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By A Smith (anonymous) | Posted April 29, 2013 at 21:41:09 in reply to Comment 88273
>> Debt and deficit are shackles on us all.
When the government(s) spends a dollar, it adds a dollar of income to the private sector. When the government taxes a dollar, it reduces the savings of Canadians by a dollar.
When governments run deficits, they add more dollars to Canada's private sector than they take away.
Conversely, when governments run surpluses, they lower the savings of Canadians.
Between 1991-93, when the welfare roles took off and deficits grew larger, Canadian households saved $134.4 billion.
Since 1993, when Paul Martin started the war on public debt, households have saved a total of -$344.8 billion.
Between 1991-93, households saved an average of $44.8B/yr. Since 1993, they have borrowed an average of 21.2B/yr. The era of small deficits and smaller government spending has been paid for by record household debt.
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