The guest compared debt to the US and EU. That's too narrow. Also, we should compare gross debt to gdp. The federal government often falls back on federal debt to gdp, which artificially skews interpretation by leaving out all provincial debt that also has to be carried by the economy. The OECD compares nations on gross debt. The OECD average is 89%. Canada is 113%. The majority of EU nations are below the OECD average. A few EU nations are above Canada (Portugal, Spain, France Greece). The US is 144%. The outlier Japan is 254%. Fiscally conservative Germany is 65%. So we're high. Not the highest. But definetly high, including compared to the majority of EU nations. The US is higher than us, but the US also has 25% higher per capita economic productivity. If we were to compare normalized by productivity, we'd be about the same as the US. Too many numbers for an interview, but I think the guests gross assessment of "better than the EU" isn't justified. About the same, or slightly better than US is more justified.
lol he literally says we are nowhere near a fiscal crisis. And he said Canada is the fastest nation in the G8 to pay down its deficit and national debt. Poiliervre is a snake oil saleman who will say anything to anyone to get into power.
Still waiting on the Canada Disability Benefit. That will be a huge hit to the budget. No one ever mentions it, but it's been law since June 2023, they will eventually have to fund it too. I'm not very confident, but 🤞🏼.
It wont matter. The NDP will back the liberals no matter what happens with the budget, and delayed the election one week cause the Liberals know they are going to lose, and the NDP wont be strong enough to merge to block the conservatives from forming government, but a LOT of MP's will get their pensions, and Trudeau will get his new mansion on the taxpayer's dime. Thats the bottom line, so whatever happens in this budget, or whatever they say, dont hold your breath the good stuff will happen, cause the government wont care, as they will have no reason to.
Unfortunately they have before summer sitting to do anything . It should be in the neighborhood of 2g all together or we are getting scewed . Lets see what they do .
@@AtteliaVel They gonna pocket all they can for the next what..18 months? There is nothing more damning to the people than a government who knows they aren't winning, not even going to try to win because they will all get their pensions. Thats why the election was pushed back one week. People are screaming to pause the hike, and the government isnt listening, so what does that tell you? All the government cares about is lining up their pockets, their donors pockets, their buddies, and funnel as much Canadian money into Quebec as possible. Remember Trudeau was always about Quebec first over Canada.
The crisis is Canada's productivity in relation to our growing debt. Suggesting the only game changer is the Bank of Canada decreasing interests rates is insane. The Liberal and NDP coalition have shown their only solution to account for their increased spending and Canada's increasing debt is to pass the bill on to Canadians. Why the hell would the Bank of Canada lower interest rates when the productivity numbers don't justify the change?
Us has much bigger debt however it still very productive. I Blame both JT and harper, spend tons of money, few successes other than a few ev plants in planning.
@mustywalrus7791 no statics can have national net debt, thr number include all three levels of government debts,which still far less the US . The reason why our number looks nice is cpp brought many of the debt, and the number those politicians use does not consider this part.
It's mind boggling that with Canada's debt being very recently doubled, annual deficits of $40 and $50 Billion having become structural, the minimum this Government has missed it's deficit projections by since elected is 100% and interest payments on the national debt reaching $45 Billion annually that only 34% that of Canadians are concerned.
David, Canadians don't seem to agree with any of your/CBC's views anymore. How about comparing all the ministers and MPs and their pay and benefits with the average commoners in this time of rising internal turbulence? That should give you a great audience and acceptability.
Oh the liberals have spent considerably. But the debt is average. Where does this make sense. Thanks for nothing pal. Your info is as relevant as your job
Comparing us to the US to determine how bad our debt is, is like comparing your burned down house to your neighbour's burned down house, and since your garage is still standing, and his isn't, you're in "better shape". Debt is fine when it goes to worth while projects that bring financial returns: IE: Trans Mountain pipeline will bring returns (however, the government is terrible at anything it touches and costs have ballooned to 34 billion on a project that should have cost 7 or 8 billion). If the government had just been a financial backer of a private company instead, results would have been more affordable. Spending money on workfare (any government job is essentially workfare, a form of employment where the worker's job is useless and the worker is encouraged to be lazy) and expanding the bureaucracy is not as beneficial. This leads to an Argentinian style debt spiral. The government should not ever be as large as the government wants to be.
Tmp was a dud for private industry. Trudeau bought it because he got scared private company would say canada bad with supporting industry . These projects take years to make and over cost huge problem
🤣🤣🤣🤣🤣"Is Canada really in a fiscal crisis?" I'm about to close down my RBC banking account after having it for forty years. Buh-bye $18/mth svc charges.
When you have bloated the government employed stats, that should be the first cut to make. To hell with unemployment! Maybe these plans, dental care, daycare etc. can be cut a bit! They weren't great but were operational during the PC era but now, billions have been added to our debt. The carbon tax is also a top of the list player in this fumbled Liberal economy! It could use a serious haircut; a rethink; a reorganization of the fools who invoked it! Has anyone thought about the upcoming election? Have you thought about how the liberals are buying your vote- dental care, $10 daycare, rental control, house building BUDGETS OF BILLIONS WITH NOTHING ACCOMPLISHED. They are reaching far and deep to garner your vote! I wish I could keep these posts smaller but there is so much distrust with this government that there is just too many things to talk about; so many things to remember, so much mistrust going on daily!
The broad statement that Canadians carry higher debt is inaccurate. In reality, it’s not the Canadians in general, but specifically the investors who hold greater debts.
40 countries on earth have balance budgets or surplus budgets. What is wrong with Canada? Too much socialism is costing taxpayers billions dollars which could be saved to balance the budget. Here are some examples where we can cut cost to reduce the deficit. Get rid the GIS which creates unnecessary and discretionary distribution based on your income. Canadians who worked 40 to 50 years and saved and invested for their retirement are not entitled for guaranteed income supplement but people who migrated to Canada ten years ago and they didn’t contribute to the economy, they are making more money than Canadians. Stop babysitting refugees and stop wasting taxpayers money. No overseas financial support to other countries, balance the budget.cut back all the unnecessary spending. In House of Commons we don’t need so many backbenchers,we should cap maximum 100 MPs .Medicare needs lots changes to cut costs.we got lots other areas where we can cut cost to balance the budget but needs strong willpower and commitment to lead the nation.
Over 10% of what the federal government brings in as revenue is spent on interest payments ($40 to $50 billion a year) and is expected to go up as the Liberals continue to have deficit budgets.
CBC should at least have a snowflake warning at beginning of video letting people know in advance that questions will be asked and facts will be discussed.
Fiscal crisis today. Financial crisis tomorrow. People have no idea what is involved when the bond market for Canadian debt shuts down. We are not far from that. If people think 5% mortgages are hard just think about it being 10-15-20%. Not even close to not being possible.
It's really important people realize just how much of the debt is due to pandemic spending and why it had to be spent.The government needed to keep the economy on life support otherwise we would be facing a much greater economic disaster right now. Having said that, it is important to pay it off quickly in anticipation of the next crisis whenever and whatever that may be.
The government have not had a balanced budget since they came into power. We can talk about the pandemic but what about the years between 2015 and 2019, the economy was doing great but still deficits every year. How about the last two years, still deficits. UNCONTROLLED SPENDING!!!!!!@@Ben_Lavallee
@@uplandknight5782 The virus evolved by being less fatal. It's often the case, since killing your host, especially too early, will prevent its spread among a population. Of course you may be one that doesn't accept the science of evolution...
I balme both liberals and conservative. Name 1 successful investment in Canada over these years. Avor is gone, blackberry bo longer a thing, bombardier been a laughing stock and sells its raill and commercial jets division. Although Dh- canada is good then shut down production and plan to open in few years. Some EV and battery plants sound good but not happening in a few years.
