Saturday, October 19, 2019

Liberals Promise another $93.9 Billion Debt

Promise to run Canadians another $93,900,000,000.00 in debt over next four years

That is a campaign PROMISE which means it might be on the low side, but not the high side.

As reported in the National Post
The Liberals released their costed platform on Sunday, and it comes with big promises — and big spending. The party plans to run a $27.4 billion deficit in 2020-21, and then follow it up with deficits of $23.7 billion, $21.8 billion, and $21 billion in the following years. The Liberals do not have a plan to balance the budget;

Cost of Debt

As reported in the Financial Post
In 2016/17, interest payments on the federal debt will total $25 billion, which is more than what Ottawa plans to spend on transfers to Canadian families in the form of children benefits ($22 billion). It’s also equivalent to the federal government’s planned budgetary deficit ($25 billion). Put differently, in the absence of federal interest payments, Ottawa could wipe out its deficit this year, despite its marked increase in program spending.

Enslaving future generations

Perhaps Canadians have been blinded to the long term evil of deficit financing, as most households couldn't run without their credit. Credit actually makes slaves of us all and the debt we are running up will be an anchor around the neck of our great grandchildren.

With all the focus on the boogieman of climate change, the slight of hand artists wanting to run Canada are being allowed to steal from future generations.

Using credit cards to make credit card payment???

How long would you be able to use one credit card to borrow money to make the monthly payment on another card?? Sooner or later you will go broke.

There is no difference with national debt. This Liberal government plans on running deficit of $27.3 billion in their first year. The interest on the national debt is $25 billion. You don't need to be a finance wizard to realize that we are now paying interest by borrowing more money.

It is a fool's game.


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