Wednesday, March 20, 2013

A 516.7 billion increase in personal debt and 140 billion in federal debt since Flaherty took over

Whatever economic movement we've had has been fuelled by essentially personal debt, an astonishing  516.7 billion increase since 2006, at a staggering 165% debt to disposable income ratio. Only #banksters and the investor class benefit from such a financialization of the economy. And we’re 140 billion deeper in federal financial debt since Flaherty took over with a net debt balance of 650 billion and a stagnating global economy - the effects of which will be hard to escape since, lacking a diversified domestic economy,  all our economic growth eggs are in export markets and in particular commodities - namely oil and mining. The classic neoliberal agenda has failed miserably. Time for Drummond, Hyder, O’Leary and Co. to wake up from the dream.


1 comment:

  1. Note: We might also want to remember the wasted revenue opportunities - namely, the 2% HST and several corporate tax cuts - and the fact that he inherited a sizable 13 billion surplus. Flaherty has presided over 9 budgets, 8 of them deficit budgets. Yet a hoodwinked and hoodwinkedtoo electorate still thinks he’s a good economic manager. Go figure.

    I remain convinced that a neoliberal plutocracy/oligarchy by way of its control of corporate institutions served by cooperative governments- the investor class - is still the source of all our woe.