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Thread: Canada debt-free by 2021: Flaherty

  1. #1

    Canada debt-free by 2021: Flaherty

    Globe and Mail Update

    Canada will be out of debt by 2021 and have the lowest tax rates on new business investment in the G7 under a sweeping fiscal plan unveiled by Finance Minister Jim Flaherty on Thursday afternoon.

    Issuing a blanket release of the fall fiscal update Advantage Canada: Building a Strong Economy for Canadians, Mr. Flaherty said the Government would adopt a new national objective to eliminate the total Government debt within a generation.

    http://www.theglobeandmail.com/servl.../National/home

    He says the money saved in interest will be returned to Canadians in the form of tax cuts, and any unexpected surpluses will also be ploughed into tax cuts and debt reduction.

    "From this year forward, every dollar of every surplus of the Government of Canada will be applied to bringing down the debt," Mr. Flaherty told the House of Commons Standing Committee on Finance.....
    We believe it's time to mobilize Canadians to make a national commitment to pay off Canada's national mortgage."
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  2. #2
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    And I'm sure Mr. Flaherty will stick to that mandate for the duration of the Conservative term in office, which will be right up to the time that the next federal election is held.

  3. #3
    Gentleman Horndog
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    Not debt free by 2021...

    Here's what the article says:

    "Mr. Flaherty also wants to cut total federal debt to 25 per cent of GDP by 2021."

    To be debt free by 2021, the annual surpluses would have to be over $30 billion per year for that period.

  4. #4
    I think Flaherty is full of himself. For Canada to be out of debt by 2021 would require surpluses much larger than the ones the country is having now. I'm not fan of the Liberals, but John MacCullum, himself an economist of note, said Flaharty is skewing the numbers and the real debt at Flaherty's rate would not be paid down for over 100 years.

    It's also interesting to not that that Conservatives are making promises that they don't have to worry about keeping. Not because a federal election is very likely in 2007, but the target dates of these promises are way off in the future. Total bullshit from the Conservatives. And I thought the Liberals were bad.

  5. #5
    Quote Originally Posted by Randy Whorewald
    Canada will be out of debt by 2021......
    And in related news.....

    "Once upon a time there were three bears...."

  6. #6
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    Dirtydan,

    Are you telling me that they won't be around in 2047 to see the clean environment initiatives take effect?

    And they won't be around to enjoy the economic chaos from a non-defecit position in 2021?

    Gee, sounds like a disappointment for them to to all this research and follow-through work to not be around to see their (our) tax dollars work.

    As for this budget. To eliminate any person (country's) debt, it requires either a decrease in spending or an increase in revenues (taxes).


    Either way, business life in Canada (working to save a buck) is fuitile. There is nothing left to save at the end of a day.

    The governments need to give to foreign countries, forgive trade defaults, and keep bidding on projects like .. the Olympics. Forget infrastrure development or drinking water from a tap. - that's so "yesterday".

    Besides, Canadians are unlike our southerly neighbors - when we need economic growth, Canada doesn't have the fear machine that keeps its citizens spending.

    If we all continue to support the Bush supported, Republican backed Harper/Conservative party, all of their platforms will be a reality.

    On the brighter side, after all of Harper and McKay's work, Belinda might be old enough to serve as Canada's first female Prime Minister and reap the benefits. Yup. That's the plan and you heard it here first!. (Yes it is possible that T. Domi might take over Ken Dryden's post at that time).

  7. #7

    What he actually said was ...

    Mr. Flaherty said the government will adopt a new national objective to eliminate the total government net-debt by 2021.
    So total debt will be balanced by total assets.

    It is somewhat misleading in that some assets may be valued artificially high or could never be sold (like the parliment buildings or the national parks).
    But it is the same as what Ralph Klein claimed the first(?) time he killed the Alberta debt.
    In the second circle of Hell

  8. #8
    Quote Originally Posted by dirtydan
    Total bullshit from the Conservatives. And I thought the Liberals were bad.
    Please don't forget its the Liberals' mismanagement who got us into the present situation to begin with. At least these guys are actually doing something to repair the damage.
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  9. #9
    Quote Originally Posted by mynameisPete
    Dirtydan,

    Are you telling me that they won't be around in 2047 to see the clean environment initiatives take effect?
    Yup.

    Quote Originally Posted by mynameisPete
    And they won't be around to enjoy the economic chaos from a non-defecit position in 2021?
    Maybe Harper and his Conservatives think they can stay in office like their Ontario counterparts did for 40 years.

    Quote Originally Posted by mynameisPete
    Gee, sounds like a disappointment for them to to all this research and follow-through work to not be around to see their (our) tax dollars work.
    They make not even be around for their promised GST cut in 2011!


    Quote Originally Posted by mynameisPete
    As for this budget. To eliminate any person (country's) debt, it requires either a decrease in spending or an increase in revenues (taxes).


    Either way, business life in Canada (working to save a buck) is fuitile. There is nothing left to save at the end of a day.

    The governments need to give to foreign countries, forgive trade defaults, and keep bidding on projects like .. the Olympics. Forget infrastrure development or drinking water from a tap. - that's so "yesterday".

    Besides, Canadians are unlike our southerly neighbors - when we need economic growth, Canada doesn't have the fear machine that keeps its citizens spending.

    If we all continue to support the Bush supported, Republican backed Harper/Conservative party, all of their platforms will be a reality.
    At the rate Harper's gut is ballooning, even his jackets can't hide it anymore, he'll pass the national debt in a few years.

    Quote Originally Posted by mynameisPete
    On the brighter side, after all of Harper and McKay's work, Belinda might be old enough to serve as Canada's first female Prime Minister and reap the benefits. Yup. That's the plan and you heard it here first!. (Yes it is possible that T. Domi might take over Ken Dryden's post at that time).
    I can think of better people that should be PM than Stronach.

  10. #10
    Quote Originally Posted by Randy Whorewald
    Please don't forget its the Liberals' mismanagement who got us into the present situation to begin with. At least these guys are actually doing something to repair the damage.

    And how many surplus budgets did the last federal Tory government have? Blaming Canada's debt entirely on the Liberals is like blaming WW2 on just the Japanese.

  11. #11
    Quote Originally Posted by dirtydan
    And how many surplus budgets did the last federal Tory government have? Blaming Canada's debt entirely on the Liberals is like blaming WW2 on just the Japanese.
    DD- Perhaps you could explain to everyone here how the last Tory gov't could have managed a surplus after the decades of Liberal mismanagement.

    But its the Chretien gang that really took the cake.
    Remember the Sponsorship Scandal, How about the $1 Billion HRDC - they still aren't sure where the money went. Then there's the $2 Billion Gun Registry - that's only 1000 times over budget. Those fuckwads wouldn't know how to run a lemonade stand.
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  12. #12
    Quote Originally Posted by Randy Whorewald
    DD- Perhaps you could explain to everyone here how the last Tory gov't could have managed a surplus after the decades of Liberal mismanagement.

    But its the Chretien gang that really took the cake.
    Remember the Sponsorship Scandal, How about the $1 Billion HRDC - they still aren't sure where the money went. Then there's the $2 Billion Gun Registry - that's only 1000 times over budget. Those fuckwads wouldn't know how to run a lemonade stand.
    While there is no argument to Liberal mismanagement of several items, the federal debt increased phenomenally under the even worse mismanagment of Brian Mulroney's two term government - the budget deficit in his last year alone was $41 billion. It was Chretien who got rid of budget deficits, and turned the country into annual surpluses, using said surpluses to gradually reduce the national debt (the real one, not the 'net' one) and therefore the interest payments as well. There's no doubt that the surpluses could have been bigger or the taxes lower if the overall management of government spending had been better, such as the overspending on HRDC and gun registry as mentioned by Randy.

    Don't think that I am a fan of Chretien, he was a sleaze; and Martin was plainly incompetent in his mercifully short stint as PM (the only thing he did right was to initiate the Gomery inquiry). Yet I do not think that Harper gets it; he is far too ideological. Harper did not win the last election; the Liberals lost due to being punished by the Canadian public, who are steadfastly and overwhelmingly middle-ground. My guess is that Harper, if he keeps his present course, will be turfed in the next election unless the Liberals choose Bob Rae as their leader.

  13. #13
    Quote Originally Posted by Sonny
    Harper did not win the last election; the Liberals lost due to being punished by the Canadian public.
    If Harper didn't win and the Liberals lost. Just who did win??
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  14. #14
    Quote Originally Posted by Randy Whorewald
    If Harper didn't win and the Liberals lost. Just who did win??
    Too Funny! Just like the Democrats didn't win, but the Republicans lost.

  15. #15
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    Quote Originally Posted by cancowboy2001
    So total debt will be balanced by total assets.

    It is somewhat misleading in that some assets may be valued artificially high or could never be sold (like the parliment buildings or the national parks).
    But it is the same as what Ralph Klein claimed the first(?) time he killed the Alberta debt.
    Bingo. Flaherty's full of shit. Even worse than his boss, if that's possible.

    Quote Originally Posted by Randy Whorewald
    If Harper didn't win and the Liberals lost. Just who did win??
    Your ability to read between the lines is impressive
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