How should the NDP address Canada's catapulting deficit and debt?

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Fri, 2010-02-26 07:44

KeyStone

Raise taxes seems like the logical thing to do.

There are two main points of opposition to this:

1) Economists will tell you that we need to be competitive. Well, all countries seem to be getting more competitive by lowering taxes to attact investment etc, and at the end of the day, we're all doing about the same, except that now we collect far less taxes, and nations all across the world are having massive budget shortfalls as a result. Canada needs to take the lead in reversing that trend.

2) We can't raise taxes during a recession. People are hurting. The people that are hurting, are not the ones who are going to have to pay more taxes. Instead, they are going to be receiving more, from the tax money that is brought in.

It's a sad state of affairs when even the NDP are afraid of suggesting we increase taxes.

Fri, 2010-02-26 08:53

#103

George Victor

quote:

"It's a sad state of affairs when even the NDP are afraid of suggesting we increase taxes."

Three decades after the California tax revolt (and it looks beautiful on them now) that's the sad state of the electorate.

Fri, 2010-02-26 14:19

#104

Fidel

George Victor wrote:

Not sure why you revived this thread, Fidel. Stephen Gordon our dilettante economist rejected the Tobin tax and the labour theory of value and got away with it, along with complete avoidance of reference to the U.S. example of "how to seriously go into debt and not find a political way out." Serious discussion on the thread question of an NDP approach to deficit and debt died in mirthful asides.

Yes, and I read the battle of words between Duncan Cameron and SG over at prog-econ as to whether there was a Bay Street bailout under the Harpers. The truth is that Canada has bailed out our big six banks since deregulation of banking and finance began. The whopping size of our national debt and debt growth since 1975 is proof of that.

I noticed that Andrew Jackson mentioned on their progressive economics web site that there were non-conformist economists who predicted meltdown of the neoliberal financial regime. US economist Michael Hudson is mentioned as an example. And Hudson says today that there is a new unwritten business model. The new business model is that debt is wealth creation. And public debt is considered premium debt. What we don't need now in a debt crisis is more debt. Our stooges are working hard to enslave the country with more debt owed to private sources. Capitalists themselves have little desire to pursue actual capitalism. The whole things should be put through bankruptcy. The neoliberal financial regime is finished, kaput. There will be no economic recovery until western world governments sit down and hash out a new monetary agreement. China is already selling off US treasuries, and the Yanks must surely realize this spells trouble for US imperialism and Keynesian-militarism for the future.

Fri, 2010-02-26 14:22

#105

aka Mycroft

wrong thread

Fri, 2010-02-26 16:47

#106

oldgoat

closing for length

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