I appreciate your point of view, and I'd bet a lot of people in Canada would agree. The problem is some(maybe many) of these payouts are mandated by the courts
Canada Federal deficit at $61.9B for 2023-24, Freeland resigns.
- Thread starter DesRicardo
- Start date
by not knowing what you are doing
i bet Trudeau does not know how many people are employed by the govt +/- 100,000
i bet Trudeau does not know how much is currently being spent on outside contractors +/- 1$B
i bet Trudeau does know how exactly much is currently being spent on political gimmicks +/- 1 MM
i bet Trudeau does know how exactly much is currently being funneled to environmental NGOs +/- 1 MM
Gerald Butts will text him the funnel amount once a month
i bet Trudeau did not bother to read the last budget update presented to parliament
he just asked Freeland to give him the Coles notes version.
steven Harper would have known all the above and a whole lot more and known all of those values without needing notes
Trudeau has increased the size of the federal govt by 43% since 2015
note how the size of govt had been declining gradually and responsibly prior to 2015
now with that many new employees at his disposal one might expect he could get more done.
but no
in 2022
The black hole of public service contract spending
An estimated $15 billion was spent on outsourcing last year alone, yet the public service is also growing in leaps and bounds. Question for MPs: Why?
policyoptions.irpp.org
The budget will balance itself
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CERB would have been expensed in 2020/ 2021
the pandemic as an excuse for irresponsible spending has been used for long enough
accountants please correct me if i am wrong
CEBA accounting would be more complicated, however the cash outlay would have been in 2020
the only way CEBA would become a significant current budget overage is if a whole pile of govt loans to business became non performing since the last budget update.
if that is the case the Canadian economy is in deep deep trouble
this $ 62 Billion is fresh irresponsible spending on a bloated govt without any tangible benefit for the average Canadian and a whole lot of interest on Justin's irresponsible borrowing
Justin Trudeau: the Budget will balance itself
Reality : No it will not
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Damn, why is Canada expected to reduce its debt more intensely than other G7 Nations?
DEBT
Government Debt Projections for G7 Countries (2024-2029F)
Published
3 months ago
on
September 25, 2024
By
Kayla Zhu
Article/Editing:
Graphics/Design:
See this visualization first on the Voronoi app.
USE THIS VISUALIZATION
Government Debt Projections for G7 Countries (2024-2029F)
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
On Sept. 18, 2024, the U.S. Federal Reserve reduced its benchmark interest rate by half a percentage point to a range of 4.75% to 5%. This move is expected to decrease short-term borrowing costs, including those for U.S. government debt.
When the Fed lowers the federal funds rate, it generally leads to lower rates on Treasury bills and other short-term government securities, which in return reduces its borrowing costs on newly issued short-term debt. While this reduction in rates will help reduce debt-servicing costs, the U.S. is still projected to see the biggest increase in its gross debt of all G7 nations over the next five years.
This graphic uses data from the International Monetary Fund’s (IMF) April 2024 edition of the World Economic Outlook to show how the U.S. stacks up against its G7 counterparts in terms of projected gross debt as a percentage of GDP in 2024, and how debt is forecasted to change by 2029.
Methodology: Defining Gross Government Debt
Gross debt is the total value of all of a country’s liabilities at a given point in time. Net debt is gross debt less a country’s financial assets, including cash reserves or investments. The debt figures in this infographic are of government debt, and don’t include public sector debt from provincial or state-level debt.
For more data on global debt, the IMF’s Global Debt Database features datasets of both public and private debt, broken down into more detailed categories.
Which G7 Countries Are Projected To Grow Their Debt?
Below, we show the gross government debt projections (as a share of GDP) for G7 nations from 2024 to 2029.
DEBT
Government Debt Projections for G7 Countries (2024-2029F)
Published
3 months ago
on
September 25, 2024
By
Kayla Zhu
Article/Editing:
Graphics/Design:
See this visualization first on the Voronoi app.USE THIS VISUALIZATION
Government Debt Projections for G7 Countries (2024-2029F)
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
On Sept. 18, 2024, the U.S. Federal Reserve reduced its benchmark interest rate by half a percentage point to a range of 4.75% to 5%. This move is expected to decrease short-term borrowing costs, including those for U.S. government debt.
When the Fed lowers the federal funds rate, it generally leads to lower rates on Treasury bills and other short-term government securities, which in return reduces its borrowing costs on newly issued short-term debt. While this reduction in rates will help reduce debt-servicing costs, the U.S. is still projected to see the biggest increase in its gross debt of all G7 nations over the next five years.
This graphic uses data from the International Monetary Fund’s (IMF) April 2024 edition of the World Economic Outlook to show how the U.S. stacks up against its G7 counterparts in terms of projected gross debt as a percentage of GDP in 2024, and how debt is forecasted to change by 2029.
Methodology: Defining Gross Government Debt
Gross debt is the total value of all of a country’s liabilities at a given point in time. Net debt is gross debt less a country’s financial assets, including cash reserves or investments. The debt figures in this infographic are of government debt, and don’t include public sector debt from provincial or state-level debt.
For more data on global debt, the IMF’s Global Debt Database features datasets of both public and private debt, broken down into more detailed categories.
Which G7 Countries Are Projected To Grow Their Debt?
Below, we show the gross government debt projections (as a share of GDP) for G7 nations from 2024 to 2029.
| Country | Gov't gross debt 2024 (Share of GDP) | Gov't gross debt 2029F (Share of GDP) | Change |
|---|---|---|---|
| 254.6% | 251.7% | -2.9 pp |
| 139.2% | 144.9% | +5.7 pp |
| 123.3% | 133.9% | +10.6 pp |
| 111.6% | 115.2% | +3.6 pp |
| 104.7% | 95.4% | -9.3 pp |
| 104.3% | 110.1% | +5.8 pp |
| 63.7% | 57.7% | -6.0 pp |
Isn't that what musk lost on Twitter within months of buying it or like 1000 times less what Trump lost while 'leading' America ?
It's funny how the GOP. Kept it so secret who got the money. How many billions did trump get ???Damn, why is Canada expected to reduce its debt more intensely than other G7 Nations?
DEBT
Government Debt Projections for G7 Countries (2024-2029F)
Published
3 months ago
on
September 25, 2024
By
Kayla Zhu
Article/Editing:
Graphics/Design:
USE THIS VISUALIZATION
Government Debt Projections for G7 Countries (2024-2029F)
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
On Sept. 18, 2024, the U.S. Federal Reserve reduced its benchmark interest rate by half a percentage point to a range of 4.75% to 5%. This move is expected to decrease short-term borrowing costs, including those for U.S. government debt.
When the Fed lowers the federal funds rate, it generally leads to lower rates on Treasury bills and other short-term government securities, which in return reduces its borrowing costs on newly issued short-term debt. While this reduction in rates will help reduce debt-servicing costs, the U.S. is still projected to see the biggest increase in its gross debt of all G7 nations over the next five years.
This graphic uses data from the International Monetary Fund’s (IMF) April 2024 edition of the World Economic Outlook to show how the U.S. stacks up against its G7 counterparts in terms of projected gross debt as a percentage of GDP in 2024, and how debt is forecasted to change by 2029.
Methodology: Defining Gross Government Debt
Gross debt is the total value of all of a country’s liabilities at a given point in time. Net debt is gross debt less a country’s financial assets, including cash reserves or investments. The debt figures in this infographic are of government debt, and don’t include public sector debt from provincial or state-level debt.
For more data on global debt, the IMF’s Global Debt Database features datasets of both public and private debt, broken down into more detailed categories.
Which G7 Countries Are Projected To Grow Their Debt?
Below, we show the gross government debt projections (as a share of GDP) for G7 nations from 2024 to 2029.
Country Gov't gross debt 2024
(Share of GDP)Gov't gross debt 2029F
(Share of GDP)Change 254.6% 251.7% -2.9 pp 139.2% 144.9% +5.7 pp 123.3% 133.9% +10.6 pp 111.6% 115.2% +3.6 pp 104.7% 95.4% -9.3 pp 104.3% 110.1% +5.8 pp 63.7% 57.7% -6.0 pp
so no , the debt to GDP ratio is not going to get better
you need to keep up with current events
we just were told the Canadian Government blew through its already bloated deficit by 50%
in order to reduce debt a government needs to get to balance first
Trudeau has created a structural deficit by expanding the size of government
it takes time to shrink govt and it is very expensive (severance)
the current deficit is $62 B
$46 B is interest on federal debt
there is now way in hell the govt will get to balance by 2029
and Canada is expect to have the slow growth in a quite optimistic forecast from the Bank of Canada
Projections
Economic growth in Canada is forecast to pick up gradually. Inflation is expected to remain around 2% as core inflation slows.
www.bankofcanada.ca
this assumes no recession and no adverse trump impact on our economy
debt growth is going to outpace GDP growth
and that difference is going to compound annually
so no , the debt to GDP ratio is not going to get better
so no there will not be a debt reduction miracle as projected by Kayla Zhu
perhaps it is high time you figure out the Trudeau / socialist experiment has caused a disaster
In mid April 2024 (after the March 31 fiscal yr end) the government announced that the projected deficit would be about $41B. Eight months later it was determined that the deficit was really $61.9B. They were off by 51%!
I'm an accountant. If my projections were off that much off I'd be terminated.
This is unprecedented levels of ineptness at play right here. Should we be shocked though? Freeland is a journalist by trade, not a finance person.
Why did it take them 8 months to disclose this? They likely knew this by June or July.
Not only should Trudeau be taking the heat, which he rightly is, Freeland should be under as much, if not more, scrutiny. Her career in politics should be done.
I'm an accountant. If my projections were off that much off I'd be terminated.
This is unprecedented levels of ineptness at play right here. Should we be shocked though? Freeland is a journalist by trade, not a finance person.
Why did it take them 8 months to disclose this? They likely knew this by June or July.
Not only should Trudeau be taking the heat, which he rightly is, Freeland should be under as much, if not more, scrutiny. Her career in politics should be done.
I do get the impression there is the Kitchen Sink approach to do. A lot of companies do this in earnings report because if it's bad news, make it REALLY bad then things only get better...
For context, that was during of THE worst recessions/almost depression/financial crisis which Canada escaped unscathed partially due to this Keynesian approach. In addition, it was a one-time, not an ongoing spending problem.
Deficits by themselves aren't bad, when the direction is clearly the wrong way, or if the interest payments on the accumulated are WAY more than many government programs, that's when it's just stupid.
Interest costs for federal debt soar 37% to new highs
Ottawa spent $11.3 billion in interest payments during 2023's third quarter, compared to $8.3 billion the same quarter in 2022.
nationalpost.com
I couldn't find the total spending on just the interest on the debt but this sounds north of $40Billion just on debt interest? Wow, I hope I'm wrong.
Did Harper promise 6 months before the deficit was announced that it was going to be $20 billion less than it actually was?And Justin refused to resign
Ho by the way Harper ran a deficit of 76 billions (in today's money) in 2009. so its not a record.
btw you do know that there was a global recession from 2008-2010, worst since the great depression and then significantly cut down the deficits each year after that right?
btw can we stop going back a decade+ to Harper and focus on the past decade of Canada's destruction with the federal Liberals?
google search: government of canada interest paymentsFor context, that was during of THE worst recessions/almost depression/financial crisis which Canada escaped unscathed partially due to this Keynesian approach. In addition, it was a one-time, not an ongoing spending problem.
Deficits by themselves aren't bad, when the direction is clearly the wrong way, or if the interest payments on the accumulated are WAY more than many government programs, that's when it's just stupid.
"Ottawa spent $11.3 billion in interest payments during 2023's third quarter, compared to $8.3 billion the same quarter in 2022"Interest costs for federal debt soar 37% to new highs
Ottawa spent $11.3 billion in interest payments during 2023's third quarter, compared to $8.3 billion the same quarter in 2022.
I couldn't find the total spending on just the interest on the debt but this sounds north of $40Billion just on debt interest? Wow, I hope I'm wrong.
that was for 2023-24
the latest fiscal update fiasco is for 2024-2025
so you can a couple of billion in new interest costs on 62 B in fresh borrowing and you get pretty close to $50 B in annual interest costs
with well over half being Justin's alone
that is tax money that will provide no benefit to Canadians and it has to be paid every year
the very sad fact is it will be the lefts cherished social safety net which has been put at risk by the lefts rejection of financial responsibility
they are all freaking about what Pierre P will do with the cherished social safety net , but the leftist Trudeau has already done the damage
there is a world of difference between
PM Harper: going into debt to deal with a crisis accompanied with a plan to get back to balance
that plan was executed ... >>>responsible management
vs.
Trudeau: going into debt because its 2015 and never having a plan to get back to balance >> 'The budget will balance itself <<<<< No it will not
completely irresponsible mis-management
Agreed but I think for many, compassion fatigue has taken over the last 5-8 years. I have yet to see a firm definition of what "Reconciliation" means. Likely for good reason.
woot....15 years ago.
bu bu bu Harper gets a little tiresome when the Liberal government still uses that line totally ignoring who's been making the decisions for the last decade and a half.
