The main item on the G-20 agenda was whether to cut debts or invest in more financial stimulus, with Stephen Harper strongly advocating the need to cut debts.
We need to cut debts. Large public debts leave governments at the mercy of interest rates. Double the interest rates and suddenly the debt load becomes completely unmanageable and we’re worried about our credit rating, forcing us into all kinds of nasty measures like privatizing health care, education and even basic services like water. So in the interest of securing high quality public services, we need to make sure we keep the debt down. The problem is that Stephen Harper proposes to cut debts not by raising taxes or trimming perverse subsidies to favoured industries, but by attacking the very services I desperately want to protect. I have no interest in cutting the debt to have more money to fork over to the oil industry while basic services get gutted. Read more »