Author Topic: Government Day-to-Day  (Read 13163 times)

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guest78

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Re: Government Day-to-Day
« Reply #390 on: May 15, 2020, 11:07:24 am »
BNN has had a couple articles on it.

https://www.bnnbloomberg.ca/soaring-canadian-deficit-may-jeopardize-aaa-rating-macquarie-1.1436065
Exactly.  I believe it was close to 70% when Chretien and Martin took an axe to it. 
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Offline Omni

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Re: Government Day-to-Day
« Reply #391 on: May 15, 2020, 11:26:52 am »
Complete and utter nonsense.  Again, you don't know what you're talking about.  It wasn't reduced at all since JT took office, he's ran massive deficits every year!  Many of Harper's years were balanced budgets or surpluses.  You're entitled to your own opinion, but not your own facts.  Sheesh.  You lie like Trump.

i know facts aren't your forte so here's a little info for you.

No matter how you add it up, Harper’s fiscal record is a catastrophe


Since Harper was elected, the federal debt has increased by over $150 billion, wiping out the reduction in federal debt achieved under Chretien and Martin. Not much to boast about there.

https://ipolitics.ca/2015/04/19/no-matter-how-you-add-it-up-harpers-fiscal-record-is-a-catastrophe/

Offline Gorgeous Graham

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Re: Government Day-to-Day
« Reply #392 on: May 15, 2020, 11:55:34 am »
Canada's 30 year bond rate is 1.06%. Almost all of our old debt is about to roll over, and the new debt will be accrued at the 1.06% rate.  Debt servicing costs are going to fall, even with a trillion dollars of new debt.

Link?  Evidence?
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Offline wilber

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Re: Government Day-to-Day
« Reply #393 on: May 15, 2020, 11:59:49 am »
i know facts aren't your forte so here's a little info for you.

No matter how you add it up, Harper’s fiscal record is a catastrophe


Since Harper was elected, the federal debt has increased by over $150 billion, wiping out the reduction in federal debt achieved under Chretien and Martin. Not much to boast about there.

https://ipolitics.ca/2015/04/19/no-matter-how-you-add-it-up-harpers-fiscal-record-is-a-catastrophe/

Five year old article.

Harper started with balanced budgets, that's why he felt he could reduce the GST. Then there was the 2009 financial crisis as well as a war in Afghanistan and everything went sideways, resulting in deficit years gradually returning to a balanced budget in 2015.

By the end of this year, Trudeau will have increased it by 400 billion, maybe more. He had planned on increasing it 200 billion by 2025 anyway, but that was before Covid-19
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Offline Gorgeous Graham

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Re: Government Day-to-Day
« Reply #394 on: May 15, 2020, 12:00:55 pm »
Actually our debt to gdp ratio was the highest it's ever been under Harper. It has reduced since JT took office. Of course you may have heard there is a pandemic occuring which will certainly have an effect. I suppose you'll try and blame Covid on Trudeau somehow.

That's not true.  It was highest under Chretien in the mid/late-90's until they really started running surpluses, because Mulroney went bonkers with spending and there was a recession in the early 90's.

https://www.ifsd.ca/web/default/files/Presentations/Reports/PDC3.png
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Offline wilber

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Re: Government Day-to-Day
« Reply #395 on: May 15, 2020, 12:03:03 pm »
That's not true.  It was highest under Chretien in the mid/late-90's until they really started running surpluses, because Mulroney went bonkers with spending and there was a recession in the early 90's.

https://www.ifsd.ca/web/default/files/Presentations/Reports/PDC3.png

There were also 20% interest rates.
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Offline wilber

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Re: Government Day-to-Day
« Reply #396 on: May 15, 2020, 12:07:17 pm »
Canada's 30 year bond rate is 1.06%. Almost all of our old debt is about to roll over, and the new debt will be accrued at the 1.06% rate.  Debt servicing costs are going to fall, even with a trillion dollars of new debt.

Who is going to buy that trillion dollars worth of Canadian bonds at 1.06%?
"Never trust a man without a single redeeming vice" WSC
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Offline Gorgeous Graham

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Re: Government Day-to-Day
« Reply #397 on: May 15, 2020, 12:07:38 pm »
i know facts aren't your forte so here's a little info for you.

No matter how you add it up, Harper’s fiscal record is a catastrophe


Since Harper was elected, the federal debt has increased by over $150 billion, wiping out the reduction in federal debt achieved under Chretien and Martin. Not much to boast about there.

https://ipolitics.ca/2015/04/19/no-matter-how-you-add-it-up-harpers-fiscal-record-is-a-catastrophe/

Harper governed during the Great Recession.  Thus he ran big deficits during that time.  Trudeau is governing during this COVID economic meltdown and is going to be running even higher deficits, because he has to or we're even more screwed.

The problem isn't the deficits, it's not paying them down afterwards, because Canadians and politicians are cheap and greedy and irresponsible.  They want to have their cake and eat it too.  It's fun to spend money, it's not fun to pay it back.
« Last Edit: May 15, 2020, 12:09:29 pm by Conspiracy Graham »
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Offline JMT

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Re: Government Day-to-Day
« Reply #398 on: May 15, 2020, 12:38:59 pm »
BNN has had a couple articles on it.

https://www.bnnbloomberg.ca/soaring-canadian-deficit-may-jeopardize-aaa-rating-macquarie-1.1436065

If Canada loses AAA, basically everyone loses AAA, and it's a wash. 

guest78

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Re: Government Day-to-Day
« Reply #399 on: May 15, 2020, 12:46:08 pm »
i know facts aren't your forte so here's a little info for you.

No matter how you add it up, Harper’s fiscal record is a catastrophe


Since Harper was elected, the federal debt has increased by over $150 billion, wiping out the reduction in federal debt achieved under Chretien and Martin. Not much to boast about there.

https://ipolitics.ca/2015/04/19/no-matter-how-you-add-it-up-harpers-fiscal-record-is-a-catastrophe/
Your point was that under Harper, debt to GDP ratio was the highest it's ever been.  That's completely false.  Regardless, almost all of the debt under Harper was due to the 2008 global financial crisis.  But if you think Harper's record is bad, you should see Trudeau's!  Yikes!  It's 10 times as bad.  Over $400 billion in debt just this year!  LOL!
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guest78

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Re: Government Day-to-Day
« Reply #400 on: May 15, 2020, 12:47:41 pm »
Harper added $150 billion dollars in debt over 9 years.  Trudeau's added almost $600 billion dollars in just 5!  Holy ****!
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guest78

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Re: Government Day-to-Day
« Reply #401 on: May 15, 2020, 12:55:01 pm »
If Canada loses AAA, basically everyone loses AAA, and it's a wash.
Um, but it ends up costing us more to finance debt.  But that's ok because it's costing everybody else more too?  What kind of logic is that?  When is tying up a larger % of the budget in just paying interest on debt a good thing?
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Offline wilber

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Re: Government Day-to-Day
« Reply #402 on: May 15, 2020, 12:56:10 pm »
If Canada loses AAA, basically everyone loses AAA, and it's a wash.

It means more competition for money and probably higher rates. You still think there is a free ride.
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Offline Omni

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Re: Government Day-to-Day
« Reply #403 on: May 15, 2020, 01:01:50 pm »
Your point was that under Harper, debt to GDP ratio was the highest it's ever been.  That's completely false.  Regardless, almost all of the debt under Harper was due to the 2008 global financial crisis.  But if you think Harper's record is bad, you should see Trudeau's!  Yikes!  It's 10 times as bad.  Over $400 billion in debt just this year!  LOL!

Nope, never said it was the highest it ever was under Harper. He did manage to get it up to the highest it was since the 70's @38.3% while JT has only got it up the 33.8% at last count. And once again, we have to consider the current government is having to deal with a pandemic which will cost money.

Offline wilber

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Re: Government Day-to-Day
« Reply #404 on: May 15, 2020, 01:47:04 pm »
Nope, never said it was the highest it ever was under Harper. He did manage to get it up to the highest it was since the 70's @38.3% while JT has only got it up the 33.8% at last count. And once again, we have to consider the current government is having to deal with a pandemic which will cost money.

Wrong, it was well over 60% during the nineties and will likely be around 55% by the end of this year. Debt to GDP is a ratio, GDP is now sinking, Debt to GDP would be going up even if the budget was balanced.
"Never trust a man without a single redeeming vice" WSC