JimBowie1958
Old Fogey
- Sep 25, 2011
- 63,590
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https://news.yahoo.com/canadian-gov...DMTBsMm1uODllBGNvbG8DYmYxBHBvcwM4BHNlYwNzcg--
Why cant we do that?
Oh, yeah, because we let the thieves running our government hand out all those pork barrel goodies to the political machines that elected them.
Meanwhile we are facing the end of the gravy train in one fashion or another; either we wake up and do reform the responsible way and tighten our belts or the gravy train has a huge train wreck that harms a hundred times more people in greater magnitude.
CBO Director: 'Large and Growing Federal Debt' Could Produce 'Fiscal Crisis' | CNS News
Either way, this wont end pretty in all likelihood.
Canada's Conservative government looks set to comfortably balance its books in 2015 or even sooner, its latest budget showed on Tuesday, with cuts in spending on the public service more than offsetting a series of modest new expenditures.
The low-key spending plan leaves Prime Minister Stephen Harper well-positioned to offer tax breaks and other initiatives in the runup to an election scheduled for October next year.
"Some people will say this budget is boring," Finance Minister Jim Flaherty told reporters ahead of the budget speech. "Boring is good."
The budget shows a deficit of C$2.9 billion ($2.63 billion)in the 2014-15 fiscal year, up from the previous estimate of C$5.5 billion. That balance includes a C$3 billion contingency fund, which in fact reveals an underlying surplus that year.
Flaherty acknowledged the budget would be narrowly balanced this coming year without the contingency fund, but said he preferred to have a "nice clean surplus next year".
The government estimates a bigger-than-expected C$6.4 billion surplus in 2015-16. In the year ending March 31 of this year, the deficit is pegged at C$16.6 billion.
The Conservatives, in power since 2006, plunged into a deep deficit in 2008 as they pumped out stimulus money to deal with the recession after having cut taxes earlier. Previously, the Canadian government had an 11-year string of budget surpluses.
Why cant we do that?
Oh, yeah, because we let the thieves running our government hand out all those pork barrel goodies to the political machines that elected them.
Meanwhile we are facing the end of the gravy train in one fashion or another; either we wake up and do reform the responsible way and tighten our belts or the gravy train has a huge train wreck that harms a hundred times more people in greater magnitude.
CBO Director: 'Large and Growing Federal Debt' Could Produce 'Fiscal Crisis' | CNS News
-On the same day House Speaker John Boehner said he would bring a "clean" debt ceiling bill to the House floor -- and join Democrats in voting for a 13-month extension of the debt limit -- the head of the Congressional Budget Office declared that the "large and growing federal debt" could eventually increase the risk of a "fiscal crisis."
"The large budget deficits recorded in recent years have substantially increased federal debt, and the amount of debt relative to the size of the economy is now very
high by historical standards," Elmendorf told the Senate Budget Committee.
Either way, this wont end pretty in all likelihood.