the rise of the National Socialist German Workers' Party. (the Nazis)

Those who do not pay attention to history are doomed to repeat it.
It's amazing, but many G20 countries today are putting all of their hopes on a "debt jubilee". They believe they have it all figured out this time, and through MMT (Modern Monetary Theory) can avoid the pitfalls of the past. These countries (including Canada and our buffoon that we have chosen for it's leader) believe that unlimited debt can be accrued, and not only will this not result in the destruction of their economy, but will actually make their country and their people more prosperous. MMT is the foundational principle of the IMF and Klaus Schwab's "Great Reset".

Of course, it's all complete and total nonsense, but unfortunately the leaders of these countries are in charge of very malleable citizens with no desire to educate themselves on the matter... and who will believe almost anything you thell them as long as it means more free stuff. We are well on our way to authoritarian communist rule, without question.