9.1 not 1.9 billion surplus: Financial Dyslexia

Discussion in 'Canada' started by Said1, Oct 14, 2004.

  1. Said1
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    Said1 VIP Member

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    Liberals' lowball surplus number blasted
    Last Updated Wed, 13 Oct 2004 21:44:40 EDT
    OTTAWA - Opposition politicians lined up Wednesday to criticize the Martin government for wildly underestimating how much money would be left over after its latest fiscal year – and to ask for a piece of the $9.1-billion pie.


    BACKGROUND: Federal budget surpluses: FAQs



    "The Liberal government is simply incapable of counting," NDP Leader Jack Layton said in the House of Commons. "The money they found could have provided three child-care programs."

    He demanded that the government bring an independent budget office to improve the accuracy of its economic forecasts, and thus free up more money for program spending.

    "It's time to end the Liberal mentality of Enron on the Rideau," Layton said.

    "These guys were lying about the surplus, and this proves why we need independent fiscal forecasts," said Conservative Leader Stephen Harper.

    Bloc Québécois Leader Gilles Duceppe, for his part, said the wrong estimate shows that the Liberals can afford to hand over more taxation powers and revenues to provincial governments without hurting current federal programs.

    "This minister of finance suffers financial dyslexia," he said, pointing out than an original projected surplus of $1.9 billion had suddenly turned into a surplus of $9.1 billion. "The truth is being hidden."


    FROM OCT. 13, 2004: Federal surplus hits $9.1B: Goodale

    Earlier in the day, Finance Minister Ralph Goodale said the federal government had posted a surplus for its most recent fiscal year that was about $7.2 billion higher than he had forecast in his first budget, presented in March.


    FROM MARCH 23, 2004: Liberals' budget promises fiscal restraint

    "The government's bottom line received a $5.1-billion boost from stronger-than-expected revenues," he said, and that accounts for most of the difference.

    Aricle
     
  2. Isaac Brock
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    Isaac Brock Active Member

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    It certainly is somewhat suprising to have an extra $8 billion CDN sitting in our lap. I know lots of Canadians want to divert this money to other programs, but I do think it is financially prudent to pay down the debt. Love him, hate him or ignore Paul Martin, but his financial policies, did steer us relatively unscaved through troubled waters after the US financial downturn following 9/11.

    It is somewhat suspect though that they miscalculated by 8 billion. One or two I could see given the changing positive economic conditions.
     
  3. Said1
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    I think Chretien spent about 100 million on childcare and related things before he left, which isn't a small amount (my cut was whopping 2%!) . I really can't see anything that needs serious public money right now, aside from what has been allocated already. Reform yes, money no.

    Martin said several minor changes in estimates made such a huge difference, which is good I guess, although 8 billion does seem a little fishy.
     
  4. Isaac Brock
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    Yeah if I was PM, the first thing I'd cut would be Public Works and INAC/DIAND (Indian Affairs). Both are overbloated federal agencies who's sole job is to contract to Engineering contractor's like my company. I say cut the middle man and give the money directly to the people involved.

    I have to admitt though, I haven't seen a convincing reason to implement a national child care program, athough Said, you'd be in a much better position than I to comment. I'd rather reform the military this term.

    I'd like to see the military remove its conventional ability and split its role into a wing with a smaller, high tech, specialized force and another wing with peacekeeping/nation building as its focus. We don't need lots of bases with outdated supply and armour division.

    I'd also like to see more money diverted to tech investment or NSERC programs. Canada has huge potential high tech development given its enourmous educational infrastructure and high education levels.
     
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  5. Said1
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    I worked for the Mental Health Advisory Services under/with Indian Affairs and Health Canada (I could never remeber who came first unless I looked at the letter head LOL), which basically funds most health related, or sorta of realted programs within the native communityon behalf of the above mentioned. The people employed by this branch did not have backgrounds in mental health/health or native studies....they weren't even native! They really didn't understand the importance of culture/tradition within the native community and it's relation to mental health and healing, (also appeared to be very biased when handing out money too). I didn't really see the point of this "outfit" and they eventually merged with addictions. I hope they got axed - probably not though.


    That's not totally off the mark.The money is there, it's simply a matter of getting things rolling. People aren't building daycares, there are shortages of homecare providers, and there is a serious lack of programs for school aged children over 7yrs - nobody wants them because the pay is so low (and they'll eat more than the $7.10 a day you get for taking them). A certified ECE will probably not make more than $14.00, also making staff a real scarcity.
    All the money that was supposedly allocated for national childcare offered very little incentive to be in the business, and I really don't know where the money went . Anyho, in short, that's how things look from where I sit, but things differ from region to region - so who really knows eh?. I would rather see miltary reform too, or a free education for yours truly.:D

    I live in Ottawa, and I think the high-tech sector here was hardest hit by layoffs a few years ago. This city is full of highly skilled and educated people who are unemployed - at this point, investment from anyone would be nice!

    And while I'm at it, I would like to see a reduction in certain federal taxes if we're making wish lists.:D
     
  6. 007
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    007 Charter Member Supporting Member

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    :gives:
     
  7. Said1
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    :piss2: Troll
     
  8. NATO AIR
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    this is all very interesting, i do hope that canada's military would be reformed to emphasize humanitarian and ethnic warfare intervention rather than self-defense. i really believe in my heart america would never let canada down if it were somehow invaded or threatened. we are brother nations, though we disagree and argue at times.
     
  9. Isaac Brock
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    I do.
     
  10. Isaac Brock
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    Absolutely. Any reform Canada does with its military must make it useful to our allies. Canada is not large enough for unilateral intervention with conventional forces. If it is to assist conventional forces, then we should specialize.

    I believe we need to abolish or reform the branches of Air Force, Army and Navy and combine them into, specialized support forces and humanitarian forces.
     

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