CANADA AND ODIOUS DEBTS

This year 2000, the poor countries have organized with the churches (who do not pay taxes)and the international socialist activists and have come up with a phrase, Odious Debts. It is a politically correct phrase that has come to mean that 81 poor countries should not have to repay their debts of about 700 billion to the so-called rich countries. The churches have another phrase for this phenomenon, Jubilee year. It means the same thing. It means that Canada should forgive all foreign debts owned to Canada and Canadians should add these numbers to the national debt. Canada is considered one of those so-called rich countries even though the Canadian national debt is 600 billion. Therefore the Canadian national debt is almost as high as what is owned by all the 81 poor countries combined. Have you noticed anyone out there protesting that maybe something should be done about the Canadian national debt? No one out there seems to care except the Alliance Party. And they only represent the West which does not count in Liberal country. It means that the overwhelming burden of extreme taxation, the highest in the industrialized world, that Canadians tolerate, will increase even more now that the Liberals have been reelected.

Canada spends more than a quarter of public revenue, 40 billion a year, to service the 600 billion debt. Canada has spent 200 billion to service this ongoing debt during the last 20 years. Mr. Martin, over the Christmas (the Liberals always do things while parliament is not sitting) wrote off 700 million owed to Canada. This will of course be added to the national debt. Canada has the highest debt-to-GDP ratio in the industrialized world. And still the national debt climbs. Canadians pay 33 cents of every dollar raised in taxes to pay off interest on the national debt of 600 billion. That means that one third of those dollars we send to Ottawa in our income taxes, disappears into a hole somewhere. This is more than Ottawa spends on old age pensions, medicare and unemployment benefits combined.
How do we get this monkey off our backs?

Canada behaves like a proud-but-poor cousin, unable to pay its own debts but loudly forgiving other countries their debts to Canada. Therefore there is no incentive for poor countries to become self-supporting if countries like Canada are in the debt-forgiving business. International welfare recipients know how to beg and take advantage and adapt to get more debt forgiveness and more aid while Canada struggles with its own monster debt. In Senegal last November our much-traveled Chretien announced plans to hike our 3 billion foreign aid by million a year for 5 years. Does that make you feel better?

Canada should have a law that not only outlaws deficits and pre-election giveaways but also compels Ottawa to pay down the billion debt in some substantial way and not just play with the numbers. The same law should forbid Canadian socialist politicians from giving foreign aid of any category or forgiving debts owned to Canada until the Canadian national debt is paid down. Otherwise our great grandchildren will be paying off this debt if the country is not bankrupt by then.