Government Debt

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Small Fixes Won't Solve Quebec's Deep-Rooted Fiscal Problems

While the government has talked the talk on taxes, it has yet to walk the walk. In fact, the fiscal update announced additional tax increases including plans to levy a temporary (until 2017) increase to payroll taxes on financial institutions such as banks and credit unions. Quebec's fiscal problems run deep so small fixes won't cut it. More fundamental reform is needed to put Quebec on the right fiscal track.
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When it Comes to Finances, Gen Y Should Be Called 'Gen Screwed'

Nine-million baby boomers will retire from the workforce over the next two decades, and when they do, they will start to consume the most expensive forms of government programs. This is great news for seniors, but terrible news for our public finances and for young Canadians forced to foot the bill. Generation Y has been dubbed the "Millennial" generation because we came of age at the turn of the new millennium. A more fitting name for this cohort is Generation Screwed.

Ontario Usurps California's Role as Poster Child for Debt

A sign of the seriousness of Ontario's debt problem is evidenced by comparisons with California, which for more than a decade has been the butt of jokes of comedians, political commentators, the media, and politicians themselves for its inability to solve its perennial financial problems. This dubious distinction ought to be a wake-up call for Ontario's policymakers and citizens alike.
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The Myth of Harper's Economic Competence

Under Stephen Harper, household debt has exploded. The average household debt-to-income ratio (the amount of debt the average Canadian household owes for every dollar of their annual disposable income) has risen from $1.31 to $1.64 -- which is where the United States was before the housing market crashed.
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The Tories Have Some Nerve Lecturing The World On Debt

Prime Minister Stephen Harper and Finance Minister Jim Flaherty went to Russia for the G20 conference this week, and decided that this would be a good time to pressure the world into cutting government spending and implementing austerity measures. Unfortunately, to the leaders at the G20 -- stuck as they are between deficits and sinking economies, between the option of printing money and doing nothing -- Harper and Flaherty are just as likely to come off as a bunch of self-righteous jerks.