Budget watchdog sounds alarm about Ottawa’s ‘unsustainable’ fiscal path

[The Oracle]

Budget watchdog sounds alarm about Ottawa’s ‘unsustainable’ fiscal path

Stupefying," “shocking” and “unsustainable” -- those were just some of the words Ottawa’s fiscal watchdog used Thursday to describe his scathing forecast for federal finances ahead of a long-anticipated fall budget.

www.bnnbloomberg.ca

https://x.com/thejohnrobson/status/1971561001167225011

This is the result of years of Liberals mismanagement...

 

[Frankfooter]

And how would you rank DoFo's deficits in Ontario?

 

[oil&gas]

The fiscal path from 'unsustainable' to sustainable is
to keep up with unsustainable deficit spending. That way
it won't be long before our government can not find any
spare money to spend and the budget will balance itself.

 

[Frankfooter]

The fiscal path from 'unsustainable' to sustainable is
to keep up with unsustainable deficit spending. That way
it won't be long before our government can not find any
spare money to spend and the budget will balance itself.

An excellent way would be to cancel the $28 billion in oil$gas subsidies.

 

[DesRicardo]

A Toast.

To many more year of debt my friends.

 

[oil&gas]

No worry about the debt. It will eventually be eliminated by default.
All it takes is just one announcement from some visionary leader in
the future and trillions worth of total debt will be gone once and for all.

 

[Frankfooter]

this guy will be better at taking care of the debt?

https://twitter.com/i/web/status/1971956090687705393

 

[JohnLarue]

No worry about the debt. It will eventually be eliminated by default.
All it takes is just one announcement from some visionary leader in
the future and trillions worth of total debt will be gone once and for all.

all economy's run on credit
credit is the grease of the economic engine.

sovereign credit is by definition the lowest risk credit to hold

i guess you have not considered the economic impacts of sovereign default
what you are describing would cause a savage world wide depression

AI Overview
Global public debt reached an estimated $102 trillion in 2024 and is expected to continue growing, with the International Monetary Fund (IMF) projecting it could top $100 trillion by the end of 2024, or around 93% of global GDP. This figure represents a significant increase and is placing a particular strain on developing countries, which are facing high borrowing costs and a record-high interest burden.

AI Overview
The global bond market is significantly larger than the stock market, with estimates placing the bond market's value around $145 trillion in 2024, while the global stock market's value was approximately $130 trillion in the same year. The bond market is considered the world's largest securities market, holding more assets than the stock market.

a bond market default would make the stock market next to worthless

governments will need to shrink and put an end to deficit spending as standard operating procedure

 

[Frankfooter]

all economy's run on credit
credit is the grease of the economic engine.

sovereign credit is by definition the lowest risk credit to hold

i guess you have not considered the economic impacts of sovereign default
what you are describing would cause a savage world wide depression





a bond market default would make the stock market next to worthless

governments will need to shrink and put an end to deficit spending as standard operating procedure

What right wing government has ever managed to lower the debt and deficit through cutbacks?
Why do you push something that has never worked in 50 years?

 

[JohnLarue]

What right wing government has ever managed to lower the debt and deficit through cutbacks?
Why do you push something that has never worked in 50 years?

what part of ''what you are describing would cause a savage world wide depression '' did you not understand ?

there are two and only two choices here

1. governments will need to shrink and put an end to deficit spending as standard operating procedure
2. continue with the status quo until we have a sovereign default. this is a mathematical certainty if governments do not shrink and put an end to deficit spending

if you think responsible cutbacks and balanced budgets now will be painful, they are nothing compared to the forced cutbacks a sovereign default would cause

it is astonishing how stunned you are

Why do you push something that has never worked in 50 years?

too funny as you push for something that has never worked, caused hundreds of millions of deaths and subjected over a billion people to a life of misery

 

[Frankfooter]

what part of ''you are describing would cause a savage world wide depression '' did you not understand ?

there are two and only two choices here

1. governments will need to shrink and put an end to deficit spending as standard operating procedure
2. continue with the status quo until we have a sovereign default. this is a mathematical certainty if governments do not shrink and put an end to deficit spending

if you think responsible cutbacks and balanced budgets now will be painful, they are nothing compared to the forced cutbacks a sovereign default would cause

it is astonishing how stunned you are


too funny as you push for something that has never worked, caused hundreds of millions of deaths and subjected over a billion people to a life of misery

View attachment 489569

Why do you keep pushing for something you know has never worked in 50 years of attempts?
You can't provide a single case where the cutbacks you back have ever succeeded.

 

[JohnLarue]

Why do you keep pushing for something you know has never worked in 50 years of attempts?
You can't provide a single case where the cutbacks you back have ever succeeded.

????????
once again you just ignore the reality of the facts
we are running down the road to a govt insolvency
and you just pretend / ignore this

why do you push for something that has never worked, caused hundreds of millions of deaths and subjected over a billion people to a life of misery

fyi
Canada was able to pay down debt by shrinking the size of govt spending -Jean Chrétien / Paul martin

 

[JohnLarue]

Why do you keep pushing for something you know has never worked in 50 years of attempts?
You can't provide a single case where the cutbacks you back have ever succeeded.

you need to pay attention to the following


so if we continue to have deficit financing the government will reach a point where they will default
and then nobody will lend them anymore $

they will run out of other peoples money

this will soon become a non reversible train wreck which we can not avoid

it is astonishing how stunned you are

 

[Frankfooter]

????????
once again you just ignore the reality of the facts
we are running down the road to a govt insolvency
and you just pretend / ignore this

why do you push for something that has never worked, caused hundreds of millions of deaths and subjected over a billion people to a life of misery

fyi
Canada was able to pay down debt by shrinking the size of govt spending -Jean Chrétien / Paul martin

I back social democracy, with models in the EU like Denmark where its working great.
You can't provide one example where its worked in the 50 years its been tried.

Argentina?
Hungary?
the US?

 

[Frankfooter]

you need to pay attention to the following
View attachment 489590

so if we continue to have deficit financing the government will reach a point where they will default
and then nobody will lend them anymore $

they will run out of other peoples money

it is astonishing how stunned you are

Like I said, the Thatcher model of austerity is about 50 years old now.
And you can't find one place where its worked.

 

[K Douglas]

What right wing government has ever managed to lower the debt and deficit through cutbacks?
Why do you push something that has never worked in 50 years?

So your proposal would be to just tax and spend into oblivion then. How has that worked out? Ever heard of stagflation which is the worst type of economic malaise? Those conditions have almost exclusively belonged to left wing run governments. And we're starting to see that here in Canada now.

Also here and in the U.S. where did significant levels of budget deficits first start? Under the Carter administration in the U.S. and under Trudeau Sr. here in Canada. Then Reagan and Mulroney had to come in and try to clean up the mess operating under double digit interest rates for much of their tenure.

 

[roddermac]

And how would you rank DoFo's deficits in Ontario?

Why do you care? It's not like you pay taxes or own anything.

 

[Frankfooter]

So your proposal would be to just tax and spend into oblivion then. How has that worked out? Ever heard of stagflation which is the worst type of economic malaise? Those conditions have almost exclusively belonged to left wing run governments. And we're starting to see that here in Canada now.

Also here and in the U.S. where did significant levels of budget deficits first start? Under the Carter administration in the U.S. and under Trudeau Sr. here in Canada. Then Reagan and Mulroney had to come in and try to clean up the mess operating under double digit interest rates for much of their tenure.

Denmark, for instance, is economically fine and the happiest country on the planet.
Norway, for instance, used socialism with their resources and has a $1 trillion fund for the good of all citizens.

I got examples where what I ask for was used and was successful.
You've got 50 years of austerity and zero success stories?

 

[Frankfooter]

Why do you care? It's not like you pay taxes or own anything.

Why do I care what you say? Its not like you have a clue.

 

[roddermac]

Why do I care what you say? Its not like you have a clue.

And you give off plenty of clues about yourself with every post you make.