Author Topic: Economics Culture  (Read 1778 times)

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Offline waldo

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Re: Economics Culture
« Reply #150 on: March 27, 2020, 05:14:29 pm »
It discredits the idea that you can count on ever increasing GDP to justify continued borrowing in good times.

ah yes! COVID-19... goodTimes, goodTimes!

Offline wilber

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Re: Economics Culture
« Reply #151 on: March 27, 2020, 06:02:34 pm »
ah yes! COVID-19... goodTimes, goodTimes!

No dumbass, the last four years.
"Never trust a man without a single redeeming vice" WSC

Offline MH

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Re: Economics Culture
« Reply #152 on: March 27, 2020, 10:05:17 pm »
It discredits the idea that you can count on ever increasing GDP to justify continued borrowing in good times.

How?  Did the deficit impact the ability to create this rescue package?

Offline kimmy

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Re: Economics Culture
« Reply #153 on: March 27, 2020, 10:34:57 pm »
How?  Did the deficit impact the ability to create this rescue package?

The waldo proposes that yes, Canada could have been in better position to respond to this emergency:

for some time, the waldo has been HarperingOn about lost GST federal revenue: again, per the PBO, every percentage point of GST is worth about $7-Billion a year; accordingly, Harper Conservatives's 2-point GST cut in 2013 has cost a loss of, CONSERVATIVELY, $84 Billion to federal coffers!

in terms of Canada being in a better position to respond to this coming COVID-19 economic downturn, the waldo has been proven right. It sure would be nice to have that foregone $84 Billion back to add to the stimulus and recovery measures the government has needed to put in place because of COVID-19.  We'd have more room to expand debt-to-gdp and keep it at a reasonable level.

always listen to the waldo



I won't defend the cut to the GST, which I always disagreed with.  But there's an obvious disconnect here:  you can't argue that annual budget deficits are irrelevant because the GDP to debt ratio remains strong while simultaneously arguing that we would be in a better position if we hadn't lost the revenue from the GST cuts.

 -k

Masked for your safety.

Offline BC_cheque

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Re: Economics Culture
« Reply #154 on: March 28, 2020, 12:51:51 am »
It's a lesson in how fast debt to GDP forecasts can go to hell in hand basket.



Sure, hindsight has the handful of people who tried to warn us about this, but being prepared for a pandemic that'll bring the economy to a grinding halt isn't really something you can forecast and budget for.

Offline waldo

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Re: Economics Culture
« Reply #155 on: March 28, 2020, 04:46:48 am »
I won't defend the cut to the GST, which I always disagreed with.  But there's an obvious disconnect here:  you can't argue that annual budget deficits are irrelevant because the GDP to debt ratio remains strong while simultaneously arguing that we would be in a better position if we hadn't lost the revenue from the GST cuts.

the disconnect is yours! Think debt versus economic output and what the degree of that output means in terms of debt... gee, what's it called again?  ;D And ya, completely unrelated, that lost GST revenue could have many targets - even applied to debt... or COVID-19 mitigation/recovery. Try again; try harder!

Offline Gorgeous Graham

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Re: Economics Culture
« Reply #156 on: March 28, 2020, 10:36:50 am »
the disconnect is yours! Think debt versus economic output and what the degree of that output means in terms of debt... gee, what's it called again?  ;D And ya, completely unrelated, that lost GST revenue could have many targets - even applied to debt... or COVID-19 mitigation/recovery. Try again; try harder!

Why didn't the majority Liberal government raise the GST back up?  That's on them to fund their own programs.
I can tell how good of a person you are by how you treat the people you disagree with.
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Offline wilber

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Re: Economics Culture
« Reply #157 on: March 28, 2020, 11:30:33 am »
the disconnect is yours! Think debt versus economic output and what the degree of that output means in terms of debt... gee, what's it called again?  ;D And ya, completely unrelated, that lost GST revenue could have many targets - even applied to debt... or COVID-19 mitigation/recovery. Try again; try harder!

According to the PBO, economic output could decrease up to 25% this year. What now genius?
"Never trust a man without a single redeeming vice" WSC

Offline waldo

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Re: Economics Culture
« Reply #158 on: March 28, 2020, 11:36:03 am »
Why didn't the majority Liberal government raise the GST back up?  That's on them to fund their own programs.

a Conservative government giveth the 7% GST and a Conservative government taketh away 1%... then taketh away another 1% of that GST. Introducing and lowering GST levels seems to be a Conservative government thingee. And the waldo thought raising GST was a so-called political non-starter - but good on ya for wanting a Liberal government to do so - good on ya!  ;D

Offline waldo

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Re: Economics Culture
« Reply #159 on: March 28, 2020, 11:38:59 am »
According to the PBO, economic output could decrease up to 25% this year. What now genius?

I trust the government has you on speed-dial... just make sure you give credit to your go-to Fraser Institute bros, hey!

Offline wilber

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Re: Economics Culture
« Reply #160 on: March 28, 2020, 01:38:04 pm »
I trust the government has you on speed-dial... just make sure you give credit to your go-to Fraser Institute bros, hey!
\
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That is a PBO document. That is the government itself. Not me and not the Fraser Institute. Reading deficit have we?

Quote
Parliament's budget watchdog predicts the Canadian economy could contract by a staggering 25 per cent in the second quarter of this year, while the annual budget deficit could top $112.7 billion by the fiscal year's end.

« Last Edit: March 28, 2020, 01:45:31 pm by wilber »
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Offline Gorgeous Graham

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Re: Economics Culture
« Reply #161 on: March 28, 2020, 02:01:50 pm »
a Conservative government giveth the 7% GST and a Conservative government taketh away 1%... then taketh away another 1% of that GST. Introducing and lowering GST levels seems to be a Conservative government thingee. And the waldo thought raising GST was a so-called political non-starter - but good on ya for wanting a Liberal government to do so - good on ya!  ;D

I prefer a raise of the GST than an indefinite raise of the deficits/debt.

I'm not a PC supporter and I'm not a CPC supporter and never have been.  Mulroney spent like nuts and then put in the GST.  Chretien promised to scrap the GST before the 1993 election.  Promise broken, but thankfully he used it to pay down the debt.

If the current gov doesn't have the courage to demand we pay for their programs and like cowards put that burden on future generations, then you don't fund those programs.  But alas, they're cowards.
I can tell how good of a person you are by how you treat the people you disagree with.

Offline wilber

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Re: Economics Culture
« Reply #162 on: March 28, 2020, 02:48:42 pm »
I prefer a raise of the GST than an indefinite raise of the deficits/debt.



The problem is, there is no reason to assume you wouldn't get both.
"Never trust a man without a single redeeming vice" WSC

Offline MH

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Re: Economics Culture
« Reply #163 on: May 16, 2020, 10:15:49 am »
This makes the case that the US $ is on it's way out as the world's reserve currency.  We have heard it before, but...

https://www.kitco.com/commentaries/2020-05-14/The-US-dollar-the-final-act.html?fbclid=IwAR2bsKU7d-FBYIrH2OqT9oK35ubdN5EaDS-3oK-uD0kLRK9VshDXphsZHOU#.Xr_HVF9Bq4I.facebook

Offline MH

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