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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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 Posted: Thu Sep 27, 2007 3:14 pm Post subject: Canada: Federal budget surplus balloons to $14B |
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This is why Canada is the hottest economy in the G8, we have a balanced budget.
http://www.cbc.ca/money/story/2007/09/27/surplus.html
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A booming Canadian economy generated such big tax revenues this past year that the federal budget surplus approached $14 billion, Prime Minister Stephen Harper said Thursday.
The final surplus for the 2006-07 fiscal year came in at $13.8 billion, Harper said at a Toronto news conference. That was far more than the $9.2 billion forecast in the Conservatives' March budget.
The surplus will be used to pay down the federal government's accumulated debt, which will have dropped to $467.3 billion as of March 31 of this year � its lowest level in 14 years. Since 1996, the debt has been paid down by $95.6 billion.
Harper called the announcement "good news for taxpayers," saying the $14-billion debt reduction would save $725 million in annual interest payments � savings that he said would be passed along to taxpayers through continued cuts to personal income taxes.
Prime Minister Stephen Harper answers questions Thursday in Toronto after making his announcement about the government's unexpectedly high budget surplus.Prime Minister Stephen Harper answers questions Thursday in Toronto after making his announcement about the government's unexpectedly high budget surplus.
But there are still challenges facing some sectors of an otherwise strong economy, such as in manufacturing and lumber, Harper said.
"Canada must spend with prudence, and we have to continue reducing the debt and reducing taxes for individuals, for businesses and for families," he said.
Finance Minister Jim Flaherty was at Harper's side for the news conference, which had the feel of pre-election positioning. Both men praised their minority government's record of fiscal management since it took power in early 2006.
Rumours are swirling that the country could soon be plunged into another federal election. CBC News reporter Paul Hunter said "the government has a lot of money to play with," so Canadians should look for the Oct. 16 throne speech to contain "hints of good things for taxpayers, given that there seems to be a strong likelihood that we could be headed for a fall election."
The budget surplus for the 2007-08 fiscal year is also heading for the stratosphere. In August, the Finance Department acknowledged that the surplus would top its original $3-billion projection. For just the first three months of the new fiscal year, Ottawa has already pegged the surplus at $6.4 billion.
Surprise surplus a familiar tactic: critics
When in opposition, the Conservatives sharply criticized the Liberals for reporting hefty budget surpluses that were much higher than their forecasts.
Harper said his government wasn't guilty of the same thing.
"We were very critical of budget estimates that we thought were flagrantly untrue, deliberately underestimated," he said.
"That's not been the case with this government. We have worked carefully to produce the best estimates possible."
Liberal finance critic John McCallum, however, accused the prime minister of breaking his promise to ensure that surplus forecasts were more accurate.
"Stephen Harper said never again under his watch would we get these big surprise surpluses, and low and behold it's exactly what we have," he said.
NDP leader Jack Layton, for his part, found little to choose between how the Tories and the Liberals dealt with surpluses.
Both, he said, have refused to spend on programs and services he says Canadians need.
"Mr. Harper, you may have yourself � quite a significant surplus of taxpayers' dollars," he said. "But Canadians haven't got confidence that the basic infrastructure that's needed in an economy and in communities is going to be dealt with."
The Canadian Taxpayers Federation called for Ottawa to lower personal and business tax rates. "Annual surpluses represent over-taxation by government and the money should go back to taxpayers by way of income tax relief," the federation's federal director, John Williamson, said. |
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Joo Rip Gwa Rhhee
Joined: 25 May 2003
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| Posted: Thu Sep 27, 2007 3:23 pm Post subject: |
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| High oil prices are a big factor. |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Thu Sep 27, 2007 3:36 pm Post subject: |
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Yes they are BUT we balanced the books in the days of 12$ oil, this is a result of prudent spending, no illegal wars, and just good management.
And its direct result is that it is firing our economy, cutting our taxes and increasing our services. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Thu Sep 27, 2007 4:47 pm Post subject: |
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| Pulling off fiscal responsibility in a democratic republic is no easy thing. Harper and his partners across the aisle deserve real credit here. |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Thu Sep 27, 2007 4:53 pm Post subject: |
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| Actually it was the Chretin Liberals who are responsible for this. Harper just rode the wave, at least he didn't screw it up like Bush did to Clinton's surplus and budget. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Thu Sep 27, 2007 5:04 pm Post subject: |
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Indeed the federal government has been running a balanced/surplus since low oil, low commodities. It did it
a) cutting back on services
b) making conservative estimates on growth. The economists predict 4% growth, you budget for 3%.
And we also managed to get some tax cuts out of the deal.
| Octavius Hite wrote: |
| Actually it was the Chretin Liberals who are responsible for this. Harper just rode the wave, at least he didn't screw it up like Bush did to Clinton's surplus and budget. |
True and I'm no fan of Harper but consider Bush came in with a good balance sheet and then screwed it up. There is certainly the lure of spending the pork. It's very easy to screw something up. At least Harper has managed not to screw things up.
However, one might argue while a surplus is better than a deficit, the government is not the best group to decide how to spend our money. We want the government to take exactly what is needed to pay for what we want the government to manage for us. If it's taking more, then we should get it back in our pocket. It's a bit like you belong to a private club. You pay your dues. But every year your club finds it has more money than it's spending on club services. Surely, you don't mind your club having a bit extra for a reserve, saving for some capital costs, etc. But if your club seemed to be taking in way more, you might suggest dues be lowered as its manifest you're paying more for less. |
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Joo Rip Gwa Rhhee
Joined: 25 May 2003
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| Posted: Thu Sep 27, 2007 5:28 pm Post subject: |
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| Octavius Hite wrote: |
Yes they are BUT we balanced the books in the days of 12$ oil, this is a result of prudent spending, no illegal wars, and just good management.
And its direct result is that it is firing our economy, cutting our taxes and increasing our services. |
The Iraq was wasn't illegal - Saddam never gave up his war.
| Quote: |
| True and I'm no fan of Harper but consider Bush came in with a good balance sheet and then screwed it up. There is certainly the lure of spending the pork. It's very easy to screw something up. At least Harper has managed not to screw things |
How did Bush mess up the balance sheet?
There was a recession that started before Bush came to office
The Stock Market meltdown started before Bush came to office
9-11 was planned before Bush came to office.
Is Bush to blame that India and China use much more oil? Which leads to higher oil prices and a drain on the US economy.
Bush had nothing to do with many of the reasons for the revenue short fall. |
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cbclark4
Joined: 20 Aug 2006
Location: Masan
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| Posted: Thu Sep 27, 2007 6:15 pm Post subject: |
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That's like $420 for every man women and childrens in the whole country.
(Based on the pop. in the wiki) |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Thu Sep 27, 2007 7:10 pm Post subject: |
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Mindmetoo I agree with your point about the amount the government takes in, but I think its important that we pay off the debt first. While my generation did not create it it is our duty to pay it off to leave a stronger Canada than the one we got from our parents. Once the debt is payed off we should cut taxes to the bare minimum necessary to keep our services.
Joo, to waste time on you is too boring. So keep enjoying the Iraqi Freedom and I'll keep enjoying my country safely producing jobs and money and building a better future. |
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thiophene
Joined: 15 Sep 2007
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| Posted: Thu Sep 27, 2007 7:18 pm Post subject: |
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| I wish theyd' give some back to the ttc. Or send their accountants to take care of toront, it's a mess here. |
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twg
Joined: 02 Nov 2006
Location: Getting some fresh air...
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| Posted: Thu Sep 27, 2007 7:18 pm Post subject: |
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| Joo Rip Gwa Rhhee wrote: |
| The Iraq was wasn't illegal - Saddam never gave up his war. |
Man, you got religion bad when you became a born again conservative. |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Thu Sep 27, 2007 7:52 pm Post subject: |
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thiophene wrote:
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| I wish theyd' give some back to the ttc. Or send their accountants to take care of toront, it's a mess here. |
Sorry, no sympathy here. I'm not a Toronto hater but the cities are the last vestaiges of the old way of doing things. T.O. should first cut back the spending on Lesbian-Eskimo Bluesfests before they demand money. |
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Pluto
Joined: 19 Dec 2006
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| Posted: Thu Sep 27, 2007 8:32 pm Post subject: |
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Bush had nothing to do with many of the reasons for the revenue short fall.
Not to bring this thread more off course but this is something I must take issue with. Bush is the President with the power of the veto; which he only used once in his first six years. Cutting taxes, two wars and increasing spending on absurd programs like the bridge to nowhere all contributed to more US dollars in Chinese banks. That is why the Republicans lost Congess and they will most likely lose the White House next year. Republicans need to get back to their core priciples of lower taxes, smaller government and less government regulation, er... government interference.
Steering the thread back on course....
The Canadian dollar is now stronger than the US dollar. |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Thu Sep 27, 2007 8:40 pm Post subject: |
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Like many countries, Canada is managing it's money instead of throwing it around out in the world on pointless things like America is doing that don't help the American people. It could also be viewed that most countries don't need to spend all their money on establishing and maintaining an international domination since that is Americas role. America not is only spending all her wealth, but is borrowing big time from Asian countries who will eventually own and take her.
America did have a surplus until Pres. Bush Jr. stepped into office. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Thu Sep 27, 2007 8:49 pm Post subject: |
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| Joo Rip Gwa Rhhee wrote: |
| How did Bush mess up the balance sheet? |
Spending more than was coming in. Rather simple. |
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