Stockwell's Day of Reckoning
The Prime Minister has invested great trust and responsibility in Stockwell Day, having given him the role of Treasury Board Minister. His primary responsibility will be to get federal spending back under control. How this job is handled will dictate, to a great extent, how this government will be judged in the future for its fiscal management. The important outcome of the fiscal day of reckoning for the Harper government will rest in the hands of Minister Day.
What a daunting task he faces. Since taking office, in just five years, the Harper government has increased program spending by 42 per cent. That’s an average growth rate over 8 per cent per year – more than three times the combined inflation and population growth rate.
The federal government is projected in 2010-11 to spend just under $250,000,000,000 on programs. That’s just under $7,500 for each man, woman and child in Canada. This spending does not include the cost to service the debt every year, which amounts to in excess of $31 billion – and growing.
Of note is not just that the government spends a lot, but that so much of this spending is borrowed. Currently, the government is borrowing $134 million per day.
What a daunting task he faces. Since taking office, in just five years, the Harper government has increased program spending by 42 per cent. That’s an average growth rate over 8 per cent per year – more than three times the combined inflation and population growth rate.
The federal government is projected in 2010-11 to spend just under $250,000,000,000 on programs. That’s just under $7,500 for each man, woman and child in Canada. This spending does not include the cost to service the debt every year, which amounts to in excess of $31 billion – and growing.
Of note is not just that the government spends a lot, but that so much of this spending is borrowed. Currently, the government is borrowing $134 million per day.
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