Finance Minister Jim Flaherty (lovingly known around the house as Jim Flatulence) delivered Canada’s fall economic update on Tuesday while visiting the Mississauga Chinese Business Assoc., the hub of Canadian business and economic finance.
He shared, in his opinion, some pertinent details and omitted, in my opinion, some pertinent details.
Thus, the London Free Press’ headline in Wednesday’s business section, i.e., ‘Expectations Lowered' was only half right.
So was the opening line:
“Greying baby boomers and shrinking family incomes during the recession are expected to put increased strain on the federal coffers, according to the government’s fall economic update.”
Yes, aging baby boomers and declining family incomes will affect our coffers. So will Canada’s very low corporate taxation rates and high unemployment figures.
While Canadian provincial and national debt grows (accompanied by rising US, G7, OECD, and global debt), there is not even a hint that our country could use another 1 per cent from some of the wealthiest corporations or individuals in the world.
Though Flaherty may not be pleased to say we must lower our expectations related to the national economy and the time it will take to reach a balanced budget, surely he must be pleased that he has no need at this time to ask the wealthiest among us to pitch in a bit more than they do.
Things are going that well at least.
***
Save money for tough times ahead.
More of This Old Economist - please click here.
.
1 comment:
Well, THIS grey-haired boomer is doing her bit SAVING every spare nickel she can whilst paying down my LOC. Have also taken a direct hit from CPP - will be getting a SMALLER percentage if I start getting it at age 60. Get lots more if I work til age 70 or 72. They don't need to tax business anymore when they can keep us in the harness for a few extra years.
Then we'll be so tired out we'll die younger - problem SOLVED!! Big savings in health care - they're geniuses...or is that geniei??
Post a Comment