PM Harper's government will finally balance the books after growing the debt by a third.
Harper inherited 10 years of surpluses in 2006 (that year the surplus was over $13 billion). Like a typical modern conservative, he started to piddle it all away and the surplus for 2007 was less than half the $13 billion of the year before.
Deficits every single year since. The Canadian debt had been lowered to just under $450 billion under the Chretien administration, but the Canadian conservatives made sure to send the debt back up as they always do with their curious and illogical blend of tax cuts for top income earners and even MORE public spending.
The current Canadian debt is now roughly $620 billion.
That they're only going to break even because of big public service cuts heading into a general election year is even more curious.
It's hard to lead a country for more than 8 years without the public getting fatigued with you, and if PM Harper runs in 2015, he'll be doing so after having served 9 years.
Well another one who doesn't know the finer points of finance under Harper and Flaherty.
Let me tackle your snotty remarks about tax cuts for the rich and more public spending.
Right from the get go you are full of shit for not recognizing that Harper kept to his campaign promise to reduce our GST from 7 to 5%.
That was a massive tax cut for every level of income earner.
And for anyone to say that's not a big deal, calculate the 2% savings on buying a $200,000 home, or $40,000 truck and on every thing else in the ordinary Canadians day to day life.
They had kept the surplus rolling before the world wide recession hit.
Of course when that whole shmazzola hit of course the governement had to commit more money to public spending. It was called "stimulus" and every country was trying to shore up their economies and any nit wit would realize that this phenomena of stimulus spending was occurring world wide.
And Flaherty has managed the economy far better than any other Finance Minister in the G20.
Here's a great piece by one of Jean Chretien's and other liberals right hand man. Warren fits the description of
"uber liberal" perfectly.
Kinsella rightfully brings up a couple of solid criticisms of Flaherty, but his op ed praises Flaherty as he says begrudgingly .
In grudging praise of Flaherty
By Warren Kinsella ,QMI Agency
(EDITOR'S WARNING: If you are a federal Conservative, this column may make you faint. You are advised to immediately locate the smelling salts and lay down on the couch before proceeding any further.)
Yes, folks, it's true: I am about to say something nice about Finance Minister Jim Flaherty. Me, the resident Bolshevik at Sun Media. Me, the guy who never met a Conservative he didn't like.
Here goes: Over the past few days, in which economic turmoil has left quite a few of us feeling exceedingly nervous, Jim Flaherty has been doing a not-bad job. A good job, even.
There, I said it.
In the wake of Standard and Poor's idiotic downgrade of the credit of rating of the United States --* and in the wake of the ongoing debt crisis unfolding across the European Union --* Flaherty has been a voice of calm and rationality.
Through it all, the Lilliputian finance minister has done what he should have done -- he reminded everyone our economic fundamentals are rock-solid. Our banking system is secure.
Our lending practices are sane.
Our economy is turning the corner. And, unlike the U.S. of A., we still have a triple "A" credit rating. We are in good shape.
AND Some of his biggest accomplishments besides the reduction of the GST tax for all Canadians.
Tax-Free Savings Account
In Budget 2008, Flaherty introduced the Tax-Free Savings Account (TFSA), a flexible, registered, general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs.................
Flaherty's measure was supported by many organizations, including the C.D. Howe Institute, which stated: "This tax policy gem is very good news for Canadians, and Mr. Flaherty and his government deserve credit for a novel program
EUROMoney Magazine
In 2009, Flaherty received an award from EUROMoney Magazine, naming him Finance Minister of the Year. Flaherty's is the first Canadian to hold this honour.
It says he "enhanced his country's reputation for sound fiscal policy that takes full account of social justice, while a strong regulatory regime has kept the financial sector out of the chaos."
Jim Flaherty - Wikipedia, the free encyclopedia
