We’re broke. Canada is broke. We’re not as broke as Spain, Ireland, Portugal or Greece, but we’re still broke.
Look at The Economist’s Global Debt Clock (http://www.economist.com/content/global_debt_clock). Canada in 2010 has an 82.3% Public Debt to GDP ratio. Sounds not bad compared to Greece at 129.7%. But our US friends to the south are at 62%. You can argue that there are more people in the US, but our country is spending a huge amount of money that we just don’t have.
Just four years ago, we were at 65.5%, our lowest amount in a generation. 2007 was a banner year.
So it is no surprise that Edmonton gets no fiscal love for their bid for Expo 2017. Why do we even have these things anymore. What can I learn from an “expo” that I can’t get from the Internet?
What’s funny to me is the denial by the PMO that Quebec City’s arena is not going to get any money. I no more want to pay for an Expo in Edmonton than NHL in Quebec City. In fact I don’t want any of these things. I don’t think any Canadian wants these.
Harper risks pulling a Trudeau if he gives Quebec City a hockey rink and doesn’t give money to Edmonton. Next Regina will want money for their Roughriders, Hamilton for their NHL dreams or Toronto to get a hockey team. If you give it to one, you have to fund them all.
Or you can do the courageous thing, and just say no. Tell the provinces, the municipalities, that we owe more money than we have so we are broke. The bank is closed, the cheque book is bare. Flat out… Broke.