Canada and Ontario's debt - servicing debt, $10B more than pensions each year.

[mosquito]

http://news.nationalpost.com/full-co..._lsa=2b12-a366

Ontario...
It has all the usual scary numbers: Combined federal and provincial debt will top $1.3 trillion this year; Ontario will soon owe $300 billion, passing Quebec as the most in-hock province; another $450 billion has been tacked onto the national credit card since the 2008 recession.

At almost $1 billion a month, Ontario spends more on debt interest than it did on its entire welfare system.

Canada
For instance, the report notes that the interest spent last year on previous borrowings –$61 billion – is almost equal to the entire cost of public education in Canada last year.

Prime Minister Justin Trudeau was elected on a promise to add $10 billion to the federal debt load every year for three years, but even his own finance minister doesn’t appear convinced he can stick to that figure. It’s more likely to be double the promised amount, unless some serious new tax, are sharp cut in spending, takes place.

Borrowing is cheap at the moment, they say. We can afford it … barely … for a little while longer.

[fishermccann]

Gee , seems that 450 BILLION was when harper was in charge. 10 years = 45 Billion a year added to debt by harper

[werner.reiche]

http://news.nationalpost.com/full-co..._lsa=2b12-a366

Ontario...
It has all the usual scary numbers: Combined federal and provincial debt will top $1.3 trillion this year; Ontario will soon owe $300 billion, passing Quebec as the most in-hock province; another $450 billion has been tacked onto the national credit card since the 2008 recession.

At almost $1 billion a month, Ontario spends more on debt interest than it did on its entire welfare system.

Canada
For instance, the report notes that the interest spent last year on previous borrowings –$61 billion – is almost equal to the entire cost of public education in Canada last year.

Prime Minister Justin Trudeau was elected on a promise to add $10 billion to the federal debt load every year for three years, but even his own finance minister doesn’t appear convinced he can stick to that figure. It’s more likely to be double the promised amount, unless some serious new tax, are sharp cut in spending, takes place.

Borrowing is cheap at the moment, they say. We can afford it … barely … for a little while longer.

Why don't we just borrow some money to pay that interest???
I mean, isn't borrowing to spend good? That's what we voted for on October 19th wasn't it?

[mosquito]

Why don't we just borrow some money to pay that interest???
I mean, isn't borrowing to spend good? That's what we voted for on October 19th wasn't it?

I didn't vote for it, after seeing Justin's daddy in an interview insult democracy, voters etc. for about 10 minutes and answer "dictatorship" when asked what kind of gov't he would like I won't vote for another one of the Liberal cronies or their idiot offspring!

[JBen]

Hey Gord.
Re Federal spending.
1) Have you forgotten that a lot of that spending was demanded by the Liberals/NDP?
2) Do you see any credit downgrades?
2a) Any warnings?

You keep griping about Harper/Cda when
1) Harper is now old news
2) The problems here in Ontario drawf any of those that are Federal

Get with the times please. Even if you don't like the amount of debt Harper added, currently ( you know today) JT wants to add to it significantly...So if you do have a problem with the amount of debt THE PREVIOUS government added....Why would anyone ever want to add more...especially these days.....

Haven't you and anyone learned from Ontario?
And what about Ontario?

Something many don't simply want to face.
And now as it relates to Federal politics, adding to the problems is ALTA....

[Dythbringer]

[QUOTE=JBen;949333]

Get with the times please. Even if you don't like the amount of debt Harper added, currently ( you know today) JT wants to add to it significantly...So if you do have a problem with the amount of debt THE PREVIOUS government added....Why would anyone ever want to add more...especially these days.....[QUOTE]

Oh, oh, oh. I know the answer to this one. It's the golden boy can't do anything wrong logic. It's ok to add debt as long as it is our guy who is doing it. I don't know who wears worse blinders racehorses or Liberal supporters. I believe Justin Trudeau could sacrifice a live chicken on the CBC to Satan and some posters on here would not only be ok with it but manage to defend it.

I wonder what will happen when Canada's credit starts to get downgraded (admittedly not for a while) under this leadership. Will our PM right the ship by bringing in touch economic austerity measures or will he go on the CBC and dramatically cry? Or perhaps his mommy will defend him from the big bad creditors.

[fishermccann]

The only reason I point it out is because Mosquito is always only talking about how bad JT has done in his first couple of months,( when really he has done nothing) ,and overlooks what happened over the past 10 years. If I am not mistaken the previous 3 liberal governments had a surplus and we did not go into debt until harper got hold of the budget.

[JBen]

oh lol ok

Not sure I would say JT has done nothing. He has done a couple, easy low hanging fruit things. But as expected he is backing off many campaign promises now that reality is getting in the way.

Martin raided ei to balance the budget, then not long after 2008 hit. Harper certainly added a lot of debt, rightfully/wrongfully. Doesn't really matter anymore. Just worth noting rating agencies aren't concerned, so today really its just a case of do we or should we add 15-20b/year more.

With the state the world is in
With ALTA now in the crapper and unable to finance the have nots
With Ont..
etc
etc
etc

[mosquito]

Gee , seems that 450 BILLION was when harper was in charge. 10 years = 45 Billion a year added to debt by harper

Do you actually believe the garbage you put up or are you just a troll?
http://www.cbc.ca/news2/interactives...cit/index.html

Try changing the 4 to a 1! $156B being the total.

The only reason I point it out is because Mosquito is always only talking about how bad JT has done in his first couple of months,( when really he has done nothing) ,and overlooks what happened over the past 10 years. If I am not mistaken the previous 3 liberal governments had a surplus and we did not go into debt until harper got hold of the budget.

Projecting on the record of his father and his promises it is obvious to identify how lousy Poodeau will be.

Harper seemed like he planned another 2 terms, he put tax cuts in that cost the gov't over $30B that the taxpayers got to keep (which JT will probably roll back according to his promises). His spending in the worst financial crisis since 1930 at $55B was high but a trifle compared to what some other nations spent and he should have cut in some places more and tossed CBC under the bus and cut atleast 50% of it's funding. A 50% cut to CBC would have saved atleast $5B alone over the 10 years. I tend to agree that employment and helping the people was more of a concern with Harper when you look at tax cuts, TFSA and other benefits to Canadian over the pocket of the gov't., $30B+ according to a recent article.

Ontario alone run by the Liberals in the same time period has had a debt increase of $120B+ which is almost as much as the rest of Canada and the total debt is now about 1/2 the federal debt. If you look at the recent years and if the transfer payments were undone you would actually exceed the feds for the increase.

Pierre Trudeau on the other hand if you take his deficits and convert into todays money would be over $73B in his last year and $70B the year before that and $37B the previous year. Given his father's record he is so proud of (personally I consider him Canada's worst or 2nd worst PM with Cretien close.) and his already promised spending then even with Harper's rather poor record on the deficit he was still a better choice than Poodeau and Mulcair.
http://www.in2013dollars.com/1982-do...2016?amount=29
Using the CBC numbers from above in the graph and in todays money Pierre's deficits would be $72B, $65B and $61B.

Even in the 2 months his spending Justin managed to throw out the projected surplus and replace it with a deficit thanks to the Paris promises etc. and has promised debts to increase atleast $10B (some think double his figure) the next few years.

[terrym]

Boys, boys, relax. Put your feet up and stop worrying. The budgets will balance themselves. Everybody knows it's ok to increase spending as revenues tank right? We can spend/ borrow our way out of debt. Geez didn't you guys take economics in University or were you out skiing and smoking pot?