Today’s generation can spot ‘challenges ahead’ pretty quick - growing debt is hard to miss, eh - but something related to debt remains in our blind spot.
Yesterday I wrote about the blind spot, as seen in a recent letter to the editor of a local newspaper. (A link is provided below).
Below is another example of it.
In a news article entitled ‘Debt must be MPPs’ priority’, Gerry Macartney, CEO of London Chamber of Commerce, sees debt not only as a priority at least for Members of Parliament , but uses several phrases to describe how serious the situation is.
For example, when speaking of serious issues facing MPPs, he says that “chief among them is the 400-pound debt gorilla in the room...”, and every Canadian who has been in a room with, or who has played hockey against, a 400-pound gorilla knows how dangerous one can be in the corners. Why, the smell alone will knock you over!
[Photo link to blirk.net]
As well, we know things are serious when Macartney says “we have to start focusing seriously on debt and deficits - “an unprecedented $236 billion” with “$40 billion in annual borrowing (costs)” - or jobs and the economy may be rendered moot” and adds “we could easily slip into the same ugly predicament many European countries are facing.”
No kidding. Serious details every one.
However, in another paragraph a blind spot concerning debt is revealed once again.
He says, “Annual budget deficits... leave a huge burden for Ontario’s next generation who will face either drastic spending cuts, increased taxes, or a combination to get the province’s house in order.”
He sees that debt is high at the moment (it’s “serious” and “unprecedented”) but not high enough for tax increases for his readership. Future generations will face them, it sounds inevitable, but not today’s taxpayers. We’ll be okay. (Thank goodness we’re alive today!)
But, I have to ask. Why should our generation escape a tax increase and leave our unprecedented debt to the next generation? Why do we have such a blind spot about raising taxes?
Is it because our province’s house isn’t in enough of a mess yet?
["Pay down the gorilla, then feed the pig for tough times ahead": GH]
Is it because modern-day governments, businesses and households want to live like the proverbial grasshopper rather than the ant?
I recommend we take off our collective blinders and face the serious, unprecedented problem of debt head on, not leave it - as if it's inevitable - for our grandchildren. I would say a 0.5 to 5% tax increase spread out among home owners (from middle to high income), businesses and corporations
It’s time to step up and face the gorilla.
***
Here’s a challenge for you to answer.
How long do you think the blind spot will last?
Please click here to read “100 Challenges Ahead” 4a.
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