With Canada's Gross Domestic Product (GDP) actually shrinking and despite having the worst economic growth record of any Prime Minister since R.B. Bennett, Stephen Harper seems keen to brag about the fiscal reputation of his Conservative Party. Well, let's take a close look. To begin with, here's an interesting question: How many Conservative Prime Ministers in all of the 20th century presented Canada with balanced budgets?
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.
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.
The Canadian Taxpayers Federation says the federal debt will pass a milestone Saturday, and used that to call for the Harper