Lawrence Kazdan of Vancouver BC on Canadian Debt Clock Passing $600 Billion Dollar Mark

Lawrence Kazdan of Vancouver BC on Canadian Debt Clock Passing $600 Billion Dollar Mark

Re:  Canadian ‘debt clock’ passes $600 billion mark
http://www.ctvnews.ca/canada/canadian-debt-clock-passes-600-billion-mark-1.1052931

According to the Canadian Taxpayers Federation (CTF), the federal debt works out to $17,200 for every person in the country.  But that $600 billion foregone by the government is now in the hands of the private sector, and if you divide by the Canadian population, it also works out to $17,200 per person. Every government debit is matched by a credit in the private sector! The CTF only presents half of the truth which supports its small government and low tax agenda.  But the other side of the coin is that more government spending means more net financial wealth in the non-government sector, and more people employed.

The biggest waste in our society is not government spending; but our keeping 1.4 million Canadians jobless, with the attendant costs of increased stress and sickness, more household breakdowns, additional crime and alcoholism, and the degradation of skills in our workforce. Unemployment of the 1930s was finally ended by massive government spending on armaments and soldiers. Today, the government can put people to work more productively in building transportation infrastructure, and in providing services for health and safety, education, and environmental protection.  Paradoxically, as the aftermath of WWII demonstrated, when the economy is sufficiently stimulated with a high level of employment, the debt-to-GDP ratio actually declines.

And now you know the rest of the “debt clock” story!

Larry Kazdan,
Vancouver, B.C.

(Comments and opinions of Editorials, Letters to the Editor, and comments from readers are purely their own and don’t necessarily reflect those of the owners of this site, their staff, or sponsors.)

 

Image-ine

Related Post

Leave a Reply

2 Comments on "Lawrence Kazdan of Vancouver BC on Canadian Debt Clock Passing $600 Billion Dollar Mark"

Notify of
avatar
400
Ed
Member

I understand that the US is in debt to the tune of a billion gazillion dollars, and Canada to the tune of a million gazillion dollars, and the EU is supposedly in the same mess. My question is this.. Who exactly printed and lent this this unfathomable amount of money to all these countries? Was it the Rizzuto clan?

Larry Kazdan
Guest

I highly recommend
Seven Deadly Frauds of Economic Policy

http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf

written by Warren Mosler, one of the founders of
Modern Monetary Theory

(http://www.progressive-economics.ca/2011/08/12/mmt-what-it-means-for-canada/)

wpDiscuz