The economic statement for the 2020-21 fiscal year, tabled Monday, projects the largest single-year budgetary deficit since Canada began keeping track in 1966-67: $381.6 billion. That deficit is greater than total federal spending in the previous fiscal year, $375 billion, which included a $21.77 billion deficit.
I am sure it found itself in the pockets of a friendly Liberal donor. Next year's scandal.Okay Crispy Freeland, where the fuck is the other $30B?
Thanks to the SEC (sec I found out that on January 26 (filed the 25th) Mornreau borrowed $296B US dollars when our dollar was a stellar 72¢ (296÷.72=411.11) for a total of $411.1B Canadian.
I'm also aware that on March 28 2020 Scotia Bank (Filed pursuant to Rule 424(b)(2) of the SEC Registration Statement No. 333-222149)
rather the Public owned Bank of Canada was tasked with the distribution of those funds. How unfortunate for me that its impossible for me to do a FOIA enquiry as Scotia Bank isnt a Canadian Govt agency.
So where the fuck is the remaining $30B?
Not all Canadians are comfortable with justdim, Dec as is apparent with your comments and my reply. That said, we are stuck between a rock and a hard place as calling an election now would only return the doofus to power for yet another 4 more years of unaccounted for liberal spending sprees. Even if we were able to get rid of justdim, his replacement Freebird is an even worse choice for possible PM which her 'fiscal update' proved beyond a shadow of a doubt. She is a raging socialist at heart having completely embraced and championed all of the most harmful far left policies and agenda.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.
The really troubling part is that this thread was started 3 years before the virus even showed up in this country.I think it is time to retitle this thread to" TrudOWE has buried us in debt." And our grandchildren.
I have been concerned about this for a very long time. I fear for my grandkids future if we carry on like this. turdOWE will have our economy on par with Greece if he and his ilk are not stopped. Economics has to be taught in schools, and not by our current crop of far left teachers. There are actually people around that think moving their debt to a new credit card to get the 3 months of no interest or taking a cash advance on one CC to make the minimum payment on another CC is good fiscal management.The really troubling part is that this thread was started 3 years before the virus even showed up in this country.
We are watching the certain financial ruin and inevitable economic catastrophe of the country play out in real-time...yet all many Canadians are concerned about is when the next government relief program will be rolled out and when the next government cheque will be showing up in the mailbox. Many people are applauding the systematic destruction of our rich and prosperous resource economy and cheering on the inane, utopian "new green economy" that Trudeau is hopelessly committed to. The shame is that these people likely won't have to live and suffer through the consequence of their terrible destructive and ignorant shortsightedness.
Sure it is , keep piling on until there are no more sources available and declare bankruptcy . We are inundated with advertisements on debt consolidation and relief . There must be a market for the service .I have been concerned about this for a very long time. I fear for my grandkids future if we carry on like this. turdOWE will have our economy on par with Greece if he and his ilk are not stopped. Economics has to be taught in schools, and not by our current crop of far left teachers. There are actually people around that think moving their debt to a new credit card to get the 3 months of no interest or taking a cash advance on one CC to make the minimum payment on another CC is good fiscal management.
He already has!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
“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.