Federal budget is a sensible document

Web Lead

To the Editor:

(Open letter to Prime Minister Justin Trudeau)

I wish to congratulate you on your recently tabled budget, A sensible document for the times. You have made a credible start in addressing the shameful living conditions of so many of First Nations peoples.

Not so much for another of our shames, child poverty, but something in a somewhat round about way.

The tax cuts for the higher edge of middle class earners is a bit of flim-flam and probably not necessary.

There are other aspects of the budget I find positive, but won’t enumerate them all.

I am sure you are concerned that the deficit is quite a bit larger than initially projected, and it is that aspect of the  budget I wish to help you with.

You are far too young to have known that in  1938 the federal government had legislation in place for exactly this sort of contingency. The Bank of Canada was able to provide essentially interest free loans available to not only the Federal government, but these loans could also be available to provinces and municipalities. These loans were made use of to get out of the Great Depression and to finance Canada’s contribution to the world War ll effort. Continuing through the 60’s these loans made it possible to establish the post war prosperity and Canada’s greatly admired Social Safety net.

In the mid ’70s the wheels fell off the wagon, and first Bank of Canada rates were raised, and finally government loans were made from private banks instead of from the Bank of Canada.

What may be a surprise to you is that the regulations permitting interest  free Bank of Canada loans are still in place. I appreciate that interest rates from the private banks are low at this time, however even these low rates will add a substantial sum that could instead be used to provide more financing for green energy or whatever.

Please do the sensible thing and re-implement  tax free loans from the Bank of Canada.

For those of you who may be interested in more detail regarding this information, check out www.comer.org/projects/index.htm.

Bob Ewashen




Just Posted

RDCK calls for reversal of Sinixt extinction

The board opposed a land transfer to the Westbank First Nation this week

Creston police kept busy with unwanted guest complaints

Creston RCMP responded to 59 calls for assistance

Forecasters promote avalanche safety awareness

Avalanche Canada advising backcountry enthusiasts to get proper training and equipment.

Rural residents could face higher fire protection costs

Erickson and Arrow Creek property owners will pay more for fire protection

Brewery workers claim more job losses

Interior Brewery Workers Local 308 says that Labatt Breweries of Canada is manipulating data to justify the loss of jobs at Creston’s 50-year-old brewery.

100,000 bulbs shine bright for Lights of Hope

St. Paul’s Hospital in Vancouver launched its annual campaign to raise funds for equipment, research

Pine beetles from Jasper National Park moving into commercial forest

In 2014, beetle activity went from a few spots around Jasper’s townsite to rampant

VIDEO: Tragically Hip members, Alex Trebek receive Order of Canada

Newest recipients join 6,897 Canadians such as Christine Sinclair, Graham Greene and Mark Messier

AC/DC’s Malcolm Young dies at 64

‘Malcolm was a songwriter, guitarist, performer, producer and visionary who inspired many.’

‘I will now live in consistent fear’: Allan Schoenborn granted escorted leaves

The Merritt man was deemed not criminally responsible in the killing of his three children in 2008

Hammy the deer dodges conservation officers in Prince Rupert

The famous Prince Rupert hammock deer maintains his purple threads

‘No shirt, no service, no Canada’

Shirtless Tacoma man arrested after Canadian border officials say they found meth in rental vehicle

Nasty note on B.C. windshield sparks online outrage

Vernon’s Bailey McDonald is using a painful experience to start conversation about invisible illness

Federal funding to combat guns, gangs and opioid crisis

Public Safety Minister Ralph Goodale said illicit drugs are often main cause of guns, gangs violence

Most Read