Topaz Posted May 13, 2015 Report Share Posted May 13, 2015 I think this will be one topic on the debates and I'm sure Canadians will be listening. The provinces have more of a debt load if the feds don't transfer enough money back to the provinces and the provinces have complained about that. I do think the liabilities of the feds will go up when all those MPs who retire or turn 55, start to draw their pensions and any of public servant retiring. I also wondering if Americans are concern about their nations debt as we are of theirs and ours. http://www.theglobeandmail.com/report-on-business/national-debt/article24397940/ Quote Link to comment Share on other sites More sharing options...
Smallc Posted May 13, 2015 Report Share Posted May 13, 2015 MP pension isn't even a drop in the bucket, and provincial finances aren't the concern of Ottawa. Quote Link to comment Share on other sites More sharing options...
Moonlight Graham Posted May 13, 2015 Report Share Posted May 13, 2015 MP pension isn't even a drop in the bucket, and provincial finances aren't the concern of Ottawa. Ya, MP's are so few. What happens when all the babyboomer civil servants in the public service are retired and drawing pensions, then their jobs (and accompanying salaries/benefits) replaced with younger counterparts. But that has largely already happened. You need 30 years or so in the public service to get a good pension, and that's not very long if you start in your 20's, so it's starting to happen or has already happened. Let's not forget, the federal government employs more people in Canada that anyone else, than any other organization/business. Quote Link to comment Share on other sites More sharing options...
Freddy Posted May 13, 2015 Report Share Posted May 13, 2015 That's easy. Borrow more money, to pay the borrowed money. Quote Link to comment Share on other sites More sharing options...
bush_cheney2004 Posted May 14, 2015 Report Share Posted May 14, 2015 ...I also wondering if Americans are concern about their nations debt as we are of theirs and ours. Different topic from Canadian public (and private) debt levels...the Americans will continue to carry more public debt as a percentage of GDP than Canada...because it can. The biggest public debt issue is probably in Ontario, which now has more public debt than California...some say by a factor of two. Where did all that money go ? Quote Link to comment Share on other sites More sharing options...
jacee Posted May 14, 2015 Report Share Posted May 14, 2015 (edited) Ya, MP's are so few. What happens when all the babyboomer civil servants in the public service are retired and drawing pensions, then their jobs (and accompanying salaries/benefits) replaced with younger counterparts. But that has largely already happened. You need 30 years or so in the public service to get a good pension, and that's not very long if you start in your 20's, so it's starting to happen or has already happened. Let's not forget, the federal government employs more people in Canada that anyone else, than any other organization/business. Oh puleez! The scary pension bogeyman ... again?!?! Moonbox, Government employee pensioners ARE NOT PAID OUT OF CURRENT GOVERNMENT FUNDS! assuming that the government (ie, employer) made it's contributions. So did the pensioners when they were employees. The money is invested to provide income for pensioners. Only if the Treasury Board fails to manage the pension fund properly would it affect federal budgeting. A very insignificant issue. The sky isn't falling. If you want to know where money's being wasted, look at corporate subsidies: Nothing but a HUGE slush fund to pay off corporate doners/voters. . Edited May 14, 2015 by jacee Quote Link to comment Share on other sites More sharing options...
Topaz Posted May 15, 2015 Author Report Share Posted May 15, 2015 Different topic from Canadian public (and private) debt levels...the Americans will continue to carry more public debt as a percentage of GDP than Canada...because it can. The biggest public debt issue is probably in Ontario, which now has more public debt than California...some say by a factor of two. Where did all that money go ? I listen to America radio, and there are people concerned about your debt and if there is a change in the world and the US$ is replaced, you are in big trouble, 19 Trillion debt is a lot of money, you can't depend on the private bank, Federal Reserve forever. Quote Link to comment Share on other sites More sharing options...
bush_cheney2004 Posted May 15, 2015 Report Share Posted May 15, 2015 I listen to America radio, and there are people concerned about your debt and if there is a change in the world and the US$ is replaced, you are in big trouble, 19 Trillion debt is a lot of money, you can't depend on the private bank, Federal Reserve forever. I am not worried....Canada was in deeper trouble back in the 1990's without having the world's reserve currency but managed to slash spending, raise taxes, and recover. Also, as another member has pointed out before, the U.S. has a large additional tax revenue capacity. The U.S. (and many other nations including Canada) have no intention of ever paying it all off someday, just to manage the debt service and deficits. Quote Link to comment Share on other sites More sharing options...
Argus Posted May 16, 2015 Report Share Posted May 16, 2015 (edited) I am not worried....Canada was in deeper trouble back in the 1990's without having the world's reserve currency but managed to slash spending, raise taxes, and recover. Also, as another member has pointed out before, the U.S. has a large additional tax revenue capacity. The U.S. (and many other nations including Canada) have no intention of ever paying it all off someday, just to manage the debt service and deficits. Whataythink? Is Chicago going to be the next big American city to go into bankruptcy and dump all its pensioners into the street? Which will be the first state to declare bankruptcy? Edited May 16, 2015 by Argus Quote Link to comment Share on other sites More sharing options...
bush_cheney2004 Posted May 17, 2015 Report Share Posted May 17, 2015 Which will be the first state to declare bankruptcy? Ontario. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.