JPF Home Page Forums General Messages General Message Forum Please stand up.

To be fair, Greece is just one example. And their problems are far more complicated than you're letting on.

Canada is a relatively liberal country and we rode out the worldwide recession completely unscathed, our economy remained rock solid and our banking sector is as healthy as it has ever been. So healthy in fact that for a time Iceland considered adopting our currency.

And remember when the US lost it's AAA rating from Standard and Poor's? Here's S&P's debt ratings projections from 2006. Note when Canada is projected to lose it's AAA rating...

You may have social conservatives running for office in the US, but there is a huge difference between Social and Fiscal conservatives. When was the last time you had anybody in office who tried to reign in spending in any real way, Liberal or Conservative?

My country is far more socially liberal than yours is, and we're doing fine. Perhaps you should look at what the real systemic problems in your nation are, and realise that neither side of the aisle has any intention of ever fixing them.

http://www.thecomingdepression.net/countries/canada%E2%80%99s-1-trillion-debt-baby/#axzz1q8u5f4VH

These are rough numbers, to be sure, in that they don’t take in other elements of net debt calculation. But the trend is unmistakable. At the end of 2008, the net debt of all the provinces stood at $274-billion. If they collectively add $100-billion over the next five years, as seems more than possible, total provincial net debt will rise to about $375-billion by the end of 2015. Add that number to the projected federal net debt of $628-billion by 2015, and Canada is suddenly looking at $1-trillion in debt, or about $30,000 per man, woman and child.

The numbers don’t look quite so bad when measured against the size of the economy. At $1-trillion in 2015, Canada’s net debt to GDP ratio would be about 57.5%. That’s a long way from the 90% levels Canada hit in the late 1990s. But as the chart above shows, Canada’s track to lower debt has been drastically reversed and is now on a new upward curve. As Canadians know from experience, turning annual government deficits into balanced budgets and surpluses is a painful process that implies big cuts in government spending and higher tax levels. Somebody has to repay the debt and cover the interest costs.

Read more: http://www.thecomingdepression.net/countries/canada%e2%80%99s-1-trillion-debt-baby/#ixzz1q8ujhZTZ
Original story at http://thecomingdepression.net
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