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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: ChanceIs who wrote (83111)	4/16/2007 7:04:57 PM
From: Cogito Ergo Sum	Respond to of 206325

Hi Chancels, Th resource issue is a bit simplistic. Alberta certainly has boomed. The only province with no provincial sales tax BTW. The deficit reduction started under the former Liberal government of Jean Chretien and Paul Martin as Finance Minister. The road to deficit ruin was created by the Trudeau Liberals and became the highway to hell courtesy the Mulroney Tories ... (no sense in partisanship here, they are all guilty) The feds cut transfer payments to the provinces in order to balance the budget... eliminate the deficit and start paying down the debt. Transfer payments come from taxes collected by the federal government. Far more taxes than they need to administer federal programs. The federal government has the option (moral duty) of returning some of the money to the provinces. The idea is to redistribute the wealth among less well to do provinces. Sometimes this is good but of course it lends itself to a lot of pork barreling and boondoggles... but I digress.. Often the money is withheld to 'enforce' national standards.. over things like healthcare which is a provincial domain. Some provinces like Ontario (a so called have province) have been financing other provinces for a long time by paying a disproportionate amount into the kitty and it is showing. When the provinces lost funding ... they in turn cut funding to municipalities. For example the province of Ontario cut funding for social services in Toronto. The province still spends the money but sends the bill to Toronto. You know like taxation without representation. Toronto proper has over 2.5 million people.. Ontario (Golden Horseshoe) is the manufacturing heartland of Canada. It's economy is largely manufacturing and service based. It's largest trading partner is the US, not Alberta or Quebec or even all of Canada... So the Loonie rises. Taxes rise.. not good eh ? Prior to the resource boom it was easily the economic engine of the country. Alberta is booming sure and the government there has done a decent job with their wealth (why the west still resents the east over the NEP brought in by the Trudeau Liberals) Despite our much smaller population Canada is, like the US, a nation of many disparate economies. How much did the tech boom in California benefit Pitsburgh, isn't it still dying ? That is a good analogy maybe albeit Ontario is not dying by any means. Yes the resource boom is a bonus for the federal government and certainly mitigates the slower economy in Ontario but it is not the primary source of the deficit reduction... The sweat of the Canadian people is. If you could listen to news at the local Ontario level you would get a more balanced picture. 680news.com chspr.ubc.ca g7.utoronto.ca How were resources during this period ? This is the face of deficit reduction.. The Liberal federal government initiated a program of severe expenditure cuts and modest tax increases in its 1995/96 fiscal year budget buttressed by explicit deficit targets. The program was confirmed (with minor modifications) in both the 1996/97 and 1997/98 budgets. The program of expenditure cuts has hit all areas, including administration, transfers to persons and business and transfers to the provincial levels of government. The 1995/96 budget announced in February 1995, introduced a program with a three year cumulative deficit reduction of $29 billion relative to what the deficit would have been otherwise. Of this amount some $25 billion was to derive from expenditure cuts - the bulk of which to were derive from departmental expenditures. The budget sought to reduce the then projected 1997/98 deficit by $13.3 billion. The 1996/97 budget introduced a further $1.8 billion in expenditure cuts mostly targetted for 1998/99. The 197/98 budget and other pre-budget measures increased expenditures by under $1 billion for each year through to fiscal 1999/2000. The 1997/98 budget expenditure increases were probably prompted by the considerable deficit target underrun - and perhaps by the impending federal election. This a good site.. The first page chronicles the birth of the debt reductin.. thiscanada.com If we do not build our trade elsewhere than the US we sink or rise with you. It's just not as simple as we got the silver.. cbc.ca Alberta population is less than 10 % of Canadian total.. less than the Toronto and neighbouring Missassauga They won't want o support us :O) Al Edit during those early years my wife a health care eprofessional took a good pay cut, along with many others.. Yes the regular people are the heroes.. There is no magic or artistry in Slash and Burn