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Simple answers to Complex Questions and Complex Answers to Simple Questions. In real life, I'm a Greater-Toronto (Canada) Realtor with RE/MAX Hallmark Realty Ltd, Brokerage. I first joined RE/MAX in 1983 and was first Registered to Trade in Real Estate in Ontario in 1974. Formerly known as "Two-Finger Ramblings of a Forensic Acuitant turned Community Synthesizer"

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Friday, December 09, 2005

2005 Public Accounts -ooops, National Debt down only $4.658 Billion in 10yrs

Dear Edmonton Journal Editor,

Re:Editorial, Who will cut national debt -Tues Dec 6/05.

The Rt Hon P Martin et al, may indeed set out to follow the budget path of 'King Ralph' and let's hope they do! Further, let's hope that Canada-wide we enjoy economic conditions similar to what the Alberta Premier has experienced.

But .... there's a fly-in-the-ointment that we've been pouring over the head of the former Finance Minister - turns out, his biggest deficit-slaying weapons have been fancy accounting and too little public scrutiny of his and Mr Goodale's reports - (Poor Mr Goodale he's not having a good day today -Dec9/06).

A closer examination of the 10 yr Comparative chart of both the Operating Statement and Balance Sheet from the Public Accounts 2005 (below) will show how the Hon P. Martin Jr's 'budget miracle' was achieved, will demonstrate the pointlessness of their current 1/3 Debt - 1/3 Tax Breaks - 1/3 Spending policy and will make laughable (at a minimum) their public pronouncements of +$50 billion Debt Reduction.

In fact, in the 10 years 1996 - 2005, Revenues climbed 50.91% (+$71.4 billion),
while Programs were contained to 45.6% gains (+$39.77 billion)
and a big boost came from
Debt charges falling by 30.95% (down $15.289 billion).

Most newspaper readers know this stuff .... the REAL smoke-and-mirrors STORY is in the Debt.

In the 10 yrs AND AFTER ALL THAT NOISE ABOUT CONSECUTIVE SURPLUS BUDGETS, Total Interest-bearing debt is down by $4.658 billion a measly 0.75%.

Yep, in 1996 Interest-bearing debt was $619.926 billion and March31/05 it was $615.268 billion, the reduction in interest rates have helped take attention off the Budget-killing item 'Public Debt Charges", but the principal is still 99.25% there.

For no one in the press to be noticing this particularly sad Fiscal Stewardship, these incumbent rascals certainly must have a great Public Relations Team!

Edmonton Journal Editorial -Who will cut national Debt?

Public Accounts 2005 Volume1

Table 1.1 & 1.2
PDF pg 18-19
text pg 1.12 & 1.13


Blogger chuck said...

Maybe the DEBT can be "INFLATED AWAY"...(joke?)

12:07 pm  
Blogger Robert Ede said...

No Chuck, that IS the plan.

7:30 am  

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