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Canada Threatned To Lose Perfect AAA Financial Rating

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Economy

https://www.bnnbloomberg.ca/fitch-warns-canada-s-debt-close-to-level-incompatible-with-aaa-status-1.1232456

 

Fitch is warning Canada that it's behavior with finances is inconsistent with a Triple AAA rating....

 

AAA is the top credit rating a Country or institution can get. Only a few Nations in the world hold a Triple AAA rating

 

Canada's Liberals broke the promise to balance the budget and keep adding more spending. Still the deficits are small and debt is also low as a percentage of GDP

 

But Fitch is not just looking at Federal Government but takes note of extremely high Provincial debt in some Provinces especially Ontario and Quebec which also happen to be the 2 most populated with the largest economies

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ChromeAngel

Justin Trudeau really wreaked havoc on that country. I guess it’s a lesson you don’t vote based on appearance and family. You vote based on competence and morality 

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Economy
12 minutes ago, ChromeAngel said:

Justin Trudeau really wreaked havoc on that country. I guess it’s a lesson you don’t vote based on appearance and family. You vote based on competence and morality 

He never even had any experience in politics. If his father hadn't been such a liked Prime Minister I don't think he would of gotten in

 

There's a few good investments he made like some infrastructure planning and higher child benefits which helped bring childhood poverty down to multi year lows

 

But he raised taxes on top income bracket that many think are too high (it goes as high as 54% depending on the Province and how high their taxes go) and there's a lot of money that's just being thrown around on questionable things

 

This year the budget deficit has been lower than expected so far ($10 Billion instead of $18 Billion) and instead of just letting the deficit be really small he immediately took advantage of higher revenue than forecast to Increase spending further

 

This is the same man that when he campaigned (and the budget was almost balanced at the time) he said he'd run deficits of no more than $10 Billion a year for 4 years max to help boost the economy

 

His deficits have been $20 Billion and he's on his 4th year now and no balanced budget on the horizon

 

And sure the Federal Finances are fine right now but the overall picture isn't so rosy... Some Provinces have debt up to their ears and won't have money to stimulate economy next time a recession hits

 

It's not a good idea to slowly start putting Federal Government in a position to start heading in that direction either. Especially after he said the deficits would only last 4 years and no more than $10 Billion

 

And if the economy tanked or something unexpected happened to force him to break his promise I'd be more understanding... But nothing major happened in Canada to force him to go back on his word. He literally just chose to :saladga:

Edited by Economy
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JustinTrudeau

I'll tell you I'll try to keep my promises...

Spoiler

But in reality...

8d7954c6e70feaec16a9c74e8d248680.gif

 

I fell down the stairs once as an actor.
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Uniquecorn
8 hours ago, ChromeAngel said:

Justin Trudeau really wreaked havoc on that country. I guess it’s a lesson you don’t vote based on appearance and family. You vote based on competence and morality 

He's also a hunty, I can smell it from my computer screen :ally:

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Economy
Just now, Uniquecorn said:

He's also a hunty, I can smell it from my computer screen :ally:

He does give off that vibe tbh. He also has this really stereotypically gay sounding accent when he speaks :deadbanana:

 

He also keeps talking about feminism and inclusiveness in a way most hetero men don't :awkney:

 

I'm not saying he's a gay in the Closet tho and I'm not saying he doesn't stand for good things socially speaking (economically tho is a different story)

 

But I'm just saying he's someone who's vibe can definitely be interpreted that way :triggered:

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Economy
21 hours ago, Born To Slay said:

What’s America’s rating?

There's 3 main ranking agencies. I don't know what the other 2 rank the US at

 

This agency "Fitch" rates the US at "AA+" which is the second highest rating

 

The US has low State debt (Sub-Sovereign debt) which they also factor in so most of the debt is just Federal and the US also has the reserve currency which reduces the chances of a currency meltdown unless the budget and debt got super bad

 

That's why despite such high federal debt it still has the second highest rating for now

Edited by Economy

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Economy
22 hours ago, JustinTrudeau said:

I'll tell you I'll try to keep my promises...

  Hide contents

But in reality...

8d7954c6e70feaec16a9c74e8d248680.gif

 

That gif is perfect for the way Morneau and Trudeau burn thru cash :air:

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BangTheGong

Ontario and Quebec have been accumulating astronomical amounts of debt forever... BC’s is pretty bad too. 

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Economy
Just now, BangTheGong said:

Ontario and Quebec have been accumulating astronomical amounts of debt forever... BC’s is pretty bad too. 

At least Quebec finally has balanced the budget (they are running small surpluses and paying down debt). It will take years at this pace to reach a healthy level but at least they finally got it together and are going in the right direction

 

Ontario on the other hand 

give me a break eye roll GIF

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