$252.1 Billion Deficit for Canada. Yep Skippy is one Smart Guy!

[SASKFARMER]

So since about the 6th month of Skippy in charge, I realized something is not quite right with this man child or his party.

There was something different about this bunch of Liberals.

It sure wasn't Paul Martin or Jean Chrétien or any of the old guard. This new group had something seriously flawed with them.

A few were part of a group of spoiled Brats that somehow the City of Toronto thought were cool. Some are Trust fund fools who have never had to do a days work or understand what the family had to do to get them there wealth.

So now we have a virus that hasn't killed one homeless person in Canada, Or really any more deaths than the common cold does in winter.

But Skippy and crew decided to buy votes and buy votes big time in Toronto Montreal and Vancouver.

Let's look the Crushed Canadian oil that it is so cheap Irvine is shipping it from Vancouver down the US coast through Panama and then back up the East coast to the refinery. But we couldn't have Canadian jobs and build a pipeline. Oil skippy gives them 1 billion to clean up there act. WTF.

But then yesterday it hit me right in the eye this man and his party are out of control. They are now giving Foreign students money that are living in Canada. Yes, people who have never done anything for Canada except getting an education and then go home. This Adventure in Skippy land will cost us $5.5 Billion.

Are some liberals still with me? Your giving people who come from wealth to go to school here money.

Now Ag so far has got shit all we have lost well over $500k on our farm with the downturn in Canola that Skippy and company screwed us with ****ing up the china deal.

He announces a 5 billion dollar loan for farmers through FCC. Funny we get a loan and Foreign children get the same in free Cash. W T F.

Every other program except the $40,000 loan a farmer is not eligible for.

So let's look at this again since our Ag reps and some farmers are so ****ing smart.

We have a Disease that will be proven really wasn't a huge threat or much of one. Just social distance, wash hands don't bum **** your neighbour and keep the elderly safe and confined. Real easy didn't have to kill an economy or flatten our flat country.

So the groups that will have to pay for this are on there knees Ag, Forestry, Mining, and Oil. Cash is flush with Stupid voters.

Yea as a country we are done. Way to go stupid Canadians were now an extra $252.1 Billion in Debt.

Guess who is going to have to pay. Not the stupid voter.

Look in the Mirror farmers and All the above industries. They are coming after us and then the elderly in a death tax.

Happy Friday

[sumdumguy]

Happy Mayday. The ice is almost all gone off Echo Lake. The forecast is calling for one more freezing night.

[SASKFARMER]

Should help with the last few fields we just have to get over today's Montana low that's heading our way fast. The ground is still so cold.

[bucket]

You can't forget the fact the conservatives helped approve all this spending without once trying to make a deal for farmers and ranchers.....

Not one word about helping their voter base out....

250 billion and they couldn't negotiate a fix to the shit they phucked up the last time they were in power....

That shouldn't be forgotten ....

And neither should the fact that American farmers are receiving close to 70 billion in Canadian funds in direct payments. ...

[SASKFARMER]

I agree but look at how this played out Quebec and NDP and Green Control Canada and keep Skippy in Power. Look at what each asked for to keep that happening. We are powerless when the Gang of Thieves control Canada.

Today the CFA asked for $2.6 Billion. Wow-what a intelligent bunch. **** Skippy has given more to useless Foreign Students.

[RTK]

SF3 - Budgets will balance themselves, we have lots of fiscal fire power left in the chamber.

You are just being insensitive and mean spirited to be pointing out what the idiot Blackface and his band of fools have done to this country.

I for one am sick of this liberal gong show we have running this country. Wish I was in a position to just pickup and move.

[SASKFARMER]

Really seriously considering doing like one guy who use to post on here. If you can't beat them join them and be a Happy Farmer.

This shit show with AG is getting out of hand. We get a ****ing loan and Students get Cash. ITs all about buying future liberals and breaking the country.

[farmaholic]

I agree but look at how this played out Quebec and NDP and Green Control Canada and keep Skippy in Power. Look at what each asked for to keep that happening. We are powerless when the Gang of Thieves control Canada.

Today the CFA asked for $2.6 Billion. Wow-what a intelligent bunch. **** Skippy has given more to useless Foreign Students.

......get in line with everyone else and "accept any help you qualify for".

You're going to asked(read forced) to help pay for this spending spree anyway.

[Hamloc]

A $250 billion deficit and a 12% haircut to GDP, it is difficult to really understand all the implications of this. The next question is how many years will we have this large a deficit? What does it say about how modern society is structured that less than 2 months of a shutdown brings down the whole thing? How many more billions will the province's add? In Alberta they are talking about a $20 billion plus deficit for this year, what industries will be left afterwards? I think I am fortunate to live where I do and that I have the ability to harvest my own food, at least I will not starve.

[SASKFARMER]

No, we won't starve on our farm but this has me worried. They will come after the Elderly in Death Tax. Homeowners in Tax and Capital gains.

[chuckChuck]

https://www.coastreporter.net/coronavirus-relief-pushing-us-deficits-to-staggering-heights-1.24123848 https://www.coastreporter.net/coronavirus-relief-pushing-us-deficits-to-staggering-heights-1.24123848

Coronavirus relief pushing US deficits to staggering heights
Andrew Taylor / The Associated Press

April 24, 2020 10:38 AM

WASHINGTON — Spend what it takes, Washington said as it confronted the coronavirus. Well over $2 trillion later, it’s unclear where that spending will end.

One of the lasting legacies of the coronavirus pandemic will be staggering debts and deficits on the U.S. balance sheet, with shortfalls hitting levels that would have been unthinkable just a few decades ago.

It’s a fiscal stranglehold that is likely to persist for a generation, with debt levels having passed the point of easy return in a capital where lawmakers are increasingly incapable, or unwilling, to constrain them.

The latest, and dire, projection from the Congressional Budget Office, released Friday, states the U.S. deficits will mushroom to $3.7 trillion in 2020, fueled by the four coronavirus relief bills signed into law by President Donald Trump. A fifth bill is already in the works, and will be "expensive," according to House

The deficit for 2021 is estimated to tally $2.1 trillion, double previous CBO estimates.

The report predicts a devastating hit to the economy this quarter at an annualized rate of decline of 40% — probably the sharpest economic shock ever — accompanied by a 15% unemployment rate this spring and summer. For the entire year, the economy is predicted to shrink by 5.6%.

CBO Director Phillip Swagel cautioned that there is "enormous uncertainty" to the projections, given the unprecedented nature of the crisis, but it's plain the economic shock is unlike anything seen since the Great Depression.

"Challenges in the economy and the labour market are expected to persist for some time," Swagel wrote in a blog post. He said the economy is likely to begin rebounding in the third quarter, but the jobless rate will remain about 10% by the end of 2021.

On the government front, coronavirus-related figures point to red ink unparalleled since World War II. Economists generally say the most significant measure of debt and deficits is to compare it against the size of the economy, and by that measure the debt is soon to rival the record. CBO says publicly held debt will reach 101% of gross domestic product by the end of this year, just below the post-war high.

The deficit was entrenched long before the virus, with federal revenues shrinking to well below historic averages and the spending side of the ledger rising thanks to record Pentagon expenditures and the addition of baby boomers to Medicare and Social Security.

Even Washington’s few remaining spending hawks say red ink should not be a focus for now as the government faces unemployment levels not seen since the Great Depression and shutdown orders lasting well into next month or beyond.

"Right now, I think the wise move for Congress is to keep the economy afloat regardless of what it costs," said Brian Riedl, an economic and budgetary policy analyst at the free market Manhattan Institute think-tank . "That being said, the budgetary cost is enormous, cannot be ignored, and makes it even more important that lawmakers begin thinking about how to fix the federal budget after this is over."

But when policymakers inevitably are forced to take on deficits, virtually none of them will have any experience in doing so. The era of successful action ended long ago, with a hard-won 1997 law that capped a decade’s worth of politically costly but ultimately effective reduction measures.

In the interim, a divisive brand of politics has taken hold. No one has even seriously tried tackling the debt since a failed effort by former GOP Speaker John Boehner of Ohio and President Barack Obama almost a decade ago.

Republicans are beginning to warn of the coronavirus costs now — GOP Sen. Ben Sasse on Friday called Washington's spending habit "suicidal" — but the party passed deficit-adding tax cuts when controlling all of government in 2001 and 2017. Those twin tax bills mean that a steadily more liberal Democratic Party won’t endorse the kinds of deficit-cutting steps they endorsed in the 1990s.

There’s also no agreement on what levels of debt and deficits are sustainable, and the number of deficit doves has swelled over the past decade. Those skeptical of the fiscal warnings note that the government has run large deficits for well over a decade without the predicted increase in interest rates, economic stagnation or a European-style fiscal crisis.

"There's zero reason to be concerned about the short-term macroeconomic impact of the deficit," said Harvard University economist Jason Furman, a former economic policy adviser to Obama. "Interest rates are very low. The Fed has a lot of tools to ensure that they stay very low, and the bigger short-run macroeconomic concern is an insufficient response."

The CBO has long said that lawmakers eventually will be forced to tackle the government’s chronic financial woes, if for no other reason than the looming insolvency of Social Security and Medicare. When Social Security runs out of reserves in the next decade, the system will be able to pay only 79% of benefits.

The problem is landing in the lap of whoever is elected in November in a race that's been transformed by the crisis.

The presumptive Democratic nominee, former Vice-President Joe Biden, supported numerous deficit-reduction bills over his long career but has moved significantly to the left in hopes of uniting party progressives behind him.

[jazz]

You are looking at a 55c dollar and downgrade of our credit rating. Skippy will be putting in taxes on CG estate inheritance and probably a rise in corp tax rates. Everybody better start talking with their accountant. I have converted a lot of my liquid holdings to USD. People are taking about moving those assets right out of the country now.

Yesterday John Manley former minister of finance said it will take Canada 10yrs to recover which basically saying never.

Teresa tam should be fired.

US has the reserve currency chuck. It's not the same thing as Canada who has weak economy. Our GDP is same as Texas and half of California's with the same population.

We are an unproductive nation riding the US coat tails.

[bucket]

A $250 billion deficit and a 12% haircut to GDP, it is difficult to really understand all the implications of this. The next question is how many years will we have this large a deficit? What does it say about how modern society is structured that less than 2 months of a shutdown brings down the whole thing? How many more billions will the province's add? In Alberta they are talking about a $20 billion plus deficit for this year, what industries will be left afterwards? I think I am fortunate to live where I do and that I have the ability to harvest my own food, at least I will not starve.

2 months ....it wasn't 2 weeks and they started taking about handouts...for businesses and employees...

Capitalists ...you know the guys that own shares in companies....they have to be made whole....they can't be on the hook for their investment losses...

And not one government is smart enough to support an industry that can't move and drives an incredible amount of jobs...

Ag more than ever said 1 in 8 jobs are ag related.....I would put money that ratio has changed considerably in the last while....

Agriculture will be the kickstarter....and it will be consolidating instead of bringing new entrants in...this is the perfect time for a flush of new farmers to get a start....instead they help the consolidation process by doing SFA...

[SASKFARMER]

Yea Chuck lets Look over here at the USA while we give Skippy a pass. Do you work for the CBC G--- come on its a shit show already?

This is about Canada and what skippy has done.

Yes, the number one currency in the world compared to our bargain Mexico peso. Yea good job.

Skippy and company run Canada. Ok, I just threw up in my mouth. Nope, the puppet has his strings pulled and it's not to make Canada Great.

[bucket]

No, we won't starve on our farm but this has me worried. They will come after the Elderly in Death Tax. Homeowners in Tax and Capital gains.

Some homeowners should be taxed...it was a fake market driven by outside investment that made some homes unaffordable ...and don't forget the government was kicking in subsidies to help people buy homes....of course the government should get their money back plus some ROI to the taxpayers...

And the banks have been unloading their bad money losing debt to the government through all this...

When you heard Morneau say ...to help canadians get credit.....that was code for the banks download of bad debt...he protected the banks who haven't paid taxes on their profits in years...

Now they unloaded their bad debts as a losses ....voila no tax for them now....