‘Hoping conservative thinkers will show us the realism of our unrestrained debt’
To the Expositor:
I take my text from an ecumenical source that seems to have relevance in our present economic crisis. The subject for the discussion was Genesis 47:13-26. In this account there was a famine in the land of Eygpt. The people were in danger of starvation. So when the money ran out, they traded their goods and livestock for food and when that wasn’t enough the only thing left was to sell themselves into slavery to survive. They could no longer carry their debt load. The governing ruler of Egypt who was Pharaoh absorbed their debt and gave them grain and seed to plant for another year. He in fact owned everything. In return, he imposed a 20 percent fixed taxation rate which in comparison to the rate charged by our government today, which can be calculated as high as 44 percent, doesn’t look like such a bad business investment. After all, there was bread on the table.
I’m hoping the more conservative thinkers in our society will show us the realism of unrestrained debt. Our government already burdened down with debt before this pandemic crisis happened continues to borrow heavily as the days go by. With each announcement Mr. Trudeau is mortgaging our children’s and grandchildren’s future. The amounts he is borrowing are staggering in the extreme. Millions, billion of dollars. What would your grandmother think of that outrageous expenditure? She would never allow it.
I believe Mr. Pearson was the last prime minister who knew how to budget the country’s economy on simple basic principles. You don’t spend what you don’t have. And you restrain yourself from going into debt. That is good down home Manitoulin Island common sense. Otherwise debtors’ prison and the workhouse become unpleasant realities. The economists don’t like these old-fashioned words. They use newer trendier euphemisms. But it means the same thing. It means you will be sold into slavery by the creditors who loaned us the money. And more than likely sooner than we think possible. So who is our Pharaoh?
I overheard a question at the Freshmart not too long ago which made perfect sense. ‘Where is the money coming from?’ Good question. It is obvious we don’t have any so where is Mr. Trudeau going for the cash?