We need to return to balanced budgets and establish firm debt\u002Drepayment policies that have real teeth and specific targets
The report concluded that Canada’s rapidly accumulating debt is posing “serious fiscal challenges” and warned that today’s deficits and debt will lead to higher taxes and reduced social benefits in the years ahead. It also noted that there are no long-term plans to “meaningfully address the growing debt problem in Canada.”The NP Comment newsletter from columnist Colby Cosh and NP Comment editors tackles the important topics with boldness, verve and wit.
Then, in early 1990, in the middle of one of the worst automotive-industry downturns in decades, the company defaulted on certain debt-to-equity requirements laid out by the banks as a condition of the money they had lent us. We had walked a very thin line between recovery and ruin. I had come close to losing the entire business. Trying to keep the company afloat while paying down the debt was like swimming with a big cement block tied around our ankles, but we persevered and succeeded in slashing our debt much faster than anyone thought possible.
I’ve always maintained that when it comes to business, there is no such thing as bad workers, only bad managers. The same principle holds true for governments and their citizens. When countries sink deeper and deeper into debt, it’s usually the fault of poorly managed governments.
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