Former NDP Leader Tom Mulcair - Justin Trudeau Has Created $10,000 Of New Debt For Every Man, Woman & Child in Canada

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Mighty Middle
Former NDP Leader Tom Mulcair - Justin Trudeau Has Created $10,000 Of New Debt For Every Man, Woman & Child in Canada

Former NDP Leader Tom Mulcair is once again raising the alarm bells about the financial situation Canada is finding themselves in

Writing in a Toronto Sun OpEd

Trudeau will have created $10,000 of new debt for every man, woman and child in Canada during his time in office. The sums are staggering. Trudeau swatted away questions on that, not because it isn’t a huge problem but because he knows there’ll be an election before he has to bring in NEW TAXES to start dealing deal with it.

Once again, this generation of leaders is putting everything on the maxed-out credit card of our grandchildren. One of the greatest inequalities in our society is that which exists between generations and it’s getting more and more unfair.

https://torontosun.com/opinion/columnists/mulcair-trudeaus-already-testi...

Michael Moriarity Michael Moriarity's picture

Wow, I must admit I didn't realize Mulcair was this much of an idiot until now. I never suspected he actually believed this deficit bullshit, I thought he was just saying he did in a misguided effort to reassure voters. What a dunce/tool he is.

kropotkin1951

Michael Moriarity wrote:

Wow, I must admit I didn't realize Mulcair was this much of an idiot until now. I never suspected he actually believed this deficit bullshit, I thought he was just saying he did in a misguided effort to reassure voters. What a dunce/tool he is.

He is and always has been a liberal. He sat in an austerity cabinet for years and voted with his colleagues to slash services. Does anyone know whether it was his government that created the most privatized seniors homes in Quebec?

Michael Moriarity Michael Moriarity's picture

The more sophisticated liberals understand that the deficit doesn't matter, as Dick Cheney famously said. I think Mulcair actually believes that it does matter. I thought he was smarter than that, but I was wrong.

kropotkin1951

Unfortunately the sophisticated Liberals in BC understood not only how to run a deficit but also how to bring in austerity budgets that destroyed the long term care sector. Tracking the cuts and deregulation of the sector by political party in power would be an interesting study.

kropotkin1951

As a socialist I am all for balanced budgets however I've always thought right wingers don't understand there are two sides to a ledger and increasing revenues balances budgets just as easily as cutting services. However that is over a long term cycle and in emergencies you spend what is necesary immediately. Are saving the lives of our collective Grandmas worth $10,000 per person?

lagatta4

I live close to his former riding (in Boulerice's riding). It is still light outside. No cyclists, pedestrians, joggers, motorists etc. No older children still playing outside. Nobody returning from a nearby pub. None of the people from tropical South America playing music across the street. Nothing. Few people heading to work tomorrow morning (mostly in health care and other essential services). Nothing. He is really full of shit. Britain launched the NHS when there was a huge war debt; many other countries did the same.

Misfit Misfit's picture

Here is my beef and I have said this before twice.

In Saskatchewan, right wing parties talk the mantra of fiscal responsibility. They say to not vote social democratic because they will spend money out of control. Well here is the Saskatchewan reality.

The CCF inherited a $16,000,000.00 debt above all other debts from the Liberal government. Tommy Douglas ran 17 consecutive surplus budgets and pulled the province out of debt to the point where he could introduce government funded healthcare.

The Liberals took over the CCF budget surplus and ran the province into a $40,000,000.00 debt.

Allan Blakeney inherited that $40,000,000.00 debt and left the province with a 2 billion dollar heritage fund.

Grqnt Devine and the Progressive Conservstive government ran up a 15 billion dollar debt and gave Saskatchewan the worst international bond rating score.

the NDP took over in 1991 and when they went down to defeat in 2007, they had our total debt cut in half to roughly 8 billion dollars and a AA international bond credit rating.

the Saskatchewan Party has slashed away at our public services, they have slowly and methodically eroded our crown corporations and our debt has more than doubled to well over 20 billion dollars.

Our national debt is over 750 billion dollars and the NDP did not do it. The Conservatives have complained about Liberal national spending but the national debt has always grown with Brian Mulroney and Stephen Harper.

Nobody talks about right wing governments and their fiscal irresponsibility. They also have very little to show in terms of social humanity for all their deficit financing.

Social democratic governments in Saskatchewan built social institutions and social programs through their meticulously careful fiscal planning. They maintained our crown corporations and for the most part our social programs. The Saskatchewan Party has very little to show for all their deficit financing and our social programs have suffered as well.

It takes many years to properly turn around a province or country. It does take proper fiscal management to make those changes. The NDP in Saskatchewan has had about 50 years of working experience to show how it is to be done.

My dad told me when Grant Devine was finally voted out in a resounding defeat that it would take 40 years of consistent NDP administration to navigate the province out of this mess. They cut the debt down by almost a half in sixteen years and my dad was correct on that.

Liberal and Conservstive governments do run deficits. The problem is that we don't have the social infrastructure properly maintained in order to justify their massive debts. And to me, that is the ultimate in irresponsibility. They are not wise with their money despite all the rhetoric to the contrary.

Norway was able to secure royalties for their offshore drilling. They invested all that money and did not draw on it for 25 years. Today, they have a trillion dollar heritage fund and they can now withdraw up to 40 billion dollars annually from that fund in order to pay for social programs. They have about 5 million people.

Canada is the second largest nation in the world geographically. We are the most resource rich nation in the world. Alberta alone has more oil than Norway and Alberta has benefitted from oil extraction since the 1950s compared to Norway's 1989 entry into the market. Canada has nothing to show for all the revenue extraction that has taken place for the last 150 years. No one can tell me that our Liberal and Conservstive politicians are savvy business people.

So the Liberals and Cojservatives both run deficits and rack up debt but claim to be fiscally responsible.  They scare people against supporting social democrats claiming fiscal irresponsibility. However, I have shown two cases where social democrats are fiscally better than the right wing governments and I have shown how they can build up a social fabric while maintaining sound financial management skills. deficit financing should work towards a higher goal yet Liberals and Conservatives both lack any meaningful goals or vision for the future.

 

Pondering

If people did not go into debt most wouldn't have houses or post secondary education among other things. Not all debt is bad. It is valid for a country to go into debt as long as that debt will result in profit greater than what was spent.

What the thinkers are trying to figure out is what value can be got in exchange for the government money that is needed to save the economy. CERB is only good for 4 months. At least half of hospitality jobs are probably gone for years. Some people will still attend international festivals but many more will stay closer to home. A cruise ship company is reopening Aug 1st. They will get some customers but I doubt they will be able to fill ships enough to cover the expense of running them. Airlines know most tourists and many business travelers aren't coming back any time soon. That is a lot of jobs.

The rumblings on basic income are getting louder. As has already been noted there are other ways to address a deficit. We should be shouting about corporate tax cuts and inflated CEO income.

The free market dictates that if you can't get someone to do a job you have to raise what you are willing to pay until someone is willing to do the job. Importing workers circumvents that balance. We are paying too little for food because wages have been kept down artificially for decades. This is done under the banner of stopping inflation. Inflation in property and luxury items is fine.

Not paying true costs for labour or polluting and government subsidies are avenues through which wealth is transferred from workers to financiers.

I have been so aggravated by the benevolent wealthy spreading their largess gained through tax avoidance that has been starving our social net. Now we are to admire them for their generousity.

Pondering

And Tom Mulcair is an old school Conservative not a Liberal. That reefer madness stuff was a hugh flag along with wearing a suit for the icecube challenge. His environmentalism began and ended on the slopes of Mont Tremblant.

josh

Guess the man has never taken out a mortgage.

No wonder the NDP is in the shape it is.

NorthReport

Actually he ought to know better as he has frequently renewed his mortgage.

greatwhite

In 2014, a year before the 2015 election, I wrote a letter to Tom Mulcair advising him not to vere to the right because that will only result in people voting for the real thing which is the Liberal party. He ignored my advice and did  the opposite and the NDP went from over 100 seats to 44 seats.

I advised moving to the left which will get a big vote from progressives which is the NDP's true constituency and which after many years of Harper's privatizati0n and killing the public housing programs land the Canadian Wheat Board progressives would be wanting back, but he did the most stupid thing he could have done and ruined the NDP in the process. 

As many commenters have said he was a Liberal/Conservative at heart.

 

bekayne

He should just go and join the Fraser Institute already.