• An Economic Reform Proposal
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Economic Reform

~ Public borrowing places a burden on future generations.

Economic Reform

Monthly Archives: November 2014

Compound interest

29 Saturday Nov 2014

Posted by Kostas Vogias in ENGLISH

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The Canadian government has been running deficits since the Trudeau years, except for a few years under Paul Martin when it was finally, painfully, able to move back into a surplus. But even when running a surplus, the government is still paying down the debt accumulated over those decades – debt which is composed of principal, interest, and interest on interest. And interest on interest is by far the largest portion of that debt. A 1993 Auditor General report said that of the accumulated net debt of $423 billion, only $37 billion was principal – the rest was due to the ‘magic’ of compound interest.

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Public debt

27 Thursday Nov 2014

Posted by Kostas Vogias in ENGLISH

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“I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared.”
Thomas Jefferson to William Plumer, July 21, 1816

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