Trudeau Is Going To Bury Us In Debt

petros

The Central Scrutinizer
Nov 21, 2008
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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.


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?
 

IdRatherBeSkiing

Satelitte Radio Addict
May 28, 2007
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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?
I am sure it found itself in the pockets of a friendly Liberal donor. Next year's scandal.
 

Mowich

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Dec 25, 2005
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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.
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.
 

Twin_Moose

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Apr 17, 2017
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Plenty of booby traps on a path to economic recovery littered with unknowns


Borrowing is easy​

Despite a projected deficit of more than $380 billion and a debt expected to soar past $1 trillion, Freeland, who is also deputy prime minister, has reassured Canadians that payments on that debt remain affordable. But just as in your own household, debt is notoriously easy to run up and hard to run down.

While interest rates are low now and the U.S. Federal Reserve — which strongly influences rates here in Canada — has promised to keep them low until the economy bounces back, market forces are telling us that long-term commercial interest rates are on the rise.

Extraordinarily low interest rates have led to extraordinary borrowing by governments, businesses and ordinary Canadians — and some say we are reaching the limit.

Some financial observers, including Martin Wolf at the Financial Times, have warned that the world may be on the cusp of a sudden shift from 40 years of falling to rising inflation. If that were to happen, governments and their central bankers would be forced to decide whether to quell it with higher interest rates in spite of the effect on their own borrowing costs.

While Freeland said that her spending will be based on long-term borrowing locked in at current low rates, costs could rise. Just as you
must periodically renew your mortgage, each year governments and companies must go back to the market to replace their portfolio of existing bonds as they come due, and that must be done at the interest rate when they do it.

So long as interest rates stay low and the economy continues to grow, Canadian personal borrowing — which Equifax just reported has hit a staggering $2 trillion — is nothing to worry about. A lot of that debt is backed by high and rising house prices. But rising rates and falling house prices, or a continuing recession that leads to job losses, could make that debt unbearable, damaging a crucial motor of the Canadian economy.....More
 
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Decapoda

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Mar 4, 2016
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I think it is time to retitle this thread to" TrudOWE has buried us in debt." And our grandchildren.
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.
 

taxslave

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Nov 25, 2008
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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.
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.
 

pgs

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Nov 29, 2008
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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.
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 .
 

bob the dog

Electoral Member
Aug 14, 2020
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Canada has reserved more vaccine doses than any other country. Sounds more like Canada has jut spent the most money in the world to me.

60 Minutes story on Blue Flame Medical selling $5.000 ventilators for $41,000. Was it us? Clearly these people are not spending their own money.

Hopefully it all goes smoothly and it turns out to be a wise investment. We'll never hear it from them if it doesn't.

At least all the terrorist immigrants among others will have good access to the vaccine
 

spaminator

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Oct 26, 2009
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BONOKOSKI: The selfishness of jacking up billions in spending
Federal debt raise is scary and young people will pay the cost

Author of the article:Mark Bonokoski
Publishing date:Mar 20, 2021 • 10 hours ago • 3 minute read • comment bubble69 Comments
Canada's minister of finance Chrystia Freeland.
Canada's minister of finance Chrystia Freeland. PHOTO BY ERIC BARADAT /AFP/Getty Images
Article content
We have two beautiful granddaughters, so beautiful that photographs of them look like one of those stock pictures that often come with a brand-new wallet or to help sell drug-store picture frames.

One is five; the other almost three.


Your grandchildren are no doubt as equally captivating.

The other day, the Commons finance committee was told that MPs should veto a 56% increase to the federal debt ceiling until the Trudeau Liberals finally get down to the brass tacks of delivering a budget, which would be only their second since hell began freezing over.

“March 19, 2019, does that date mean anything to anyone?” asked Kim Moody, CEO of Moodys Tax Law LLP of Calgary.

“Well, it should. That was 730 days ago. That was the last time the government released a budget, and that’s a record, and our government continues to use COVID as the excuse for not releasing a plan.

“How do you vote on something when you don’t really know what the plan is?” said Moody. “We need a budget. We need a plan.”

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These are old, but familiar words.

The national debt today is $962 billion. It will not be mine to pay off. I am in the last furlong of life while our granddaughters are still years away from the starting gate, and our daughter and her husband are only rounding the first turn.

But it will be their debt, and how fair is that? It will also be the debt of today’s college and university graduates entering a shrivelled-up job market, and for the millennials who cannot possibly buy a family home without financial input from their aging parents or grandparents.

It will be their debt, not ours. I’ll be in St. Francis Xavier Cemetery in Brockville, Ont., helping to fill out the sunny side of the family plot.

I will finally be untaxable.

Bill C-14, however, is scary. As Blacklock’s Reporter told us, it would raise the federal debt ceiling $700 billion from the current $1.168 trillion, approved in 2017, to $1.831 trillion.

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“And, what about the plan to repay this debt?” rightly asked Moody. “Does it include a reasonable repayment period that will not saddle our children’s future with high borrowing costs that compromise essential government services?”

Well, not without a budget, it won’t, and Parliament hasn’t balanced one since 2007.

“It’s troubling to say the least,” said Aaron Wudrick, federal director of the Canadian Taxpayers Federation. “This would be troubling even if we did have a budget. We don’t.

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“It’s irresponsible and they are out of excuses,” he said. “They need to present a budget as soon as possible.”

The Trudeau Liberals have not stated when, or if, they will drop a budget before the writ is dropped and we’re off again on another federal election.

It’s worse than looking for Waldo.


“I don’t think the concern is demanding perfection from government, but just asking for a little bit of humility,” Wudrick told Blacklock’s. “There’s really no shortage of people asking for more spending, and very few asking for less.

“We think it’s important as part of that debate that there be a counterweight to what effectively are endless pleas for more of everything.”

That counterweight, of course, would be a budget.

Minister of Finance Chrystia Freeland “has already committed to spending money but she doesn’t know what she wants to spend it on,” said Wudrick. “That is a recipe for trouble.”

That, of course, would be Trouble with a capital T.

Not for me, necessarily, but certainly for my daughter’s family and, of course, my granddaughters, too.

Huge debt zeroing in on almost two trillion dollars is not repaid overnight, but over generations.

markbonokoski@gmail.com
 

JLM

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Nov 27, 2008
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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.
He already has!