Is it debt or just printing more money?

How encouraging I find it that Finance Minister Jim Flaherty is projecting a budget of only a $2.9-billion deficit for this year and the government will easily post a surplus of $6.4 billion in 2015. Zounds! The man is a miracle worker of the first water.

How encouraging I find it that Finance Minister Jim Flaherty is projecting a budget of only a $2.9-billion deficit for this year and the government will easily post a surplus of $6.4 billion in 2015.

Zounds! The man is a miracle worker of the first water.

This is astounding considering the bungling bunch we have had over the last 50 years. When I look at the Canadian Debt Clock, it shows we have a national debt of something like $679,419,195,500. If we pay eight per cent interest on $680 billion, doesn’t that come out to $54 billion for this year? If we end up with a deficit of $2.9 billion, doesn’t that mean that we haven’t even paid the interest, so in actual fact every cent we pay in taxes does not go to pay down the debt but only goes to the money exchangers as interest?

When questioning people, not one can explain what the deficit is nor the amount of interest nor the national debt. Thank heaven for Flaherty because he must know what’s going on.

The simple fact of finance is that any country that prints its own money can never go in debt so where does the $679,419,195,500 come from?

At one time in Saskatchewan, there was a young Baptist minister by the name of Tommy Douglas who joined the Co-operative Commonwealth Federation of Saskatchewan. Douglas was probably the finest Canadian to come out of Western Canada! There are people at this time who still remember wheat of a grade 3 which sold for as low as 19 cents a bushel and cattle going to market and being sold for less than the freight bill.

Well, Douglas asked the Finance minister of Canada if the government of Canada would give Saskatchewan $5 million to alleviate the depression. This was about 1935!

The Finance minister replied to Douglas that the young man from Saskatchewan must think that money grows on gooseberry bushes.

In 1939, when the Liberals decided to go to war, the government created $1.2 billion toward the war effort. I believe that Douglas then stood in Parliament and said that the minister must have found that gooseberry bush.

So it seems the government may print debt-free money if it wishes.

Douglas was instrumental in the formation of the Canadian Wheat Board; Government Auto Insurance; Unemployment Insurance; crop insurance; formation of the Bank of Canada; the Canada pension plan; and family allowance. These represent the difference between a man who works for the people and one who works for …?

At this time when our province and our country are wallowing in debt while producing hundreds of times what we can consume, I think of H.L. Mencken, who said, “Elections are nothing but the futures market for stolen goods,” and Johann Von Goethe, who said, “The best slave is the man who doesn’t know he is a slave.”

From recent polls and conversation at coffee row, I would say Prime Minister Stephen Harper, if he might win the next election, will definitely be the leader of a minority party as our Eastern buddies will get more welfare from Liberal Leader Justin Trudeau.

Should Harper wish to be remembered fondly in the West, while he still has a majority government and if he works for the people, he should bring in the triple E Senate so the West will at long last have some equality. It’s now or never!

Dennis Combs


Just Posted

Fire investigators comb through industrial fire wreckage looking for answers

Industrial building in north Red Deer was completely gutted in Wednesday morning fire

Time for a central Albertan in cabinet, says chamber of commerce

Central Alberta had no cabinet ministers in last government

Trump Russia probe finally delivers some answers

WASHINGTON — After nearly two years of waiting, America is getting some… Continue reading

Trans Mountain Pipeline deadline extended

OTTAWA — The federal government is delaying a decision on the Trans… Continue reading

WATCH video of Innisfail resident creating the world’s biggest caricature

Watch as Innisfail resident Dean Foster creates the world’s biggest caricature of… Continue reading

Lower price discounts to boost Q1 oil profits but uncertainty hangs over sector

CALGARY — Lower discounts on western Canadian oil prices have swollen producer… Continue reading

Local Sports: Hard training pays off for Red Deer runner Jared Howse

Jared Howse understands success doesn’t come easily. The 17-year-old has put together… Continue reading

CRA’s automatic benefit registrations give retirees reason to file on time

TORONTO — This is the time of year when procrastinators begin to… Continue reading

Study: Genetic test predicts middle-aged obesity risk

NEW YORK — Can a genetic test identify newborns at risk of… Continue reading

Downtown Red Deer Co-op Plaza Food store closing

Central Alberta Co-op is closing its downtown Red Deer Plaza food store… Continue reading

Earth, meet Polo: Ralph Lauren unveils plastic bottle shirt

NEW YORK — Earth, meet Polo. Polo Ralph Lauren on Thursday launched… Continue reading

Statistics Canada reports retail sales rose 0.8 per cent in February

OTTAWA — Statistics Canada says retail sales rose 0.8 per cent in… Continue reading

Inflation rises 1.9% on higher prices for fresh vegetables, mortgage costs

OTTAWA — Canada’s annual inflation was up last month as price pressures… Continue reading

Most Read