Canada's Budget Surplus to Shrink to C$2.3 Billion

[AlphaCentauri]

Source: bloomberg

Feb. 26 (Bloomberg) -- Canada's budget surplus will shrink to the lowest since 2004 in the next fiscal year and to the smallest in a decade in the year after that, as the country suffers from the U.S. economic slowdown.

Finance Minister Jim Flaherty released a C$239.6 billion ($244 billion) budget today that projects a C$2.3 billion surplus for the fiscal year that starts April 1, down 77 percent from the current year. The surplus will drop further to C$1.3 billion in 2009-10, the smallest since 1998.

Revenue will drop this year for the first time since 2001, leaving the government little room for new tax cuts and spending programs as Prime Minister Stephen Harper seeks to protect a decade of consecutive budget surpluses in the world's eighth- biggest economy.

``We've prepared well for a period of slowdown,'' Flaherty, 58, told Bloomberg Television today, calling his budget ``prudent'' and ``realistic.''

The Bank of Canada says the country's economic growth will slow to 1.3 percent by the middle of 2008, compared with 3.7 percent in the same period last year. The government today lowered its own forecast for 2008 growth to 1.7 percent from an October projection of 2.4 percent.

Revenue will decline 1.1 percent to C$241.9 billion next fiscal year, from C$244.5 billion. Program expenses will rise 3.4 percent to C$208.1 billion, about half the projected pace for the fiscal year that ends next month.

Sending Signal

Canada has benefited from a global commodities boom that allowed governments to reduce the national debt by almost C$100 billion since 1997 even as spending rose. Debt reduction over the next three years will total C$6.6 billion, compared with C$37 billion over the previous three years.



Read more: http://www.bloomberg.com/apps/news?pid=20601082&sid=aBK2SuxOt.lA&refer=canada

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Canadians expend a lot of money in helth care and they have a surplus? what are we doing wrong.

[zabet]

1. I remember a time

when we had a surplus.

[lurky]

2. Gee, Canada has national health care,

free quality education for all, AND a budget surplus?

I'm starting to get really jealous...
:(

[BattyDem]

3. Dear Canada ...

Will you adopt me?

Sincerely,
BattyDem


On edit: They take care of the needs of their citizens AND they have a surplus. Sweet! :-)

[George1984]

4. We have a lot of great things

But so does the United States, just some guy doubled your debt in 8 years, and decided to attack everyone to keep his precious oil. Now its at $100, and will keep going up. Would it have been this high if the invasion never happened? Oh, there is a study somewhere that shows our universal health care actually costs 15% less than what it spent in the U.S per capita, but the government runs it, not companies. I am not sure why the government doesn't just take it over, they change the rules for everything else? The U.S would be an even better place.

[Ghost Dog]

5. 15%, huh?

Does anyone have the numbers on 1) waste 2) profit margins 3) other inefficiencies in the US privatised healthcare non-system?

[ConcernedCanuk]

6. Actually, US costs are almost DOUBLE, around 92%higher.

.
.
.



"The U.S. spends much more on health care than Canada, both on a per-capita basis and as a percentage of GDP.<5>In 2005, per-capita spending for health care in the U.S. was US$6,401; in Canada, US$3,3326.<5> The U.S. spent 15.3% of GDP on health care in that year; Canada spent 9.8%"

/snip/

Through all entities in its public-private system, the U.S. spends more per capita than any other nation in the world,<10> but is the only wealthy industrialized country in the world that lacks some form of universal health care.

/snip/ - note, link and parentheses below added by myself

The U.S. is one of three(out of thirty) OECD countries not to have some form of universal health coverage; the other two being Turkey and Mexico.

/snip/

While some label Canada's system as "socialized medicine," the term is inaccurate. Unlike systems with public delivery, such as the UK, the Canadian system provides public coverage for private delivery. As Princeton University health economist Uwe E. Reinhardt notes, single-payer systems are not "socialized medicine" but "social insurance" systems, because doctors are in the private sector.<19> Similarly, Canadian hospitals are controlled by private boards and/or regional health authorities, rather than being part of government.
__________________________________________________________________________

Canadian and American health care systems compared

Lots more facts and figures at link. I'm glad I'm on THIS side of the border, being a "boomer" I'm using the system a fair bit lately - just walk in, show my health card, get "fixed" - well, mostly.

BUT NO BILL!

Whew . . .

[Joe Bacon]

8. But our conservative controlled press says your health care is TERRIBLE!

Our Corporate Controlled Conservative Press (CCCP, remind you of anything???) keeps telling us your system makes people wait for everyhting and you guys even come to the US to get prescriptions you doctors say you don't need or they can't provide. Our Right Wing Radio hosts tell us that you're taxed to death and the "overwhelming majority" of Canadians want the American system where there is no "rationing". This is all we hear! Please tell us this is BS!

[BlueManDude]

7. They'll be running defecits soon - it's the Conservative way.