government debt

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For those who look back on 2011 and wonder how European and American governments dug themselves into such a deep debt hole, consider this image as an explanation: Santa Claus.

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With the United States credit rating recently being downgraded and some European countries teetering on the verge of debt crisis, Canadians can rightly be proud of the country’s AAA credit rating.

That said, Canadians should not get too complacent. With growing concerns about a slowing global economy, Canadian politicians should put forth genuine plans to restore balance to the nation’s finances.

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The latest deals to “save” American and Greek public finances—allowing those countries to put themselves into even deeper debt—should puncture the illusion the welfare state was ever a success. The fact is, it was always built on borrowed time and borrowed money.