Prime Minister Stephen Harper (Conservative Party)
Story from Yahoo News about the results delivered by the Conservative Party of Canada.
Note: To understand the numbers in the article, simply multiple the numbers by 10 to compare with American numbers – Canada’s economy is about 1/10 the size of ours. For example, our GDP is $15.7 trillion and theirs is $1.8 trillion. Our national debt is $17 trillion, while their’s is $1.2 trillion.
Canada’s Conservative government looks set to comfortably balance its books in 2015 or even sooner, its latest budget showed on Tuesday, with cuts in spending on the public service more than offsetting a series of modest new expenditures.
The low-key spending plan leaves Prime Minister Stephen Harper well-positioned to offer tax breaks and other initiatives in the runup to an election scheduled for October next year.
“Some people will say this budget is boring,” Finance Minister Jim Flaherty told reporters ahead of the budget speech. “Boring is good.”
The budget shows a deficit of C$2.9 billion ($2.63 billion)in the 2014-15 fiscal year, up from the previous estimate of C$5.5 billion. That balance includes a C$3 billion contingency fund, which in fact reveals an underlying surplus that year.
Flaherty acknowledged the budget would be narrowly balanced this coming year without the contingency fund, but said he preferred to have a “nice clean surplus next year”.
The government estimates a bigger-than-expected C$6.4 billion surplus in 2015-16. In the year ending March 31 of this year, the deficit is pegged at C$16.6 billion.
[...]Flaherty, who is 64 and battling a rare skin disease, has staked his reputation on eliminating Canada’ small deficit, equivalent to about 1 percent of gross domestic product (GDP), and restoring the reputation the country had before the global financial crisis as having the strongest fiscal record in the Group of Seven major economies.
Germany is currently the only G7 country running a surplus, but Canada’s ratio of debt to GDP is substantially less and it is one of a handful of countries with a triple-A rating from rating agencies.
Canada is beating us in debt to GDP:
G7 % Debt to GDP as of 2012 (lower is better)
Canada is beating us in economic growth:
G7 % GDP growth from 2007 to 2012 (higher is better)
Source: BBC Business
The next Canadian election is in 2015. I know that the Liberal Party is currently leading in the polls, but I found some good news. The Canadians just redistricted after their census, and there are 30 new electoral districts. If the same turnout occurs in 2015 which occurred in the 2011 election, then the Conservative Party of Canada would get 22 out of 30 of those new seats. However, I am concerned. I want Harper to keep his majority, as he and Tony Abbott (Australia) are two bright conservative stars who show people what conservatives can do.
Filed under: News, Budget, Canada, Capitalism, Conservative Party of Canada, Debt, Debt to GDP, Deficit, Economics, Economy, Free Market, GDP, GDP Growth, Small Government, Stephen Harper, Tax Cuts, Taxes, United States, US