My recollection of the Canadian Federal Debt is that it is now C$584 billion. It was first introduced in the last two terms of Pierre Trudeau's government and guess who was the finance minister at that time? No other than John Cretien!. In a TV interview between John Cretien and Preston Manning some rather elementary economic questions were asked of the PM who could not find the answers. Preston piped up, "And you were Canada's finance minister and you do not know the answers to these elementary questions?" Wow, we have JC now claiming to have solved his own problems with the deficit, but, he rarely if ever comments or plans on how to reduce the accumulated deficit. JC is only concerned with promoting the fiscal deficit, he is now having Paul Martin prepare a budget showing a C$5 billion fiscal surplus. This budget could be very flawed because, as you mention, the accumulated deficit is so large that any increase in interest rates will wipe out any planned surplus, not to mention the unrest and waiting lines to receive medical services, debt loaded onto university students and many more areas of deficiency. One must conclude that the Liberals are hoping for an election soon and my prediction is that Paul Martin will be running for Prime Minister!
About the Conservatives. Notice the press they receive with only two seats! Certainly, I agree with you, Mulroney didn't do the country any favors. His colors were seen right away when he backed down from reforms involving seniors at the start of his first term.
Time for a change in the politics of Canada.
Welcome back Shirley.
Best regards,
Ron E |
