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Forum Post: Canada’s 2012 Budget: Imposing Austerity on the World’s Most Resource-rich Country

Posted 2 years ago on April 2, 2012, 12:04 p.m. EST by Reneye (118)
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Canada’s 2012 Budget: Imposing Austerity on the World’s Most Resource-rich Country

by Ellen Brown

Canada, called the world’s most resource-rich country, is now being subjected to austerity measures like those imposed on third world countries in earlier decades. It is all done in the name of reducing a federal debt that got out of control in the 1970s, when Canada quit borrowing from its own central bank.

Last week in Ottawa, the Canadian House of Commons passed the federal government’s latest round of budget cuts and austerity measures. Highlights included chopping 19,200 public sector jobs, cutting federal programs by $5.2 billion per year, and raising the retirement age for millions of Canadians from 65 to 67. The justification for the cuts was a massive federal debt that is now over C$ 581 billion, or 84% of GDP.

http://www.commondreams.org/view/2012/04/01-4


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[-] 2 points by Builder (4202) 2 years ago

Wow. Similar story in Australia, and we are supposedly in the midst of an economic resources boom, with a "two-speed economy" meaning mining giants are buying up housing in mining areas and renting them back to the locals at ten times what the rents used to be.

[-] -2 points by aflockofdoofi2 (-66) 2 years ago

Margaret Thatcher was sooooo right!

The problem with socialism is that you eventually run out of other peoples money.

In Europe, Greece, Spain, Italy, Canada, Australia.

Sovilism is dead, an utter failure.