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    November 2012
    M T W T F S S
    « Oct   Dec »


    Debt Problems Abound

    Trevor Parry

    All around our North American polity there are cries of crisis as governments face the reality that eventually the piper must be paid. The one receiving the most attention is south of the border where two politically charged juggernauts seem to be on a collision course. Here in passive and boring Canada we face the same problem without the screams of an upcoming apocalypse. In Ontario and Quebec the mounting debt problems are well known and likely getting worse. They are joined by a new drunken sailor, perennial pecunious Alberta.

    Their recently elected premier, Alison Redford, a Liberal carpetbagger who was saved from political oblivion by the comically terrible campaign of the upstart Wild Rose Alliance had declared that if you had to wait to have the money to build something, that it simply wouldn’t get built is about to take that province into the realm of her predecessor, “Special” Ed Stelmach. To violate what was thought to be a virtual commandment in Alberta, that thou shall not run a deficit may only empower the inevitable backlash. Perhaps the Wild Rose will silence the kooks in favour of those advancing fiscal discipline and Ms. Redford may be hastened to her political oblivion; but that is a few years away.

    The same cannot be said for Ontario and Quebec. In those provinces the people have grown accustom to being bribed with their own money. The public service unions, holding a gun to the head of legislatures have had one far left government installed in Quebec City, and look to do the same at Queen’s Park this coming spring. The result will be a worsening of the balance sheet and a deafening cry from the so called 99% to exert fairness and fetter the so called 1%. The consequence will be bankruptcy, labour strife and a flight of capital. The happy recipient will be Western Canada, with the consequence of that being further calls of common sense to do away with the system of transfer payments that perpetuate inefficiency and a strangle hold exerted by public service unions.

    The response must start from the ground up. Those individuals with some skin in the game, that is anyone employed in the private sector, from those who labour to those who risk capital must say enough is enough. The tyranny of entitlements and thuggery of unions must be squarely defeated. Those who focus on fiscal sanity and deliver the austerity needed to balance budgets must be rewarded with majority governments. We must stop being bought off with our own money, and also seeking to tear down our neighbor because of the modicum of success they may have achieved.

    There are elections coming in Ontario, B.C. and perhaps Quebec in 2013. Let’s make this the year that Atlas shrugged and turned the tables on those who profess redistributionist policies that apply only to those who produce and contribute rather than those who complain and consume.

    The MONEY® Network