First it was personal debt. Then public debt too became demonized: balanced budgets and hatred of deficits became items of faith. The development of our deficit hysteria has a long history.
The recession in and of itself isn't as important as other economic indicators that show how well people are doing.
David J. Climenhaga
It turns out Ralph Klein was doing no favours for Alberta or Albertans with his debt fetishizing.
As Greece hovers between misery and incipient tragedy, it's worth delving into its roots. Who's responsible for this collision of capital and humanity? How can Greeks escape the flames of austerity?
As investors buy up farms and manage them for short-term profit, the land and our food sovereignity are put at risk. A report by the National Farmers Union details the scale of the threat.
On face value, B.C.'s reported debt-to-GDP ratio looks pretty good compared with Ontario's ratio of 38.4 per cent. Unfortunately, a fair comparison is not as straightforward as it might seem.
Canada is a world leader in the market for public-private partnerships. But when Bonnie Lysyk looked at 74 projects under Infrastructure Ontario, she found a huge cost associated with P3s.
The value of B.C.'s contractual obligations going into the future has dwarfed the value of future debt. And much of the spending is far more questionable than the things our debt will buy us.
The issue is not whether the promise of a debt-free B.C. will be achieved. The issue is whether it was ever a reasonable policy objective in the first place.
There was a lot of chatter about Ontario's credit rating last week when, in a not-so-surprising move, Moody's Corporation changed Ontario's debt outlook from stable to negative.