Fiscal prudence has gone out the window south of the border.
President Obama’s fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation’s economic output by 2020, the Congressional Budget Office reported Thursday.
Meanwhile back at home in Canada as recent as a month ago…
“Canada’s net debt-to-GDP ratio is the lowest in the G7 economies,” said Scotiabank president and chief executive officer Rick Waugh back in February 2009. “Even with the Canadian government’s recently announced stimulus package taken into account, the net debt to GDP will remain under 30 per cent.”
With the price of oil heading north, a quick fix for the devaluation of the American dollar is to drill baby drill.
I’m just saying…