CBH1926 Posted July 8, 2020 Share Posted July 8, 2020 Ottawa to post $343B deficit as spending hits levels not seen since Second World War https://www.cbc.ca/news/politics/bill-morneau-fiscal-update-budget-deficit-1.5641864 Link to comment Share on other sites More sharing options...
Dazzle Posted July 8, 2020 Share Posted July 8, 2020 32 minutes ago, CBH1926 said: Ottawa to post $343B deficit as spending hits levels not seen since Second World War https://www.cbc.ca/news/politics/bill-morneau-fiscal-update-budget-deficit-1.5641864 I don't think Canada really had much of a choice. Link to comment Share on other sites More sharing options...
bishopshodan Posted July 8, 2020 Share Posted July 8, 2020 How are other Countries doing during the pandemic? How does Canada measure up, anyone know? Link to comment Share on other sites More sharing options...
Chicken. Posted July 8, 2020 Share Posted July 8, 2020 (edited) 19 minutes ago, bishopshodan said: How are other Countries doing during the pandemic? How does Canada measure up, anyone know? My initial thought is many countries are still in the process of releasing and finalizing those budgets so the statistic comparisons will take some time Interesting image from my search. north america was not short on debt before this pandemic began either. japan is nuts. https://www.pewresearch.org/fact-tank/2020/04/29/coronavirus-downturn-likely-to-add-to-high-government-debt-in-some-countries/ Edited July 8, 2020 by Chicken. 3 Link to comment Share on other sites More sharing options...
CBH1926 Posted July 8, 2020 Author Share Posted July 8, 2020 23 minutes ago, bishopshodan said: How are other Countries doing during the pandemic? How does Canada measure up, anyone know? I think Canada is 4th, behind U.S, Japan and Brazil. 1 Link to comment Share on other sites More sharing options...
CBH1926 Posted July 8, 2020 Author Share Posted July 8, 2020 51 minutes ago, Dazzle said: I don't think Canada really had much of a choice. I bet you this 343 gets closer to 400b. Link to comment Share on other sites More sharing options...
Popular Post King Heffy Posted July 9, 2020 Popular Post Share Posted July 9, 2020 (edited) If there's ever a good time to run a deficit, this is it. Way better alternative than what the idiots to the south of us are doing. Edited July 9, 2020 by King Heffy 1 7 Link to comment Share on other sites More sharing options...
DeNiro Posted July 9, 2020 Share Posted July 9, 2020 2 hours ago, CBH1926 said: Ottawa to post $343B deficit as spending hits levels not seen since Second World War https://www.cbc.ca/news/politics/bill-morneau-fiscal-update-budget-deficit-1.5641864 We’ve also never had an economic shutdown like this since World War 2. No real way out of this but to spend. 1 2 Link to comment Share on other sites More sharing options...
Dazzle Posted July 9, 2020 Share Posted July 9, 2020 1 hour ago, King Heffy said: If there's ever a good time to run a deficit, this is it. Way better alternative than what the idiots to the south of us are doing. US is just so sad. The country is falling apart in so many ways. 1 Link to comment Share on other sites More sharing options...
CBH1926 Posted July 9, 2020 Author Share Posted July 9, 2020 1 hour ago, DeNiro said: We’ve also never had an economic shutdown like this since World War 2. No real way out of this but to spend. Borrowing money, I am thinking GST and income tax will have go up. Also with Canada’s credit rating Being downgraded, CAD will drop imo. Link to comment Share on other sites More sharing options...
PhillipBlunt Posted July 9, 2020 Share Posted July 9, 2020 36 minutes ago, Dazzle said: US is just so sad. The country is falling apart in so many ways. It is falling apart. It will splinter and various portions will secede the union and form their own countries. The Untied States was a cool experiment. It’s almost over. Link to comment Share on other sites More sharing options...
CBH1926 Posted July 9, 2020 Author Share Posted July 9, 2020 6 minutes ago, PhillipBlunt said: It is falling apart. It will splinter and various portions will secede the union and form their own countries. The Untied States was a cool experiment. It’s almost over. Perpetual union, you can’t secede legally. The only way is for the union to dissolve and that is not happening in our lifetimes. 1 Link to comment Share on other sites More sharing options...
Ghostsof1915 Posted July 9, 2020 Share Posted July 9, 2020 Probably not the best time to spend money on a gun ban, and buyback program. Link to comment Share on other sites More sharing options...
PhillipBlunt Posted July 9, 2020 Share Posted July 9, 2020 31 minutes ago, CBH1926 said: Perpetual union, you can’t secede legally. The only way is for the union to dissolve and that is not happening in our lifetimes. You read the news and feel that the union is just humming along? It’s kinda under attack right now. It’s ugly. I’ve never witnessed such vitriol towards each other before. 1 Link to comment Share on other sites More sharing options...
CBH1926 Posted July 9, 2020 Author Share Posted July 9, 2020 47 minutes ago, PhillipBlunt said: You read the news and feel that the union is just humming along? It’s kinda under attack right now. It’s ugly. I’ve never witnessed such vitriol towards each other before. People always bitch and moan and hate each other, I have seen it in every country that I have lived in. Social media makes it seem it’s worse than it really is. Stories of racism, hatred, extreme poverty, violence, stupidity etc. sells, it makes money. All this ugliness has been boiling under the surface. Now that president has diarrhea of the mouth, everyone else feels they can say whatever $&!# they want. Also virtual mob doesn’t have fear because they feel safe behind the screen. Dummies get riled up and start causing trouble, from anti maskers, rioters, Karen’s, racists, white guilt complex etc. Fools die for ideals and there is always more ready to take their place. 1 1 Link to comment Share on other sites More sharing options...
Lancaster Posted July 9, 2020 Share Posted July 9, 2020 4 hours ago, Chicken. said: My initial thought is many countries are still in the process of releasing and finalizing those budgets so the statistic comparisons will take some time Interesting image from my search. north america was not short on debt before this pandemic began either. japan is nuts. https://www.pewresearch.org/fact-tank/2020/04/29/coronavirus-downturn-likely-to-add-to-high-government-debt-in-some-countries/ 4 hours ago, CBH1926 said: I think Canada is 4th, behind U.S, Japan and Brazil. What is very important is to figure out who are the major debt holders. IIRC, Japan's debt is almost completely owned by the Japanese banks and government (not worth owning by foreign investors).... thus the money and interest payments (practically 0%) are kept within Japan, to other Japanese. Whereas for the US, Brazil and other countries.... a lot of their debt are owned by other countries. China and Japan combined holds about 2 trillion in US debt. If rate rises and payments are made.... it goes to those countries. 1 Link to comment Share on other sites More sharing options...
Chris12345 Posted July 9, 2020 Share Posted July 9, 2020 4 hours ago, King Heffy said: If there's ever a good time to run a deficit, this is it. Way better alternative than what the idiots to the south of us are doing. It will be interesting for sure. Great case studies. The other thing is wars create economies. Not necessarily in a good way but it is a direct investment. This deficit might not be the case but it's probably the right move. Link to comment Share on other sites More sharing options...
khay Posted July 9, 2020 Share Posted July 9, 2020 (edited) 5 hours ago, Chicken. said: My initial thought is many countries are still in the process of releasing and finalizing those budgets so the statistic comparisons will take some time Interesting image from my search. north america was not short on debt before this pandemic began either. japan is nuts. https://www.pewresearch.org/fact-tank/2020/04/29/coronavirus-downturn-likely-to-add-to-high-government-debt-in-some-countries/ Japan 235%??? I thought they were one of the economic powers of the world? Is Japan on the verge of an economic crisis? Edited July 9, 2020 by khay Link to comment Share on other sites More sharing options...
Chris12345 Posted July 9, 2020 Share Posted July 9, 2020 2 hours ago, CBH1926 said: Borrowing money, I am thinking GST and income tax will have go up. Also with Canada’s credit rating Being downgraded, CAD will drop imo. Oh yea taxes are going to skyrocket. Corp and personal rates, MSP (old) increases, ICBC, you name it.....but a lot of people need help and that makes our country great. 1 Link to comment Share on other sites More sharing options...
Whaleroad Train Posted July 9, 2020 Share Posted July 9, 2020 On reading the headline for this discussion, I immediately thought "How did the Senators spend so much money" to get that much in debt? Silly me. Fancy Melnyk spending money. Link to comment Share on other sites More sharing options...
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