Quote:
Originally Posted by chowhou
Sorry, I wasn't born
In general it doesn't seem like Canada did too poorly under the Mulroney government, 20% interest notwithstanding.
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He was very underappreciated. He cut a lot of trim from the budget and the only debt we took on was because no matter what he cut, he still had to deal with massive annual debt payments and he couldn't afford them. Everyone hated the cuts but he was forced to cut much more than he intended to afford the interest payments on the debt the Liberals rang up.
My fear has never been today's debt. Its tomorrow's interest rate increase. Can you imagine how we can afford our debt if interest increases to 7% and repayments double? We need to payoff debt in a good economy! not double down on more debt! Debt is around 8% of our budget, can you imagine if interest rates doubled and another 8% (the same amount as we pay for national defence) is needed?
Right now the Liberals are taking on more debt and spending like crazy. This isn't a Conservative or Liberal thing, this is bloody common sense. If we don't repay our debt now when things are good we never will. Don't keep saying we're investing in the future, we've been using that excuse for many decades, this is the future. We have a good economy and can afford to cut some fat, lets start paying back the debts of our forefathers instead of leaving a bundle of crap for our kids.