cybercoma Posted September 2, 2015 Report Posted September 2, 2015 (edited) Has anyone taken the time to look at the Federal Balanced Budget Act?Some highlights--> Surpluses can only be used to service the federal debt. This means they cannot be put towards anything else.--> Operational spending is frozen during a recession, up to and including wage freezes for the entire civil service, as well as possible wage reductions for the cabinet, deputy ministers, and prime minister. --> A recession ends when two consecutive quarters of growth are reported.I don't recall having any discussion about this piece of legislation that was buried in the omnibus budget bill. Edited September 2, 2015 by Charles Anthony added more tags Quote
ToadBrother Posted September 2, 2015 Report Posted September 2, 2015 (edited) Because it's largely worthless. Edited September 3, 2015 by Charles Anthony deleted re-copied Opening Post Quote
Vancouver King Posted September 2, 2015 Report Posted September 2, 2015 --> A recession ends when two consecutive quarters of growth are reported. I don't recall having any discussion about this piece of legislation that was buried in the omnibus budget bill. Most Conservatives here refer to our latest recession in the past tense. According to the above, until Stats Can reports in 6-7 months, Canada remains in recession. Quote When the people have no tyrant, their public opinion becomes one. ...... Lord Lytton
Moonlight Graham Posted September 3, 2015 Report Posted September 3, 2015 Hard to wrap my head around the Act without reading the whole thing or getting a summary in an article somewhere. Some of it is interesting though. I agree with deficits being used during times of emergency or to stimulate the economy during recession, but that's as long as the debt is paid back during the good times. That last part is what needs to be guaranteed. Surpluses should be mandatory during times of solid economic growth in order to pay back the debt built up during the bad times. Governments love spending money but hate paying it back in ways that don't buy votes. Quote "All generalizations are false, including this one." - Mark Twain Partisanship is a disease of the intellect.
ReeferMadness Posted September 3, 2015 Report Posted September 3, 2015 (edited) This is a dumb piece of legislation. I agree with balanced budgets in general but that is a political decision. We need more democracy. Real democracy, not tying governments hands through legislation. Edited September 3, 2015 by Charles Anthony deleted re-copied Opening Post Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
cybercoma Posted September 3, 2015 Author Report Posted September 3, 2015 (edited) Hard to wrap my head around the Act without reading the whole thing or getting a summary in an article somewhere. The whole act is linked in the OP and is only 2 or 3 pages. Edited September 3, 2015 by cybercoma Quote
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