From the article : Ottawa snubs Ring of Fire in spending blueprint

"Some economists said they were worried that under the Liberal plan to a run a prolonged deficit, the country’s debt is set to balloon to a whopping $732 billion over the next four years.

A “commitment to fiscal responsibility is eroded in this budget by the failure to set any plan to balance the budget,” said Lakehead University Prof. Livio Di Matteo.

Di Matteo said by running large deficits and debt, the federal budget mirrors the approach taken by the Ontario Liberals.

That, he said, “has yet to successfully move Ontario out of its economic malaise and has resulted in Ontario becoming the most indebted province in the country, and indeed one of the most indebted sub-national jurisdictions in the world."

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He makes a good point. We keep hearing that despite this expected continued deficit over the next five years Canada has the lowest Debt/GDP ratios of the G7.

$29Billion deficit over 36 million Canadian is $805 per Canadian per year or $1450 per working-age Canadian (assuming 20 million in Canada) per year (~$7000 per working Canadian over the next five years). The Federal debt amounts to ~$17,000 per person currently ( http://www.debtclock.ca/ )

But what about when one adds in the the debt of each province.

Ontario is currently the world’s most indebted sub-sovereign borrower. ( http://business.financialpost.com/news/economy/with-twice-the-debt-of-california-ontario-is-now-the-worlds-most-indebted-sub-sovereign-borrower )

Perhaps when the ROF does eventually get up and running it will be nationalized and then sold off to private interest groups (as is the case with Hydro One) to pay for the holders of that debt (likely the same private interest groups) .

Cheers,

Luker

...who needs standing armies when one can utilize banks to plunder the economic and natural resources of a country...I'll have to pick up the new expanded version of Perkin's Confessions of an Economic Hitman