Budget Balancing Act

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  • We all talk about balancing the books and “way ahead plans” and the more we talk the larger our debts in all provinces and nationally grows. Nova Scotia is currently $16 billion in debt and nationally we are $1.7 trillion in debt. Both debts are at historic highs without any lowering of these debts anytime in the near future. According to Paul Hellyer, Canada is the only G-20 country in the world that is controlled by the people through a publicly elected Finance Minister. According to Mr. Hellyer, we have an opportunity to get out of debt by regaining control of our finances by borrowing from ourselves and not from the markets that are controlled by the wealthiest 1% of the world’s population. He also stated that free trade agreements are not really free trade agreements but money arrangements that will make the world’s top 1% wealthier . He stated that five years ago 50% of the world’s wealth was controlled by 85 families, this year it fell to 62 families. Mr. Hellyer has written letters to Parliamentarians and the Prime Minister not to enter any free trade agreements including the European Trade Agreement and the Trans-Pacific Partnership because it will impoverish Canadians forever without any hope of ever returning to the prosperity Canada experienced immediately following the Second World War where massive infrastructure projects such as the Saint Lawrence Seaway were built without incurring any massive national debt using our own money, not borrowed market money. Mr. Hellyer is touring Canada, promoting his book, “The Money Mafia”, ringing the alarm bells for all concerned Canadians to write and send letters through the mail, and nothing electronically, to strongly protest signing any of the Free Trade Agreements being lobbied by very rich, powerful financial leaders. I concur with Mr. Hellyer’s concerns as I have watched Nova Scotia, over several decades, go broke with an ever increasing provincial debt doling out corporate welfare to every fast-talking CEO peddling everything from snake oil to Brooklyn Bridges. This province has given billions to bail out failed companies that have promised jobs, jobs, jobs, prosperity, and wealth that never materialized. We are among the highest taxed, lowest paid, highest jobless rate, with the poorest, rundown infrastructure of all the provinces and one in three families going hungry. As a matter of fact, many of the corporations that took this province for a ride can be seen in the Museum of Industry in Pictou. $50 million was reported to have been funded to companies through Nova Scotia Business Inc., this year with only $15 million coming back to the province. Laurel Broten and NSBI, apparently, is not doing a very good job for Nova Scotia and should be shut down. On top of that, Canada has provided $150 billion to corporate welfare over thirty years without showing much for it and a national debt of $1.7 trillion. Add to this, billions more lost to offshore accounts, which is bigger than the U.S. economy, worldwide, by the richest segment of the Canadian population that should be taxed. A 2014 media documentary by CBC’s Neil MacDonald titled, “The Monarch’s of Money” backs up Mr. Hellyer’s concerns. Mr. MacDonald documentary refers to the seven most powerful finance ministers that have been made more powerful than the governments that have appointed them because they did not have the stomach to do the things that they did, such as “Quantitative Easing” to haul the world’s economy out of the worst financial collapse since 1929. They did this by reducing the future incomes of the savers to make more money available to the borrowers which will hold the world’s economy on the abyss of collapse for the foreseeable future. We are our own worst enemy and should take back financial power from the world’s wealthiest power brokers.

    Gary MacLeod | September 26, 2016 | Reply

  • Another Board; presumably because the representatives to the Legislature represent ‘more of the same’ … . If the majority in “now or never”ville have been clamoring for what’s wrong for too long, let’s hope for a Board that is ‘right’headed.

    Gordon a.... | August 21, 2016 | Reply

  • I know that Mr. Dexter and the NDP party believe strongly in wealth redistribution. Apparently they also believe there is wealth in NS to be redistributed. As a result they increased the sales tax in NS, which impacted the poor , the middle class and the wealthy, and gave it to the government unionized employees. That is about as perverted a wealth redistribution scheme as one can imagine. Shame on the NDP!!! The new leader, whats his name, has some explaining to do??

    Party politics which demands rewards (and usually secret rewards ) be given to party friends/ loyalists insures we will be a province in decline. The establishment first and foremost thrives in NS.

    barry h | August 21, 2016 | Reply

  • Here’s a radical thought. What if the provincial government gave all adult Nova Scotians an option – accept the status quo or receive an annual subsidy of some amount less than $10,000 and be able to purchase at least some of these services privately?

    Steve Chipman | August 20, 2016 | Reply

  • Any government that takes charge of the greed of public unions and their rediculous demands ,unrealistic expectations which have almost bankrupt many provinces will get my vote.

    David Kopriva | August 19, 2016 | Reply