Thursday, 15 March 2012

Harper Government Increases Borrowing Authority of Territorial Governments

The Harper Government has recently announced it will allow the territories to increase their debt ceilings. Let me explain my opposition. I took a similar stance when President Obama was attempting to do the same for the national debt ceiling in the United States. While I think most consider me to be of the centre to centre-left ideological political slant I have a great deal of trouble accepting debt- and deficit-financing. Some might call me an 'Orange Tory'. By allowing the Northwest Territories to borrow an additional $800 million and the Yukon and Nunavut Territories to each borrow an additional $400 the Prime Minister allows the territories - which are constitutionally-speaking a product of the federal government - to dig themselves further into an ever-expanding hole. Is this the kind of fiscal responsibility that Canadians voted for? The kind that will simply expand the deficit and debt as to push such problems on to the next generation of Canadians? In 15 years will my daughter be responsible paying the debt of the Northwest Territories? I don't know. What I do know is the Prime Minister is doing nothing to stop it...

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