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Jim Flaherty projects $3.7B surplus in 2015-16
CBC ^ | November 12, 2013 | Susana Mas

Posted on 11/12/2013 2:49:53 PM PST by Former Proud Canadian

The federal government is not only on track to balance the budget by 2014-15, it will also end seven years of deficits to emerge with a surplus by the time Canadians head to the polls in 2015, said Finance Minister Jim Flaherty, who was in Edmonton delivering the fall economic and fiscal update.

The government is projecting a deficit of $5.5 billion for 2014-15, with a projected surplus of $3.7 billion in 2015-16; that compares with a deficit of $6.6 billion for 2014-15 and a budgetary surplus of $800 million in 2015-16, which Flaherty projected in the March budget.

"We promised we would bring the budget back into balance, and that we would do it without raising taxes or reducing funding for health care or other important social programs,"

(Excerpt) Read more at cbc.ca ...


TOPICS: Business/Economy; Canada; Foreign Affairs; News/Current Events
KEYWORDS: budget; canada
For American freepers, a $3.7B CDN surplus translates into about $3.7B US. A comparable US figure, since the US is 10 times the size of Canada in just about every way, is a $37B surplus. I know Obama pisses away that much before breakfast, but it adds up.

All this was achieved without printing a whole lot of money. A freeze on government spending works wonders over a few years.

1 posted on 11/12/2013 2:49:53 PM PST by Former Proud Canadian
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To: Former Proud Canadian
A freeze on government spending works wonders over a few years.

and we can't even get all republicans to concur on sequestration.

2 posted on 11/12/2013 2:52:13 PM PST by TurboZamboni (Marx smelled bad & lived with his parents most his life.)
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To: Former Proud Canadian
"A freeze on government spending works wonders over a few years."

Democrats in this country would never allow that to happen! They threw a huge hissy fit of the very VERY limited cuts that have been attempted over the last few years. Just look at how big of a fit they threw this last week over some minor and insignificant cuts made to food stamps. Yep, will never happen here.

3 posted on 11/12/2013 2:54:11 PM PST by Carbonsteel
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To: Former Proud Canadian

Much of this is due to candian resolve to encourage energy development rather than thwart it.

Fossil fuel production is fueling their economic boom.

America could easily replicate and improve on this record with the right political players.


4 posted on 11/12/2013 2:58:37 PM PST by lonestar67 (I remember when unemployment was 4.7 percent)
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To: Former Proud Canadian
...projected surplus of $3.7 billion in 2015-16...

Paper projections. I want some of what he's smokin' or drinkin'!

5 posted on 11/12/2013 3:24:26 PM PST by Bushbacker1 (Molon Labe! (Oathkeeper))
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To: lonestar67

Canada is rich with natural resources & agricultural production, plus has a small population compared to that natural wealth. Despite a number of terms of liberal PMs, the conservative party comes in enough to lessen the rush to a full welfare state. If western Canadians did not have to carry most of Quebec on their backs, Canada would have a massive surplus.


6 posted on 11/12/2013 4:58:04 PM PST by RicocheT (Where neither their property nor their honor is touched, most men live content, Niccolo Machiavelli)
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To: RicocheT
If western Canadians did not have to carry most of Quebec on their backs, Canada would have a massive surplus

It isn't so much Quebec anymore, it's Ontario. Ontario used to be the economic engine of the country, but after years of Liberal rule, Ontario is reduced to being a "have not" province. Truly sad.

7 posted on 11/12/2013 5:03:26 PM PST by Dartman (CDN PM Stephen Harper may not be perfect, but we don't have to be ashamed or embarassed of him.)
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To: Squawk 8888

ping


8 posted on 11/12/2013 5:05:21 PM PST by Dartman (CDN PM Stephen Harper may not be perfect, but we don't have to be ashamed or embarassed of him.)
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To: Former Proud Canadian

Just remember Canada was an economic basket case twenty years ago, with the Loony trading at US$ 0.75 Remarkable what sober government can accomplish.


9 posted on 11/12/2013 5:47:43 PM PST by Lonesome in Massachussets (Doing the same thing and expecting different results is called software engineering.)
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To: Former Proud Canadian; Clive; exg; Alberta's Child; albertabound; AntiKev; backhoe; ...
To all- please ping me to Canadian topics.

Canada Ping!

10 posted on 11/12/2013 8:00:34 PM PST by Squawk 8888 (I'd give up chocolate but I'm no quitter)
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To: lonestar67

That’s a major factor, but the cuts to corporate income tax rates will sustain the boom regardless of what energy markets do. I can’t believe it’s happened in my lifetime but taxes in Canada are among the lowest in the world.


11 posted on 11/12/2013 8:03:24 PM PST by Squawk 8888 (I'd give up chocolate but I'm no quitter)
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To: Squawk 8888

There are actually a number of examples both among US states and international states that prove the US could at the federal level have a productive political relationship with citizens that would yield both growth, economic affluence, and surpluses.

North Dakota and Texas certainly prove this along with Canada and other powers moving toward lower business Taxes.

Spain and France prove the doom inevitable in our current course.

Go Canada!


12 posted on 11/12/2013 8:28:44 PM PST by lonestar67 (I remember when unemployment was 4.7 percent)
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To: Bushbacker1

Flaherty’s paper projections usually come in as having been on the pessimistic side. It ain’t his first rodeo.

The Prime Minister has a degree in economics, and at least in this area, the government up here seems to know what they are doing.


13 posted on 11/13/2013 2:57:09 AM PST by Hieronymus ( (It is terrible to contemplate how few politicians are hanged. --G.K. Chesterton))
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To: Lonesome in Massachussets

Umm, actually the CDN$ traded as low as $0.65US IIRC. So, exporters took a real hit over that time period, and things worked out even better.


14 posted on 11/13/2013 5:09:49 AM PST by Former Proud Canadian (Cruz/Palin 2016)
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To: Former Proud Canadian

Record low was 62 and change, IIRC


15 posted on 11/13/2013 5:33:36 AM PST by Hieronymus ( (It is terrible to contemplate how few politicians are hanged. --G.K. Chesterton))
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To: Hieronymus
There you go. I guess devaluing a currency is a temporary fix that does nothing for systemic problems.

Can we also agree that cutting taxes and government spending works?

16 posted on 11/13/2013 7:02:58 AM PST by Former Proud Canadian (Cruz/Palin 2016)
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To: Former Proud Canadian

I haven’t tracked things that closely in Canada, but my overall impression has been that there have been very few spending cuts—but not very many spending increases either, with a resulting actual cut in terms of percentage of GDP through economic growth. About the only thing that I can recall being cut is the gun registry, which certainly did cost enough.

While there have been some tax cuts, they have been comparatively small (the sales tax was cut from 15% to 13%) and I think the effect is mainly psychological—if the government is taking a little less of my money, I need not continually worry that the government will be continually taking more and more of my money.


17 posted on 11/13/2013 7:19:16 AM PST by Hieronymus ( (It is terrible to contemplate how few politicians are hanged. --G.K. Chesterton))
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To: Hieronymus

A freeze on government spending and hiring is a de facto spending cut as the economy expands.


18 posted on 11/13/2013 7:54:21 AM PST by Former Proud Canadian (Cruz/Palin 2016)
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