{"id":34396,"date":"2018-05-21T07:27:41","date_gmt":"2018-05-21T12:27:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34396"},"modified":"2018-05-21T07:27:41","modified_gmt":"2018-05-21T12:27:41","slug":"canadas-debt-spiral","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34396","title":{"rendered":"Canada’s Debt Spiral"},"content":{"rendered":"

Canada’s Debt Spiral<\/a><\/h3>\n

\"canada_debt.PNG\"<\/h3>\n
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Living beyond our means requires us to borrow money to cover the difference between our income and our spending. Many Canadians now understand the financial consequences of this practice and regret the choices they\u2019ve made. Unfortunately, Prime Minister Trudeau is not one of them, as evidenced by his government\u2019s budget deficits which are further eroding the financial wellbeing of Canadians. He has broken a campaign promise, ignored basic economic principles, and seems hell-bent on setting an ignominious record<\/a>.\u00a0 According to the Fraser Institute: “Justin Trudeau is the only prime minister in the last 120 years who has increased the federal per-person debt burden without a world war or recession to justify it.”<\/p>\n

The Broken Promise<\/strong><\/p>\n

The Liberals had\u00a0won the 2015 federal election<\/a> with a pledge to run annual shortfalls of no more than $10 billion over the first three years of their mandate, and to eliminate the deficit by 2019-20.<\/p>\n

The deficit for 2016-17, Trudeau\u2019s first full fiscal year, was $17.8 Billion<\/a>. The forecast for 2017-18 is $19.9 Billion<\/a>, and for 2018-19, the forecast is $18.1 Billion<\/a>.<\/p>\n

And now, from the government\u2019s 2018 budget, we read this<\/a>:<\/p>\n

While austerity can come from fiscal necessity, it should not turn into a rigid ideology about deficits that sees any investment as bad spending.<\/p><\/blockquote>\n

The government says deficits are economically beneficial, and compares deficits to loans taken out by entrepreneurs and business owners.\u00a0But here’s the rub: in order to spend, the government must first raise money by taxing or borrowing (deficits). This deprives the private sector of money which would otherwise be available for businesses to borrow and invest in new production, thereby creating jobs and raising our standard of living.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Canada’s Debt Spiral Living beyond our means requires us to borrow money to cover the difference between our income and our spending. Many Canadians now understand the financial consequences of this practice and regret the choices they\u2019ve made. Unfortunately, Prime Minister Trudeau is not one of them, as evidenced by his government\u2019s budget deficits which […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1927,103,195,3575,4169,7617],"class_list":["post-34396","post","type-post","status-publish","format-standard","hentry","category-economics","tag-budget","tag-canada","tag-debt","tag-deficit-spending","tag-justin-trudeau","tag-mises-institute"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34396"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34396\/revisions"}],"predecessor-version":[{"id":34397,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34396\/revisions\/34397"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}