The U.S. debt was $1-trillion in 1982, and at $12.1-trillion just four years ago. It's now at $16.7-trillion and needing to be raised on Oct. 17th, or the country will be unable to pay its bills and will default on debt payments. This sends a clear message to a debt-ridden populace: that their own government doesn't even take debt that seriously.
Should Canada get a debt ceiling? Earlier this week Sun News columnist and host Anthony Furey penned an editorial suggesting
Canada's number one claim to fame is that we're a less insane version of America. We don't need to import any of the political brinkmanship that has made the U.S. government about as effectual as a two-year-old having a tantrum.
In a few days the "fiscal cliff" deadline will arrive and potentially bring massive automatic spending cuts and tax increases to the U.S. Even if Congress and the President agree to avoid the cliff, the next crisis awaits. It has long been said that when the U.S. sneezes, Canada catches a cold. So why have these debt-related ailments in the U.S. not afflicted the Canadian government? The answer is that Canada has been practicing what the U.S. always preached. That is why we Canucks are not jumping off cliffs or smashing into ceilings.
Engaged in a game of chicken with a teenage rival, Buzz Gunderson drives full throttle toward a steep cliff, intending to
With the release of the latest growth projections from the Bank of Canada and the International Monetary Fund (IMF), it appears that Canada's two-year run at the top of the G7 group of countries could be coming to an end. Both the Bank of Canada and the IMF have lowered this year's growth predictions, paving the way for - get this - America to take over the top spot.
As Americans head into their Thanksgiving long weekend, they will have plenty of things to be thankful for. Unfortunately, an effective government will not be one of them. There was a feeling that members of Congress would get their respective acts together and put to rest any doubts over fiscal repair in the U.S.
If the U.S Congress' does not reach a deal to lift the debt ceiling once more before the 2012 elections, the automatic budget cuts to defense that would follow could have a serious impact on agreements and relations with Canada.
Canada helped create the G20. Can it now help re-energize its child? It boasts of dodging the financial crisis thanks to its wise regulatory stance, but so far has done little to help fill the leadership or financing gap.
Myth #1: Right-wing extremists forced President Obama's hand in order to impose huge spending cuts. In truth, the "cuts" in question are really a "reduction in the rate of spending growth."