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If Canadian families spent and borrowed like the federal government, they would be $427,759 in debt

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From the Fraser Institute

By Grady Munro and Jake Fuss

If the median Canadian family spent and borrowed like the federal government, they would already be $427,759 in debt and continuing to borrow, finds a new study published today by the Fraser Institute.

“If the median family in Canada spent and borrowed like the federal government, they would be in serious financial trouble,” said Grady Munro, a Fraser Institute policy analyst and co-author of Understanding the Scale of Canada’s Federal Deficit.

The $39.8 billion deficit expected by Ottawa in 2024/25 represents the 17th consecutive annual federal deficit, with continued deficits expected into the foreseeable future, eventually resulting in higher taxes for Canadians.

Continuous annual borrowing by Ottawa to finance increased spending has driven federal total debt from 53.0 per cent of the economy ($1.1 trillion) in 2014/15 up to an expected 69.8 per cent ($2.1 trillion) in 2024/25.

To put this into perspective, the study’s analysis offers an example of what a median family’s household finances would look like if they were to spend and borrow like the federal government in 2024.

The study found that the median Canadian family in 2024 would spend $109,982 while only earning $101,821, meaning that it would borrow $8,161 just to pay for its normal spending. This $8,000-plus in additional debt is on top of the $427,759 in existing debt the family would already hold based on previous borrowing.

Illustrative of the burden of debt, $11,066 of the family’s income, representing almost 11 per cent, would be spent on just the interest costs of existing debt.

“Unlike most households, where debt is often offset by assets such as a home or investments, the federal government has little in the way of assets to offset its enormous debt,” said Jake Fuss, director of fiscal policy at the Fraser Institute and coauthor. “And it’s important to note that this government debt burden on Canadian families does not include the burden of provincial and municipal government debt, which depending on one’s location, can be significant.”

  • For many years the federal government’s approach to government finances has relied on spending-driven deficits and a growing debt burden, causing a deterioration in the state of federal finances.
  • While deficits can sometimes be justified in certain circumstances, perpetual spending-driven deficits have become the norm rather than a temporary exception for the federal government. The $39.8 billion deficit expected in 2024/25 is the 17th consecutive annual deficit, and deficits are expected to continue into the foreseeable future.
  • Deficits have helped drive federal gross debt from 53.0% of the economy ($1.1 trillion) in 2014/15 up to an expected 69.8% ($2.1 trillion) in 2024/25.
  • This increase in the level of federal debt comes with costs and will result in higher taxes on Canadians.
  • It may be hard to comprehend the scale of the deficits and debt, so to contextualize the current state of federal finances this bulletin provides an example of what a median family’s household budget would look like in 2024 if it managed its finances the way the federal government does.
  • The median family earning $101,821 in 2024 would be spending $109,982 if it spent the way the federal government does. To cover the difference, it would put $8,161 on a credit card, despite already being $427,759 in debt.
  • Of the total amount spent, $11,066 would go towards interest on the debt his year. Simply put, a Canadian family that chose to spend like the federal government would be in financial trouble.

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Liberals, globalists flip out after Trump orders USAID freeze

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From LifeSiteNews

By Stephen Kokx

How many Americans even knew what USAID was until this week? I’m guessing less than one percent. 

For the uninformed: USAID was started by President John F. Kennedy in 1961. Officially named the United States Agency for International Development, it spends over $40 billion in taxpayer dollars every year on various initiatives overseas; most of which are a complete waste of money, as Elon Musk and others have pointed out in recent days. See here:  

Whatever good intentions Kennedy may have had for the program, it has morphed into a slush fund for the Deep State to spread wokeism and to spark revolutions in countries that resist its tyrannical decrees. All of this is done in the name of “defending democracy” mind you. 

Under Joe Biden, USAID was run by World Economic Forum functionary Samantha Powers, who weaponized the agency to funnel boatloads of cash to Ukraine, among other futile projects.   

That fact was pointed out by Balázs Orbán, the son of Hungary’s Prime Minister Viktor Orbán, on X this week. 

 

A CIA front group that promotes LGBT ideology overseas 

President Trump has had enough of this. In his continued effort to drain the swamp, he signed an executive order empowering the newly created Department of Governmental Efficiency to dismantle USAID. 

“I love the concept, but they turned out to be radical left lunatics,” he said about the agency in the Oval Office on Monday.   

USAID’s website has already been shut down, and many of its liberal employees have been fired or barred from entering its headquarters in D.C., causing Democrats to hold a rally outside of it; because nothing shows the American people that you care about them more than defending a program designed to spend their money in foreign lands. Talk about being out of touch.  

 

 

Oddly enough, left-wing Jesuit priest James Martin also defended the agency by claiming that Jesus would support it as well. He was rightly called out by Archbishop Carlo Maria Viganò on X.  

 

Trump’s Secretary of State Marco Rubio has been named USAID’s interim director. He told the media this week that its rogue behavior has come to an end.  

“USAID has a history of ignoring [the national interest of the United States] and deciding that they’re a global charity. These are not donor dollars, these are taxpayer dollars,” he said. 

 

Other lawmakers and mainstream pundits have jumped on the bandwagon as well. 

“To my friends who are upset, call somebody who cares. You better get used to this. It’s USAID today, it’s gonna be Department of Education tomorrow,” GOP Senator John Kennedy said.  

 

“It’s not foreign aid — it’s a foreign slush fund,” Fox News’ Laura Ingraham has argued, as has Glenn Beck 

Trump’s “Rapid Response” X account joined in on the fun by highlighting some of the many ways the agency has wasted your and my money on LGBT and DEI causes abroad. 

 

Democrats melt down as Trump takes aim 

Liberals have been unable to control themselves. News that fewer tax dollars will be spent promoting their woke religion has left them apoplectic.  

This is a “coup,” thundered an emotional Joy Reid on MSNBC. 

Fellow MSNBC anchor Jen Psaki ludicrously claimed that the agency helps with “humanitarian” causes and “works to combat corruption.” 

Van Jones said on CNN the rolling back of funding is Trump telling the world to “go die.” 

Total nonsense.  

Like Freemasonry, USAID may feed the poor and help some impoverished people, but that is just cover to hide its true aim, which is to sow discord in countries that reject the NATO and U.S. empire.  

USAID has done this for decades, primarily by funding non-governmental organizations (and even extremists) that cause headaches for leaders who refuse to be slaves to the West. This has been the case in the nation of Georgia over the past several years. See here:  

 

 

CNN’s Scott Jennings, a Republican, made a comment about how USAID has been appropriated by liberals that really hits the nail on the head with what has gone wrong with it. 

“There is a difference between soft power and soft stupidity. So whether you’re funding DEI musicals in some country or transgender surgery somewhere or whatever, that is not what most Americans would say is an effective part of U.S. foreign policy.” 

USAID funded the Wuhan lab in China 

Perhaps the most attention-grabbing headline that has emerged with the USAID story is the revelation that the agency funneled $40 million to a lab in Wuhan, China, to study bat coronaviruses. 

“Records prove that Ben Hu — COVID’s likely ‘Patient Zero’ — is a Wuhan white coat funded directly by Fauci, NIT & USAID to conduct dangerous coronavirus gain of function experiments on animals!” watchdog group White Coat Waste Project posted on X today.  

Fauci has long denied being involved in such measures, but GOP Senator Ran Paul has never backed down from disputing his claims. He likewise challenged Samantha Powers about USAID money going to Wuhan as well.  

 

Last week, Paul announced his intention to continue digging into the matter, given Biden’s preemptive pardoning of Fauci.  

 

Today, Paul re-shared an X post from political activist Matt Kibbe that suggested he is on the cusp of blowing the whole thing wide open.  

“NIAID and USAID were money-laundering puppets for agencies prohibited from doing dangerous gain-of-function bioterrorism research. Now, Rand Paul and Elon Musk are poised to expose the whole scheme,” Kibbe said.  

 

USAID has misspent taxpayer money in countless other ways as well. Many of the downright bizarre programs are being shared on X. Here are a few of them:  

 

 

 

It should be noted that Rand Paul’s father, former Congressman Ron Paul, has been a critic of the Deep State for decades. In a recent video message, he called on the government to audit USAID and then shut it down. Elon Musk re-shared the video, calling it an “interesting” proposal.  

 

That’s good advice. I hope Elon and Trump will take it and follow through on it. Ending USAID is long overdue. 

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Economy

Human population set to decline for the first time since the Black Death

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From LifeSiteNews

By Steven Mosher of the Population Research Institute

The world’s population is not only not exploding, it’s on the cusp of collapsing.

The collapse in birth rates that began in post-war Europe has, in the decades since, spread to every single corner of the globe.

Many nations are already feeling this death spiral, filling more coffins than cradles each year.

Just this past year, Japan lost nearly a million people. Poland lost 130,000.

However, the big story comes from China, home to one-sixth of the world’s population.

The decades-long devastation wrought by the one-child policy has sent that country, for centuries the pacesetter in population, into absolute decline.

China finally admitted that its population was shrinking, but demographers — including myself — believe that the numbers have been falling for almost a decade.

The Chinese government’s official population figure of 1.44 billion also greatly exaggerates its overall numbers, some analysts say by as much as 130 million people.

India, the country that has now overtaken China in population, is still growing, but not for long.

The average Indian woman was having only two children over her reproductive lifetime, the Indian government reported in 2021, well below the 2.25 or so needed to sustain the current population.

The current total fertility of Tunisian women, for example, is estimated at 1.93.

The result of all these empty wombs is that humanity just passed a major milestone, although not one we should celebrate.

For the first time in the 60,000 or so years that human beings first arrived on the planet, we are not having enough babies to replace ourselves. No wonder Donald Trump has suggested providing free IVF to all Americans “because we want more babies,” he says.

Because of ever-lengthening life spans, the population will continue to grow until mid-century. But when this demographic momentum ends—and it will end—we will reach a second grim milestone on humanity’s downward trajectory:

For the first time since the Black Death in the Middle Ages, human numbers will decline.

The 14th century bubonic plague was the worst pandemic in human history. It killed off half the population of Europe and perhaps a third of the population of the Middle East.

But even as the plague was filling mass graves, the survivors kept filling cradles. And because the birth rate remained high the global population recovered although it took a century or so.

This time around, we may not be so fortunate. All the factors that influence fertility, from marriage rates to urbanization to education levels, are pushing births downward.

Now you may be excused for not knowing about the current birth dearth.

After all, powerful international agencies like the UN Population Fund and the World Bank have done their best to keep it out of the public eye.

Moreover, these agencies, set up during the height of the hysteria over “overpopulation” in the 1960s, like to overestimate births in one country and pad population numbers in another.

For example, the UN, in its annual World Population Prospects, claims that 705,000 babies were born in Colombia last year, when the country’s own government pegs the number at just 510,000.

This is not a rounding error.

Neither is the UN’s claim that Indian women are still averaging 2.25 children, defying the country’s own published statistics, which show that it is now below 2.0.

All this number fudging allows the UN to claim that the global total fertility rate last year was at 2.25, still above replacement

It’s even wrong about replacement rate fertility, which it says is 2.1 children per women.

It’s wrong because in many countries sex-selection abortion skews the sex ratio strongly in favor of boys.

To make up for the tens of millions of unborn baby girls missing in China, India and other Asian countries, those countries need more need 2.2 or even 2.3 children on average.

The UN exaggerates human numbers for the same reason that the Biden-Harris administration exaggerated employment numbers: for financial gain and political survival.

There are billions of dollars at stake, funding that is fueled by a dark fear of mushrooming human numbers.

The population control movement does not intend to go quietly to its grave, even as it continues to dig humanity’s own, so it feeds this fear.

But the world’s population is not only not exploding, it’s on the cusp of collapsing. Which is why it’s time to end the war on population.

This article was originally published on www.pop.org on September 3rd, 2024, before being reprinted in the John Paul II Academy for Human Life and the Family’s Academy Review in November 2024.  Edited and republished here with permission.

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