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Liberal Minority Government 2019 - ????

Jarnhamar

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PMedMoe said:
Had this discussion on FB.  Poilievre must be wearing his tinfoil hat over his ears because that it NOT what she said.  Basically, some Canadians have savings.  Those savings (if people decide to spend) could be a stimulus to the economy.

Someone remarked:  "Pierre Poilievre is the merchant of doom and gloom. He's great at stimulating mistrust but not good at suggesting solutions. What I heard is that Canadians have saved a lot of money during the pandemic and when people start spending that will start an economic recovery. At no time did Freeland say they were going to raid your bank account."

Freeland said she wants ideas on how the government can unlock those savings.

The same government that's refusing to say who got billions of dollars for covid aid.


Should Canadians spend their savings to help the economy so the government can secretly give more money to mysterious beneficiaries?  :eek:rly:
 

reveng

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If the government wants people to spend more money, perhaps they should inspire some more confidence.
 

Good2Golf

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More consumer-borne carbon taxes and an un-postponable increase to the GST would effectively do just that (de facto raid your bank account). :nod:
 

AmmoTech90

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Jarnhamar said:
Liberals are worried you're saving too much. They want "ideas on how the government can act to unlock" those savings.

https://twitter.com/PierrePoilievre/status/1336008986068459525?s=20

Pierre Poilievre is a the most weaselly politician I have ever had the displeasure to meet.  Twice.  Once at the WO & Sgt's Mess in Ottawa on a Remembrance Day where he hid in a corner, did not public engagement, and left after 10 minutes with a relieved look on his face.  Second time was a public meeting about some project in our riding, he hid behind the microphone and deferred every question to a public servant and took no responsibility for a single aspect of the project.

He has zero credibility in my books.
 

daftandbarmy

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Here's a hint of what might be in store....“I believe that a large share of this excess cash is held by high-income individuals and they are really looking forward to spending it, mainly on services.”

Pre-Loaded Stimulus: must be the new words for 'Massive Tax and Spend Target' :)


Ottawa eyes 'pre-loaded stimulus' in Canadians' savings accounts

As Canadians look to Ottawa to repair an economy ravaged by COVID-19, there’s a growing focus on our savings accounts as a source of potent fiscal stimulus just waiting to be “unleashed.”

Bay Street economists estimate businesses and households are sitting on upwards of $170 billion in excess cash. It’s an eye-popping figure the Trudeau Liberals are taking notice of, with no less than five references in the Fall Economic Statement to “unleashing” that money.

“I do see the cash mountain, in both Canada and the U.S., as a serious source of potential upside to next year’s growth,” Doug Porter, chief economist at BMO Capital Markets, wrote in an email.

“I believe there is a strong case for a powerful comeback next year – if you open it, they will spend.”

While much of the focus of the fiscal update was on supports to get businesses and workers through the immediate challenges of COVID-19, the document did cast an eye to the recovery period with a pledge to commit up to $100 billion in stimulus over three years.

Of course, that additional stimulus, when it comes, would only add to Canada’s mounting debt pile – which is set to push past $1.2 trillion as the country goes deep into deficit spending battling the pandemic.

So it’s easy to see why our savings accounts are creating such a stir.

Finance Minister Chrystia Freeland called that cash the “Canadian economy’s pre-loaded stimulus” in her fiscal update speech to the House of Commons. And the update itself makes clear that “unleashing these savings will be a key element of the government’s recovery plan.”

Some of the country’s top economists agree

“This money will be utilized aggressively, mainly by households,” Benjamin Tal, deputy chief economist at CIBC, said in an email.

“I believe that a large share of this excess cash is held by high-income individuals and they are really looking forward to spending it, mainly on services.”

In a report published last month, CIBC put the excess savings of households at $90 billion while businesses are thought to be sitting on some $80 billion. Businesses, said Tal, will put some of that cash toward repaying loans “and the rest will be spent more slowly.”

“That’s where government can be effective by simplifying and reducing red tape,” he said.

While Ottawa is promising more detail on its stimulus plan in the spring budget, the fiscal update did indicate the federal government would “prioritize investments that act fast and help unleash some of the additional savings.”

When it comes to households, it’s questionable just how much prodding they’ll need from Ottawa to spend – if any.

“Just distribute the vaccine and get out of the way,” said Tal. “There is enough motivation to spend, no need for help.”

Porter also expects “spending to come back strongly on its own” once the country is past the worst of the pandemic.

“If we attempt to force-feed spending now, we risk channeling even more spending into areas that are already hot, and won’t benefit the sectors that are in the most dire situation,” Porter said.

“If it turns out that as things re-open and consumers are still reluctant, then it may make sense for policy to shift.”

https://www.bnnbloomberg.ca/ottawa-eyes-pre-loaded-stimulus-in-canadians-savings-accounts-1.1531766
 

Jarnhamar

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[quote author=AmmoTech90]

He has zero credibility in my books.
[/quote]

I've never met him, the videos I've seen of him calling out the PM sounds like he's doing a good job bringing up salient questions and points. Is he credible? I'd argue he has more credibility than our own PM, certainly less ethical violations and shady dealing with shady companies used to getting sole-sourced contracts. I'm not a fan of my local MP, she still makes some good arguments.
 

Jarnhamar

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[quote author=daftandbarmy]


Ottawa eyes 'pre-loaded stimulus' in Canadians' savings accounts
[/quote]
Maybe we can look forward to having our savings taxed if we don't decide to spend it to "do our part" and repair the economy.
 

ModlrMike

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Any time a Liberal sets their sights on someone else's money we need to be on guard. I can unlock my savings without your help, than you very much.
 

Good2Golf

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ModlrMike said:
Any time a Liberal sets their sights on someone else's money we need to be on guard. I can unlock my savings without your help, than you very much.

Surely you agree that others deserve some (a socially-responsible share, of course) of your disproportionately gained savings, lest you confirm that your dedication, hard earnings and sound family fiscal management are greedily being kept from distribution to your fellow Canadians of greater need than you?

;)
 

reveng

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If Ms Freeland wants to cough up half of a new truck or C8 Corvette for me, I'll go in for the other half. Sounds like a fair deal to me.
 

Bruce Monkhouse

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reveng said:
If Ms Freeland wants to cough up half of a new truck or C8 Corvette for me, I'll go in for the other half. Sounds like a fair deal to me.

She will, with the money she unlocked from your account.... :waiting:
 

reveng

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Bruce Monkhouse said:
She will, with the money she unlocked from your account.... :waiting:

Jokes on her then, I planned to finance my share...
 

FJAG

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Sometimes I just need to give my head a shake.

Most of us pile up savings because we know that there will come a time when our incomes will decrease or dry up and we'll need our savings to be seeing ourselves through in our older age. To put it simply, if we unleash our savings on the economy today, we'll become a burden on society in the future.

Personally I have everything I need right now, Chrystia. My current needs are modest. Even more modest now that I can't wander off for vacations. I'm not about to go out there and spend a lot of cash on stuff that I don't need just to make you and your gang of thieves happy.

Wanna kick start the economy? Bin your GST (and PST). Just like that there will be a 13% increase flowing into the economy. Oh, and just let me mention May 19th. That's the average Tax Freedom Day in Canada. Every penny that we earn prior to May 19th goes to some form or other of taxation. That's 38% of our collective earnings. Think of the boost to the economy if the governments could figure out a way to cut that back to say April 1st, or heaven forbid, March 1st. Or maybe change your cockamamie energy policies and your numerous nitpicking regulations so that the manufacturing industry can actually afford to remain in this country rather than run across the border.

Just spitballin' here Chrystia. Maybe the economy would pick up nicely if you let people decide which of their favourite stores or manufacturers or restaurants to spend money on rather than giving it to you to give to WE or Bombardier or some other such cocktail circuit buddies of the Liberal Party. Speaking of which; what did you do with the $240 billion you picked out of our collective pockets over the last eight months?

Asking for a friend.

:eek:rly:
 

Kat Stevens

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FJAG said:
Sometimes I just need to give my head a shake.

Most of us pile up savings because we know that there will come a time when our incomes will decrease or dry up and we'll need our savings to be seeing ourselves through in our older age. To put it simply, if we unleash our savings on the economy today, we'll become a burden on society in the future.

Personally I have everything I need right now, Chrystia. My current needs are modest. Even more modest now that I can't wander off for vacations. I'm not about to go out there and spend a lot of cash on stuff that I don't need just to make you and your gang of thieves happy.

Wanna kick start the economy? Bin your GST (and PST). Just like that there will be a 13% increase flowing into the economy. Oh, and just let me mention May 19th. That's the average Tax Freedom Day in Canada. Every penny that we earn prior to May 19th goes to some form or other of taxation. That's 38% of our collective earnings. Think of the boost to the economy if the governments could figure out a way to cut that back to say April 1st, or heaven forbid, March 1st. Or maybe change your cockamamie energy policies and your numerous nitpicking regulations so that the manufacturing industry can actually afford to remain in this country rather than run across the border.

Just spitballin' here Chrystia. Maybe the economy would pick up nicely if you let people decide which of their favourite stores or manufacturers or restaurants to spend money on rather than giving it to you to give to WE or Bombardier or some other such cocktail circuit buddies of the Liberal Party. Speaking of which; what did you do with the $240 billion you picked out of our collective pockets over the last eight months?

Asking for a friend.

:eek:rly:

Heretic! Sounds like you could use a summer at camp.
 

reveng

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Target Up said:
Heretic! Sounds like you could use a summer at camp.

Considering how easy it is to identify all of us on here, I'm sure he won't alone. Maybe there will be time for an Army.ca "reeducation meet & greet". Look forward to seeing you all there.

Seriously though, if we aren't even allowed to know where our tax dollars are going, why would we want to go out of my way to purchase goods that will then be taxed? It's sort of like asking for blind loyalty... and I've already used up my blind loyalty for this lifetime, thanks.

 

Jarnhamar

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"high-income individuals"

It's not like the LPC would vilify a group of Canadians, take their property away for "the greater good" based on bullshit "evidence" and make vague promises of compensating them down the road.
 

Brad Sallows

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To unleash/unlock savings sounds more like an intention to encourage spending rather than confiscate and spend.  The LPC being what it is, people may be forgiven for assuming the latter.

Undoubtedly governments would like to channel what they are thinking of as unspent accumulations of wages by those who kept drawing a paycheque with fewer opportunities to spend.  However, some of that undoubtedly went into investment opportunities and some into paying down debt.

The best course of action would be for governments to stay out of the way and let people negotiate among themselves what to offer and what to buy.  Millions of minds, versus dozens.  It's a kind of test, really: are the politicians and various flavours of technocrat smart enough to know that they're not smart enough to optimally manage the recovery?
 

Jarnhamar

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Brad Sallows said:
To unleash/unlock savings sounds more like an intention to encourage spending rather than confiscate and spend.  The LPC being what it is, people may be forgiven for assuming the latter.

The LPC won't literary raid peoples bank accounts and start transferring money out.

I can see them incovieniencing (bordering on punishing) people who don't spend x% of their savings or doing whatever the LPC wants them to do with their savings.

Because they know what's best for Canadians and really don't like being told no.
 

Good2Golf

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Brad Sallows said:
The best course of action would be for governments to stay out of the way and let people negotiate among themselves what to offer and what to buy.  Millions of minds, versus dozens.  It's a kind of test, really: are the politicians and various flavours of technocrat smart enough to know that they're not smart enough to optimally manage the recovery?

Brad, by any chance do you appreciate theatre? 

For tonight’s performance of the old fable of ‘The Scorpion and the Frog,’ the part of the Scorpion will be played by the LPC.


;)
 
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