February 12, 2014
Canada Balances Its Budget, Obama White House Continues Whistling Past The Fiscal Grave Yard!Topics: Political News and commentaries
The conservative government in Canada has passed a balanced budget, and they're even talking about surpluses and returning some money to the taxpayers:
Canada's Conservative government looks set to comfortably balance its books in 2015 or even sooner, its latest budget showed on Tuesday, with cuts in spending on the public service more than offsetting a series of modest new expenditures.More here ...
The low-key spending plan leaves Prime Minister Stephen Harper well-positioned to offer tax breaks and other initiatives in the runup to an election scheduled for October next year.
"Some people will say this budget is boring," Finance Minister Jim Flaherty told reporters ahead of the budget speech. "Boring is good."
The budget shows a deficit of C$2.9 billion ($2.63 billion)in the 2014-15 fiscal year, up from the previous estimate of C$5.5 billion. That balance includes a C$3 billion contingency fund, which in fact reveals an underlying surplus that year.
Meanwhile, here in the U.S. under the reign of Barack Obama and his fellow Dems in the Senate (along with some help from pork-loving politicians of both parties), we have racked up over $6.666 trillion in new debt - taking us to over $17.258 trillion (and that doesn't include our nation's unfunded liabilities of over $200 trillion) - and ever closer to the edge of the looming fiscal cliff and our nation's insolvency.
Via CNS News:
When President Obama was first inaugurated on Jan. 20, 2009, the debt of the U.S. government was $10,626,877,048,913.08, according to the Treasury Department's Bureau of the Public Debt. As of Jan. 31, 2014, the latest day reported, the debt was $17,293,019,654,983.61 -- an increase of $6,666,142,606,070.53 since Obama's first inauguration.At the end of FY 2014 the total government debt in the United States, including federal, state, and local, is expected to be $21.291 trillion. And by then our unfunded liabilities add well over an additional $200 trillion to that number.
The total debt of the United States did not exceed $6.666 trillion until July 2003. In the little more than five years of the Obama presidency, the U.S. has accumulated as much new debt as it did in its first 227 years.
Posted by Hyscience at February 12, 2014 3:27 PM
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