Discussions

The liberals projected 3.9 and 2.4 billion deficits for the next two years (bad enough), but are now announcing they will spend more like 15 and 18 billion beyond the governments income each year!  
 
Truly sickening. What can the average person do to stop such reckless spending?  
 
The warning from Bank of Montreal was interesting. Sorry, not sure how to post a link but article is on Global.

http://vf.to/1_6prck-Imf  
 

This from the Canadian Taxpayer Federation, before the announcement was made:  
 
As of 2016, Canada's federal public debt stands at $616 billion with interest payments in the last year alone costing Canadians taxpayers approximately $26 billion (which is more than the government spent on National Defence).  
 
 Since 1990, Canadians have spent $1.3 trillion dollars on paying interest on public debt.

Who do we pay interest to?

Goodtimes56 said "Who do we pay interest to? "

The interest is paid to the people or countries that lent us the money.  

Harper was not as transparent about what he was doing and it was a greater mess than anyone could have imagined once the books were opened for the Liberals to see what had been done for the last decade.  
 
Creative Accounting is a phrase that comes to mind.  
 
Passing laws that were unconstitutional rather than paying the contracted amounts. The missing three billion dollars. Saving money by not hiring inspectors but letting the industries be self-regulated. Letting infrastructure crumble until photo ops for the election.  
 
Trudeau has a big job ahead and I support his plans. I am in the upper tax bracket but understand that we get what we pay for.  

Didn't Harper have bigger shortfalls than that several times?  
 
Wish we could go back to the good old days when Harper was breaking the country instead of Trudeau.

Wow that's like saying it's ok for your youngest to rack up 2 grand on the credit card because the oldest spent 10!  
 
Either way, we lose and taxes go up or services come down.

It is simple in my opinion. We voted in a party that pledged to overspend by 10 billion. This is the same party that along with the NDP strong armed Harper to overspend in 2008/9. We may or may not have had a surplus this year under Harper. He at least tried.  
 
The current 18 billion that is suggested is not all Trudeau's fault. I figure close to 8 of it is with some of his new spending etc. The rest is the economy just like in 2008.  
 
I figure with the upcoming budget the deficit may hit 30 billion. Like his Dad Justin may try to spend our way out of this poor economy. Never worked then but maybe now. I will note we still are paying interest on Trudeau Dad's spending.  
 
We voted him in and a couple of years of over spending will not kill us. The new budget will bring new spending. We need to watch how effective and or where it goes. Give Trudeau time to Prove he is right or go down in flames.  
 
Two budgets I will give him before I really make judgment.

Heritage said "The liberals projected 3.9 and 2.4 billion deficits for the next two years (bad enough), but are now announcing they will spend more like 15 and 18 billion beyond the governments income each year!     Truly sickening. What can the average person do to stop such reckless spending?     The warning from Bank of Montreal was interesting. Sorry, not sure how to post a link but article is on Global. "

its almost like we re-elected harper, except Trudeaus never inherited a 13 billion dollar surplus befor he peed it all down the drain

Manitoba has $37 billion in debt for a population of around a million...considerably more than federally per capita. Also if you own any GIC's or government bonds you're likely happy the Feds don't run surplus'

Heritage said "Wow that's like saying it's ok for your youngest to rack up 2 grand on the credit card because the oldest spent 10!     Either way, we lose and taxes go up or services come down. "

Some of this is about credibility the oldest promised he would not rack up credit card bills and instead would put money in a savings account. He then proceeded to rack up as much or more debt than his younger brother who at least was straight up and told us he was spending more than he made.

I hope you realize the Liberal's initial deficit estimates during the election were largely built on what little information they were able to gather from the existing Harper/Conservative estimates - and as we all should remember it was practically impossible to get solid, or even ANY numbers from them (just ask the former PBO officer Kevin Page. Also, remember the Harper Conservatives were found in contempt of parliament for NOT giving our elected MPs ANY financial information in order to fully debate their plans - the ONLY Westminster government to ever do that.  
 
So what this deficit number IS, is the Liberals being open and honest about the country's finances. This number is their ESTIMATE for the year ahead - it is NOT the budget - which will be tabled in March.  
 
This released estimate is based on exisiting debt and on going government expenditures + their election promside of a $10 billion deficit for three years to spur infrastructure investnment + "best guesimates" on othe factors such as the price of oil, etc.  
 

Lol thanks for all the CAPS, I'm sure itwill help me READ.  
 
No, the ESTIMATE doesn't include the $10 billion election promise. They well still have to spend that over and above the numbers mentioned.  
 
I guess you all don't care how much of your grand childrens income goes to interest payments as long as pretty Trudeau is leading.  
 
I'm surprised you're not upset at big government overspending.

Nope, I'm wrong. The $10 billion over a few years is included, but not any new spending announced with the March budget.

Sort of curious if that includes the money just announced to help out the province of Alberta. 775 million to get to work on infrastructure programs, something they say was fast tracked to help the province out.  
 
Maybe we'll go to negative interest rates in this country which will take a lot of sting out of it. We can talk all we want about government spending,but just look at debt that ordinary Canadians are racking up, that money has to be paid back as well.  
 
They say that government is a reelection of the people of a country, maybe it's true.  
 
Edited by don brown, 2016-02-23 18:59:21

Heritage said "Lol thanks for all the CAPS, I'm sure itwill help me READ.     No, the ESTIMATE doesn't include the $10 billion election promise. They well still have to spend that over and above the numbers mentioned.     I guess you all don't care how much of your grand childrens income goes to interest payments as long as pretty Trudeau is leading.     I'm surprised you're not upset at big government overspending. "

Was your outrage at the previous government? I for one have been outraged for years at the overspending. The previous governments record stands for itself (terrible).  
 
Wouldn't it only be fair to give Trudeau 9 years to rack up 150 billion in debt before deciding he is also terrible?