General government debt as percentage of nominal GDP, 2010. (h/t Kevin B) Related…
17 Replies to “It’s Probably Nothing”
Now that is an extremely revealing article.
“…in Canada tax administration costs $1.31 for every dollar of revenue raised…”
CPC, you boys are running this show for five years now. Look for a Federal version of Wild Rose or a shiny new Reform if you don’t get moving.
Tax cut now, please. Start with Revenue Canada’s budget, I think.
Kate,
Much as I appreciate the nod, I don’t think I referred this article to you.. perhaps it was that other “Kevin”?
I don’t know how else to write Kevin with an initial B after it. 🙂 He’ll just have to share the glory.
William Watson, the author of that Financial Post comments that “Maybe we need at least a small TEA party here”. I think he is right.
Will we be getting smoke and mirrors from our federal current government or will they do something?
In the Telegraph article it says that Greece could have an “orderly default”. Maybe some of the resident knowledgeable people here could explain what an orderly default is.
Speaking of taxes, another interesting GataG number is (figure 58.1) that in Canada tax administration costs $1.31 for every dollar of revenue raised,
Well, I can’t read the original, since I’m not willing to pay for the report, but this doesn’t pass the smell test for me. For this to be true, the CRA would have to eat up 56% of the federal budget, which is patently not true. In fact, from the Department of Finance’s own website Where Your Tax Dollar Goes, the CRA expenses are roughly 3 cents out of every dollar received by the government.
I’d hazard a guess that means $$ taken in as a result of CRA investigation, collection, etc. activity – not total remittances.
You could be right about that Kevin. OTOH, that 3 cents for the CRA is almost the same as the budget of the RCMP, the federal prisons AND the borders. 7 billion CRA, 9.7 for the whole of public safety.
Tax cut now.
BTW, does anyone here know the the “Canadian Commercial Corporation” does? They get almost as much money as the CBC and I’ve never even heard of them.
“…How about gross government debt per capita? Japan is tops at US$67,423 per person and the United States is second ($44,616), but we’re right in there at $33,208 per …”
But here’s the really sobering part: every cent of that debt has to be paid by the private sector. Once you take all the kids, elderly, government workers, unemployed, disabled out of the picture, the debt-load on the poor private sector s.o.b is…ENORMOUS! Possibly three times the $33,208 pp.
Sleep well tonight.
I’m very confused. This: “…in Canada tax administration costs $1.31 for every dollar of revenue raised…” literally makes no sense to me. And there are two KevinBs now?
His other brother Kevin. 🙂
Thanks Dick. I know it may not sound good, but maybe the disorderly default would be the best in the long term as long as the communists would not take power. This could start a chain reaction in the other countries if the people finally get enough of the Ponzi scheme. Just a thought.
The way it is now the Europeans are just playing debt musical chairs and the people are constantly loosing more freedoms in the process with faceless unelected bureaucrats increasing their power both over the elected officials and the people.
The same thing is happening here in Canada and the US, although Canada has a chance at for the next four years to reverse this.
Next Christmas in Bucharest has a nice ring to it. Was there not a popular song sometime ago called “First We Take Berlin”?
Ontario is at the same debt level as Greece already and the Helpless Ontario Idiots are set to vote in McGuinty again. Ontario Total Public debt is around 320B. Quebec even with all of Canada’s free money is 420B in Debt. Total of all Provincial Debt which includes all the Municipal debt for Legacy Sports Palaces is around 1,000,000,000,000.00, that is One Trillion Dollars in Debt. Ottawa owes another 3.5 Trillion and Taxes now consume more of the Average Canadians Family Budget than Food, Clothing and Housing Combined. And still we are bringing in another 600,000 Immigrants and Refugees each year and every year and getting them set up on Free Entitlements. And still the NDP and the Libs are Howling that we are not generous enough. Boy are we Fffffff*cked….
OH a PS: If Canada’s Total Public Debt is over 4 Trillion and our GDP each year is roughly 1 Trillion the article on GDP is out to lunch. Our debt to GDP is over 100%……
Black Mamba:
I cloned myself so I’d have more spare time!
Remember that all the OECD stats are for gross government in Canada, including all non-fed levels. So that bloated admin cost is not just CRA. At least, that’s how I read it.
I don’t understand why the debt-to-GDP ratio is so pevasive.
The debt to tax revenues would be much better, since that is the stream that pays down the debt.
Now that is an extremely revealing article.
“…in Canada tax administration costs $1.31 for every dollar of revenue raised…”
CPC, you boys are running this show for five years now. Look for a Federal version of Wild Rose or a shiny new Reform if you don’t get moving.
Tax cut now, please. Start with Revenue Canada’s budget, I think.
Kate,
Much as I appreciate the nod, I don’t think I referred this article to you.. perhaps it was that other “Kevin”?
I don’t know how else to write Kevin with an initial B after it. 🙂 He’ll just have to share the glory.
William Watson, the author of that Financial Post comments that “Maybe we need at least a small TEA party here”. I think he is right.
Will we be getting smoke and mirrors from our federal current government or will they do something?
In the Telegraph article it says that Greece could have an “orderly default”. Maybe some of the resident knowledgeable people here could explain what an orderly default is.
Speaking of taxes, another interesting GataG number is (figure 58.1) that in Canada tax administration costs $1.31 for every dollar of revenue raised,
Well, I can’t read the original, since I’m not willing to pay for the report, but this doesn’t pass the smell test for me. For this to be true, the CRA would have to eat up 56% of the federal budget, which is patently not true. In fact, from the Department of Finance’s own website Where Your Tax Dollar Goes, the CRA expenses are roughly 3 cents out of every dollar received by the government.
I’d hazard a guess that means $$ taken in as a result of CRA investigation, collection, etc. activity – not total remittances.
You could be right about that Kevin. OTOH, that 3 cents for the CRA is almost the same as the budget of the RCMP, the federal prisons AND the borders. 7 billion CRA, 9.7 for the whole of public safety.
Tax cut now.
BTW, does anyone here know the the “Canadian Commercial Corporation” does? They get almost as much money as the CBC and I’ve never even heard of them.
“…How about gross government debt per capita? Japan is tops at US$67,423 per person and the United States is second ($44,616), but we’re right in there at $33,208 per …”
But here’s the really sobering part: every cent of that debt has to be paid by the private sector. Once you take all the kids, elderly, government workers, unemployed, disabled out of the picture, the debt-load on the poor private sector s.o.b is…ENORMOUS! Possibly three times the $33,208 pp.
Sleep well tonight.
I’m very confused. This: “…in Canada tax administration costs $1.31 for every dollar of revenue raised…” literally makes no sense to me. And there are two KevinBs now?
His other brother Kevin. 🙂
Thanks Dick. I know it may not sound good, but maybe the disorderly default would be the best in the long term as long as the communists would not take power. This could start a chain reaction in the other countries if the people finally get enough of the Ponzi scheme. Just a thought.
The way it is now the Europeans are just playing debt musical chairs and the people are constantly loosing more freedoms in the process with faceless unelected bureaucrats increasing their power both over the elected officials and the people.
The same thing is happening here in Canada and the US, although Canada has a chance at for the next four years to reverse this.
Next Christmas in Bucharest has a nice ring to it. Was there not a popular song sometime ago called “First We Take Berlin”?
Ontario is at the same debt level as Greece already and the Helpless Ontario Idiots are set to vote in McGuinty again. Ontario Total Public debt is around 320B. Quebec even with all of Canada’s free money is 420B in Debt. Total of all Provincial Debt which includes all the Municipal debt for Legacy Sports Palaces is around 1,000,000,000,000.00, that is One Trillion Dollars in Debt. Ottawa owes another 3.5 Trillion and Taxes now consume more of the Average Canadians Family Budget than Food, Clothing and Housing Combined. And still we are bringing in another 600,000 Immigrants and Refugees each year and every year and getting them set up on Free Entitlements. And still the NDP and the Libs are Howling that we are not generous enough. Boy are we Fffffff*cked….
OH a PS: If Canada’s Total Public Debt is over 4 Trillion and our GDP each year is roughly 1 Trillion the article on GDP is out to lunch. Our debt to GDP is over 100%……
Black Mamba:
I cloned myself so I’d have more spare time!
Remember that all the OECD stats are for gross government in Canada, including all non-fed levels. So that bloated admin cost is not just CRA. At least, that’s how I read it.
I don’t understand why the debt-to-GDP ratio is so pevasive.
The debt to tax revenues would be much better, since that is the stream that pays down the debt.
Very good article.