How come this debt isn’t paying for itself?

A debt load of $47 billion for a province of 500,000? A new report is recommending that the Newfoundland government slash health care and education spending while selling off any number of government owned enterprises.

In order to rein in a soaring public debt and end the long pattern of deficit spending, Greene recommended a five per cent reduction in core government spending, and that operating grants for Memorial University and the College of the North Atlantic be slashed by 30 per cent, at a rate of five per cent annually.

Some of her sharpest points were directed at the health system, which accounts for 37 per cent of public spending. The province also spends 24 per cent more per capita on heath than the Canadian average.

Lest anyone think that Newfoundland is alone in this sinking boat, if every provincial government in this country were as honest as this lot when calculating their actual debt burden, most provinces would not be far behind. Most will wind up, eventually, as wards of the Bank of Canada.

61 Replies to “How come this debt isn’t paying for itself?”

  1. Canada and all the provinces as well as most western countries will be taken over by the International Monetary Fund as a result of covid over spending. All part of the Global reset. They will determine what will be spent and on what. If anyone thinks this can or will be fixed they will be very disappointed. There is a Hope however if one desires it. And it has an eternal glory that comes with it.

    1. Part of Agenda 21/2030.
      They will forgive the debt based on how much you de-industrialize.
      Justin Trudeau’s name will be on this for the destruction of Canada.
      They are blowing $Billions with no accountability, he needs to be arrested. They have the media locked up and they are just cheerleading.
      Anyone who objects is a white supremacist or racist.
      I firmly believe our elections are rigged, I don’t know of very many who have anything kind to say of Trudeau and this clown show for a government. With Soros involved I am sure that’s a given.
      I heard that Dominion machines were in use in Toronto, is this true? I thought all ballots were paper and scrutineered.

  2. How about selling off most of the Rock. There’s some forestry value, mining potential, tourism if it’s ever allowed again, recreational property, etc.

    1. The Rock let the Chinese explore for gas off its shore, the very thing that might have saved its economic bacon.

      As they say, one cannot fix stupid.

      1. That’s twice in as many days that you’ve repeated that lie. Stop it.

      2. Offshore is federal, not provincial. The benefits that NL gets are ancillary to that.

    2. Re mining potential, you may be interested to know New Found Gold is currently drilling off the most exciting new gold discovery
      anywhere in the world. This deposit is situate on the outskirts of Gander and has the potential to be one of the largest and richest gold
      mines either open pit or underground so while turdeau killed Newfoundlands oil industry gold mining could be Newfoundland’s salvation especially as turdeau and biden are in the process of destroying all paper currencies which are created out of thin air. This is guaranteed to not end well and the result will be “Those that have the gold will make the rules”.

  3. The bill always comes due. It is just a question of what to do to pay it. And “the budget will balance itself” regime should have been laughed to the curb as idiotic from day one.

  4. Not wards of the Bank of Canada; if all provinces are in a similar fix,Canadian debt in general will be non-negotiable at any interest rate, and Canada will have to live on a cash basis. Look up the GDP of Greece and Italy over the last decade to see how it will look for Canada.

    1. “if all provinces are in a similar fix”……….we all know the answer to that, with equalization the Maritimes, Yukon, Nunavut, Quebec, Ontario and recently BC, Manitoba and Sasketchewan have been living off equalization based on Alberta “supposed riches”. Now Alberta cannot export oil products the party has ended. Meanwhile social service costs soar.
      Canada as the ultimate guarantor of the loonie has sold off all gold reserves. As a borrower who would want to “invest” in Canaduh. Our GDP is a joke, based on inflated real estate churn-what does Canaduh produce any more? An honest financial analysis of the entirety of Canada will reveal we are beggars that will need to borrow at any rate of interest offered (think Greece). And PM Harper authorized bail-ins of YOUR savings in case of government need. Time to get my savings into another currency, and probably another country, question is which one? US buck will be similarly destroyed, Euro is a phoney currency. At this point Dogecoin has more credibility.

          1. Just look at what is happening in the UK. Catalytic converter theft has reached epidemic proportions. Thieves will brazenly crawl under a car in someone’s driveway, in broad daylight, and hack off the catalytic.

            Newer cars now have a strong cage around it to deter the thieves.

  5. Trudeau will bail out Newfoundland, and the price will be ceding Labrador to Quebec.

  6. This is starting to remind me of the former Greek finance minister who when queried about what happened to all that EC money replied “We ate it together”.
    We dined well for a couple of generations. Maybe it’s diet time. Whether we like it or not.

  7. 5% cut in core government..Thats a typo?
    Should be 50% now and every six months there after.
    Looks like the parasites are going full on offensive.
    Actually what else can they do,after their pathetic behaviour over The Dread Covid?
    Now fully exposed as malicious traitors,where else can they go,except full on attack,for parasites have to eat too,or so they would have us believe.
    Of course in all this high minded analysis of the “Poverty of Newfoundland” they will duck and weave evading the obvious,who put us here?
    For all good civil servants agree,we owe them their pensions..
    And throughout this panicked shutdown of the productive taxpaying economy,the fritter,waste and destroy agencies have spent like crazy,getting pay increases even..
    I wonder if the few taxpayers left in this kleptocracy have realized the truth yet?
    There is no pension money.
    The promises of any return on the CPP monies extorted from us are as empty as the public purse.
    But you owes them all their pensions…uh huh.

    Why are we still part of this?
    As I said the other day,if you are short any essentials,buy them now.
    For real things,in your possession are going to be worth far more than devalued paper/plastic tokens from our government printing shop.

    And guess who shall form the core of the “Official Looting Parties”?
    Why our lovely RCMP ..Just to keep it “legal”..
    Of course a kleptocracy is defined as a state where the fools and bandits rule,thus writing laws permitting their behaviour.
    We are living End Stage Kleptocracy,where the bandits are fighting over the scraps,as there are no more producers to rob.

    1. There’s no pension money in Illinois but some judge says pay anyway. They get public pensions too.

    2. The plan is to absolutely destroy the middle class so the result will be an elite class rich beyond belief lording it over peons poor
      beyond belief.

  8. Canada’s total government debt is over 6 T now. In 2014 under the FakeCon Harper it was already 4.1T then Trudeau added 2T plus and still going. With all the debt of the Federal and Provincial Crown Corps, Municipal Debts, Provincial Debts, Free Health Care for the WORLD, Free Education For The World etc etc.
    What did anyone really think would happen.
    Chretien and Martin sold off all of Canada’s National Gold Reserves starting when it was 250/oz, over 1000 Metric Tonnes. They looted UI for 54B, money held in trust fo Canada’s workers.
    Canada’s debts now exceed the National debts of France, Spain, Portugal Greece and Italy. But Canadians keep voting for more and more and more.
    Harper a supposed Conservative sat on 4.1T in Total Public Debt and cut nothing.
    They are all scams in the Gulag.
    Yet even a man living in cardboard box under the bridge has to pay tax when he begs a few dollars and buys something.
    You can’t vote your way out canada, it is a rigged game.
    They will come for you just like Stalin did and sweep out your granaries and cupboards.
    I suggest keep voting Trudeau and end the game. The best thing for the health of citizens is the break up of canada into manageable countries.
    I think collapse will come about mid to late summer.
    And the inflation will be brutal. Many many families will lose their homes.
    https://torontosun.com/2014/04/11/all-levels-of-canadian-government-debt-total-41-trillion

    1. You suggest everyone keeps voting for Trudeau ,and bitching about Harper go phuck your hat Prick!!!!!!!’

        1. Exactly you can’t correct it by voting in a rigged game. You can not pay off your debts with printed devalued currency. Canada the Fake Democracy has finally hit the wall. Read up on Venezuela and Zimbabwe, because that is where we are headed.
          They can not tax their way out because Taxs already take more of the average Canadian families income than they keep for the necessities of life.
          https://www.theglobeandmail.com/business/article-average-canadian-household-spent-more-on-taxes-than-living-costs-in/#:~:text=Last%20year%E2%80%99s%20average%20tax%20burden%20of%20%2439%2C299%20is,%2432%2C000%20on%20clothing%2C%20food%20and%20shelter%20in%202018.

        1. well Watcher, some one who thinks the world is 4 1/2 thousand years old……………………….

          have fundaMENTALists in my family , and not too bright would be the understatement of the century

          1. What are you talking gibberish about. I stated facts from published articles. Instead of resorting to attacks dispute my facts. You can’t.

      1. Voting for Trudeau is the answer. Like in math, sometimes you have to expand a problem in order to solve it.

        1. If voting for Trudeau is the answer, it must have been a bloody stupid question.

    1. Gold won’t be worth anything either. You cannot eat it, you cannot smoke it or wipe your ass with it.

      1. Gold has been real money for five thousand years and during that time, those that didn’t hold any had fewer options for survival than those who did.

  9. Fiscal conservatism is incompatible with democracy.

    Canada is heading for the 90’s again…at best.

    At worst we’ll be Argentina. (I doubt Venezuela outcomes but who knows)

    On the plus side brutal austerity via the IMF might lead to private healthcare and realistic economic priorities.

    1. “Fiscal conservatism is incompatible with democracy.”

      That’s a condensed version of the quote about the public voting themselves gifts from the public treasury. Good one.

  10. Newfoundland has never managed to live within its means because it doesn’t have any—nothing close to the means required to keep a significant population in a living standard comparable to mainland Canada, anyway.

    Agriculture is impossible in most of the province and there is little industry. Until they hunted the cod to extinction, the Newfies are glorified hunter-gatherers like the Beothuks, except the Beothuks had the good manners to go extinct rather than accept charity.

    Even if we managed to sell the province to Beijing for a dollar and an agreement to assume St. John’s debts, it’s hard to imagine what China could even do with Newfoundland or Labrador.

    The only things that come to mind are an open-air prison where Canada’s hostile white population could be sent to wait for extinction somewhere no Chinaman in his right mind would settle—and, of course, a parking lot for Chinese battleships.

    1. I wondered how long until, and under what name, SG would re-materialise after getting banned. Was this the third or fourth ban?

  11. Furey: “Newfoundland and Labrador can be a leader in the green transition that’s occurring globally”

    Yeah, they’ll be a leader when everyone in NL freezes to death.
    But, for f*ck sakes, give the AGW mantra a rest for once.
    You’re in a very deep hole, man. Please be serious for a moment.
    NL is so screwed!

    1. I know a guy who sleeps in a cardboard box under a bridge. Now that’s leadership in the green transition. NL, this is your fate.

  12. You can file all of this under what happens when you try and give everyone something for nothing.

    1. 2 classes of humans.
      The Makers and the Takers.
      When the Takers outnumber the former guess what happens next.

      1. JB –
        I’d like to re-phrase your comment –
        Politics is all about the villagers and pillagers.

    2. Exactly. A common sentiment, among my lesser read compatriots, during my youth, was that the government had lots of money. It was always government money. There was never the thought that there was a taxpayer involved.
      Economics 101. This is what happens when you don’t teach it.
      Ignorance is bliss, until it smacks you in the face with a shovel.

  13. In these matters, Newfoundland always leads the curve.

    A financial crisis is started when someone asks to be paid and the creditor says they can’t do that without having to give up something.

    This will now cause the dominoes to fall.

  14. Three years ago I stopped at a gas station/convenience store outside of Gander and shot the breeze with the owner. He had recently returned home after spending thirty plus years working in Yukon, Alberta, and Ontario. He had bought the little business to provide a bit of activity and income during his retirement years, but he was under no illusions about the future: “There’s only tourism holding us up but that’s going down. When you and I are in the ground none of the younger ones will be coming to Newfoundland. There’s nothing else here. We’re dying.”

    At that time Notley was in power in Alberta, turdo la doo in Ottawa, BC was firmly in control of the socialists, Quebec was dutifully playing its Permanent Parasite role, and Ontario’s economy was being brought to terminal ruin by a Liberal/NDP coalition. So his sad prediction of doom was, Saskatchewan’s successes nothwithstanding, quite applicable to the whole Country, even back then.

  15. All of my youthful predictions are realized. I’ve lived within my means, spent my life working in places most would prefer not to, and this is where I choose to die.
    Every month I try to purchase something from the local music store. The owner, as are many of the small business owners around here, is as conservative as anyone here. We’re just surrounded by the enemy. His business is dying and he knows it.
    There was a popular saying printed on Tees back in the day, “I used to be disgusted, now I’m just amused”
    I’ve exhausted my supply of giveadamns

  16. If you can just endlessly print money and run deficits, how come nobody ever thought of trying that before now?

    Oh, wait, they did.

    But you have to be at least casually acquainted with history to understand how it all plays out.
    Too bad our schools teach gender studies instead of history.

  17. Time for Zimbabwe type inflation. Reward those with irresponsible debt while punishing those who saved cash. It is inevitable.

  18. Excerpts from Charles Bracelen Flood’s, Hitler – The Path to Power:

    ‘ … the mark, which had been pegged at 4.2 to the dollar in July of 1914 was (in January 1921) valued at only 8.9 to the dollar. And by July of 1919 it took 14 marks to buy a dollar. Six months later, the mark was pegged at 64.8 to the dollar. By September 1921 the mark was quoted at more than 100 to the dollar. ”

    But that looks like economic sanity compared to what followed. Scroll ahead to 1923:

    ” On May 4 it had taken 40,000 marks to equal a dollar in the morning, but by afternoon it required 52,000. On June 13 it required just under 100,000 marks to equal a dollar, but by June 28 the mark had lost one third that value in two weeks and it required 152,617 marks to equal a dollar. In July the bottom dropped out of the mark; by August 1, it took one million marks to equal a dollar, and a week after that the figure was 3.5 million. The next day a German would have needed six million marks to procure an American dollar.”

  19. “Meanwhile, interim PC leader David Brazil …..said cutting the way out of debt isn’t the right move.

    LOL, this passes for conservatism on the rock.

  20. NFLD has the highest percentage of people working for the government in Canada.
    The rest are on UIC.

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