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Wednesday 17 July 2013
Québec's Billion Dollard Sovereign Debt
256 989 227 039,82 $
The Québec "Debt Clock" shows the growth of the public debt sector in real time. Public sector debt includes the government's gross debt as well as the debt of the health and social services and education networks, municipalities and other publicly funded corporations (HydroQuébec) for which the government is ultimately responsible.
Based on data provided by the Quebec Department of Finance in its 2012-2013 Budget Plan (which does not take into account Quebec’s share of the federal debt), Québec's debt increases by:
$16.7 billion from now to March 31, 2014, the equivalent of $23 million per day, $15 902 per minute, or $265 per second.
Quebec has the highest per capita debt level, coming in at $22,369 per man, woman and child. Ontario is in second place with a per capita debt of $19,524 and Newfoundland and Labrador are in third place with a per capita debt of $16,647.
With all the talk of Greece’s impending exit from the euro zone, debt is once again in the headlines. Greece’s massive public sector debt, coupled with its inability to devalue its currency, has put the country at risk of default. But the global economy is straining under the weight of more than just public sector debt. In the developed world, consumers, financial institutions, and other corporations have each accumulated unprecedented levels of debt — and how that total debt is managed will ultimately determine the economic fate of the nation economy going forward.
a few years ago, the Quebec Ministry of Finance did a ranking of the most indebted countries in the developed world. If Quebec were independent, it would have been the fifth worst, just behind Greece in third place at 102.6%!
Now that the Greeks have hit the wall, it's payback time for them. Last year, the country's GDP dropped by 6.9% and its unemployment rate skyrocketed to 17.7%. This year, the GDP is expected to drop by another 5% and unemployment to reach over 19%.
Another similarity is the perception of the population vis-a-vis the corruption of their political and economic systems. 98% of Greeks believe corruption has eroded their country. According to a Leger Marketing poll held last April, 85% of Quebecers now believe that their government and the whole construction industry are corrupted.
Quebec’s debt reaches over $50,000 per worker, it increases over $23 million per day, a debt that places Quebec 5th among the most indebted nations in the world. Ultimately, it is taxpayers who are responsible for this debt, created by the inability of government to control expenses.
The social infrastructure in Quebec is simply unsustainable. Seven dollar day care, a parental leave program that is ripe for abuse. These are wonderful in principle but who is paying for them? Our future generations. Moreover, Quebec is burdened with a civil servant infrastructure that produces no true economic value yet is one of the largest of any jurisdiction on the continent and don’t get me started on the power of the unions (Marxist).
What are the solutions being conceived to pay for our bloated infrastructure, our gold-plated social programs and the reduction of our debt?
Increase the sales tax, are you kidding me? You can be sure that such a move will drive the underground economy further underground. This shortsighted, ill-conceived idea that a percentage change in the tax will derive a linear result is ridiculous. Increasing taxes in general will simply encourage capital flight that will exacerbate the problem. What the Quebec government doesn’t take into account is that those with wealth in the province, have several things going for them — a Canadian passport, a good tax attorney and next of kin in a lower tax jurisdiction. If the rates of tax continue to creep up, tax practitioner will be hard at work moving assets into out-of-province trusts and make a bad situation much worse for Quebec. Appealing to our sense of nationalism, can only go so far.
Quebec’s generations-long obsession with independence has been a slow, ongoing cratering of its financial health. To maintain generous social services it can’t afford, and keep up the steady flow of state subsidies, it has borrowed heavily, so it now has by far the highest debt load in the country.
Even now, as the rot becomes more evident and the price of it ever higher, the province is saddled with a government dedicated to the same old sovereigntist obsessions: isolating and afflicting identifiable ethnic groups viewed to be culturally inadequate, whether its Sikhs playing soccer or Jews parking their cars on holy days; seeking out new battles to pick with the anglo community and the federalists; loading on punitive new language rules and restrictions to an already overburdened business community; classifying every issue, from restaurant menus to farm produce through the prism of “sovereignty.
Perhaps it’s too much to be blaming all this on Quebec’s fixation with itself and its independence, but it’s certainly not unreasonable to suspect that the vast effort put into fighting with Canada over such a long period drained away time, effort, skills and money that might have been put into more sustainable and productive means.
Don't shoot the messengers
C101
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