Canada’s massive debt and how to get back on track?

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Lastpointe

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Yesterday we got the startling news of the massive debt the government has now run up. Oddly, I think everyone expected it. We have seen the daily handing out of money from the front steps. And we knew that already the government did not care about deficits and debt. They were running up huge deficits in good times. Now that it is bad times, our grandchildren will be paying for it forever

they need to get things under control and get people back to work. Let’s hope
 

BetteTheRed

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I think that once the economy slowly rebounds, we will see some ROI. It really was a choice in many cases of "us or them" going broke. I'd rather it was "us", as in government.

But I'm still worried about schools, and also, a second wave. There was a solid economic rebound, although not a long one, after the 17-18 Spanish Flu. Remember the Roaring Twenties?
 
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Every country in the world will be in debt. Maybe economists can recalibrate/ do a reset. Rather than having every country struggle. That doesn't make sense. The whole idea we have of money in this system is an idea. They need to fix the idea not make us live up to the old one. The system doesn't have to operate the same way.
 

Ritafee

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Maybe economists can recalibrate/ do a reset.
What a coincidence ...

On June 3 WEF chairman Klaus Schwab released a video announcing the annual theme for 2021, The Great Reset.

The WEF website states, “There are many reasons to pursue a Great Reset, but the most urgent is COVID-19.”

So the Great Reset of the global economy flows from covid19 and the “opportunity” it presents.

The WEF website states, “COVID-19 lockdowns may be gradually easing, but anxiety about the world’s social and economic prospects is only intensifying. There is good reason to worry: a sharp economic downturn has already begun, and we could be facing the worst depression since the 1930s. But, while this outcome is likely, it is not unavoidable.”

The WEF sponsors have big plans:

"The world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions.

"Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed."

"In short, we need a “Great Reset” of capitalism.”

Schwab reveals more of the coming agenda: “…one silver lining of the pandemic is that it has shown how quickly we can make radical changes to our lifestyles. Almost instantly, the crisis forced businesses and individuals to abandon practices long claimed to be essential, from frequent air travel to working in an office.”

He suggests that those radical changes be extended:

“The Great Reset agenda would have three main components.

The first would steer the market toward fairer outcomes. To this end, governments should improve coordination… and create the conditions for a “stakeholder economy…” It would include “changes to wealth taxes, the withdrawal of fossil-fuel subsidies, and new rules governing intellectual property, trade, and competition.”

"The second component of the Great Reset agenda would ensure that, “investments advance shared goals, such as equality and sustainability.” Here the WEF head states that the recent huge economic stimulus budgets from the EU, USA, China and elsewhere be used to create a new economy, “more resilient, equitable, and sustainable in the long run. This means, for example, building ‘green’ urban infrastructure and creating incentives for industries to improve their track record on environmental, social, and governance (ESG) metrics.”

Finally the third leg of this Great Reset will be implementing one of Schwab’s pet projects, the Fourth Industrial Revolution:

“The third and final priority of a Great Reset agenda is to harness the innovations of the Fourth Industrial Revolution to support the public good, especially by addressing health and social challenges. During the COVID-19 crisis, companies, universities, and others have joined forces to develop diagnostics, therapeutics, and possible vaccines; establish testing centers; create mechanisms for tracing infections; and deliver telemedicine. Imagine what could be possible if similar concerted efforts were made in every sector.”

The Fourth Industrial Revolution includes gene-editing biotech, 5G telecommunications, Artificial Intelligence and the like.

UN Agenda 2030 and the Great Reset

If we compare the details of the 2015 UN Agenda 2030 with the WEF Great Reset we find both dovetail very neatly. The theme of Agenda2030 is a “sustainable world” which is defined as one with income equality, gender equality, vaccines for all under the WHO and the Coalition for Epidemic Preparedness Innovations (CEPI) which was launched in 2017 by the WEF (along with the Bill & Melinda Gates Foundation.)

Maurice Strong, a billionaire Canadian oilman in 1992 stated...
  • “Isn’t the only hope for the planet that the industrialized civilizations collapse? Isn’t it our responsibility to bring that about?” At the Rio Earth Summit that same year Strong added, “Current lifestyles and consumption patterns of the affluent middle class – involving high meat intake, use of fossil fuels, appliances, air-conditioning, and suburban housing – are not sustainable.”
The advanced civilizations must go down in their living standards to become “sustainable.”

Visit the Great Reset microsite here.
 
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@Ritafee I think a lot of people have already realized there would need to be a reset after this pandemic - and they knew someday there would be another pandemic (as has been true throughout the ages). Yes it needs to be prepared for in advance. It doesn’t prove your conspiracy and please don’t hyperlink to some insane rabbit hole site. It’s an anti-climate science conspiracy site you took me to. It references Tucker Carlson as a credible source of information. Without reading any further I know it’s bs. I can’t unclick that. I think that site might be buggy because now my keypad is doing weird things...fast and slow/ sticky keystrokes.
 
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Ritafee

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Sorry about that link @Kimmio I tried to only link the WEF guess I missed one.

The quote from Maurice Strong is legit tho and that was the point ... I am not promoting a conspiracy theory ... I am letting you know that the Reset is being seriously discussed.

Visit the Great Reset microsite here.
The World Economic Forum has developed a reputation as a trusted platform for informed collaboration and cooperation between all stakeholders – reinforced by a track record of success over five decades. The Forum now offers its experience in building purpose-driven communities in service of the extraordinary challenge and opportunity the world faces for a “Great Reset”. The Forum provides an unparalleled platform for creating, shaping and delivering collaborative solutions for the future through its: The Great Reset
 

Luce NDs

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There is the burned earth society that wishes all other destroyed ... when the implications appear they regret it ... so it all goes down as in Rome!

It is our greatest skill .... destruction! The Swerve goes on and on about the search for destructive power ... sacred in church documents ... the scattered and broken gods ... WE 'r Ide ...
 

Mendalla

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The absolute size of the debt isn't what matters, though. What is the debt-GDP ratio? The per capita debt? And how do those numbers compare to other countries? Those are things bond buyers and rating agencies are looking for. The absolute size of the debt means little since a country with a high GDP can sustain a higher debt load than one with a low GDP. IOW, a debt that would bankrupt Uruguay is probably sustainable for most Western countries.
 

Lastpointe

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And that has soared

obviously the government had to step in and now they just have to get things back on track

i think signs are promising. Finance minister speaks of decreasing support to encourage people to get back to work. That bodes well for our small town. No one wants to work full time as the CERB and the $1000 you can add to it is more than most of them normally make

that definitely depends on where you live and what your job was. Hotels, restaurants. Things are tougher But my friend who owns a car wash is having his best year ever. And is also able to get 75% so profits are really up for him

but I think they are trying to move people to work and give employers the 75% so they will call people back

talk of putting GST back to 7%
 

Mendalla

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think signs are promising. Finance minister speaks of decreasing support to encourage people to get back to work. That bodes well for our small town. No one wants to work full time as the CERB and the $1000 you can add to it is more than most of them normally make
Actually, I liked the Conservative proposal for that. Gradually reduce it as they earn more employment income rather than a hard cutoff.

To be honest, though, I do not think most voters look at the debt or deficit that closely, at least in my experience. Sure, they like to hear that the government is going to do something about it, but in the end, they vote based on what they are getting out of it, whether that's handouts or tax cuts (which are really a handout of a sort) or new services. And everyone wants someone else to feel the pain, of course.

So my thinking is that the Conservative leadership race and the outcome of the WE scandal will influence the next election more than the escalation in the deficit as long as all the parties make the right noises about reducing it without hurting anyone.
 

Luce NDs

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Yet powers suggest that we work our hearts out to ship the GNP to offshore sites ... cyberspace? Cyb Orgs!
 

Mendalla

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jimkenney12

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@Ritafee I think a lot of people have already realized there would need to be a reset after this pandemic - and they knew someday there would be another pandemic (as has been true throughout the ages). Yes it needs to be prepared for in advance. It doesn’t prove your conspiracy and please don’t hyperlink to some insane rabbit hole site. It’s an anti-climate science conspiracy site you took me to. It references Tucker Carlson as a credible source of information. Without reading any further I know it’s bs. I can’t unclick that. I think that site might be buggy because now my keypad is doing weird things...fast and slow/ sticky keystrokes.
What conspiracy? I did not see Ritafee use the word conspiracy?
 

Luce NDs

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Debt leaves us with total wipeout ... the final solution to the integration! Be de ath of me as latent hind ... R's?
 
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