Comment 75236

By A Smith (anonymous) | Posted March 15, 2012 at 18:08:51

Jamaica has spent around 10-13% of its GDP on public debt charges, since at least 2006. In that time, government spending on programs/wages has increased at an average rate of 13.1%/year.

From 1998-2008, Canadian government(s) spending on programs/wages has averaged 5.30% and this is with debt charges that averaged 6.7% of GDP and are now less than 4%.

To put that into perspective, from 1969-89, Canadian government spending (ex debt charges) averaged 12.18%.

So, when Flaherty says there is no money to spend for program X, or room to cut taxes for households, he is simply not telling the truth.
Both Canada and Jamaica have their own central bank and this bank ensures that the central government always has the money it needs to meet its spending requirements.

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