Bungeejumping of our Precambrian Shielded fiscal cliff

Preparing for American Thanksgiving this week, hearing for the numbers from the most important Black Friday the United States will likely bet the farm on and then watching Europe start its union budget summit which likely will amount to an open attack upon the southern states like Greece by the northern nations like Germany, I think Canadians should be thankful once again for the rebound in job creation, venture capital, economic output, fiscal management and innovation that might balance the budget for the fall of 2015. Beating the recession back to its basics has been a challenge, one made especially daunting by the fact that, in less than six weeks, American will be facing their fiscal cliff of automatic tax hikes, service cuts and budget deficit reductions in half. Canada does not face anything even remotely close to all of this, however does still remain on the same on the same continent, thus Bank of Canada Governor Mark Carney, Finance Minister Jim Flaherty, Prime Minister Stephen Harper and the federal Tory addition of $97.6 billion and almost $600 billion altogether in national debt will face a smaller Canadian Laurentian Plateau, if the American economy does not start growing, whether at 1, 2 or 3% per annum for a little less than a decade.

Canadians, traditionally resilient, tough and hardy folk full of grit, zest and pep, rarely stay out from a fight if one is to be had, with this economy and its direly weak outlook and continued direct program spending by the federal economic action plan, may just get it from these normally cautious and prudent people on their own.

Perhaps Wilfrid Laurier was off by a century, a country high burdened with oil, metals and other natural resources and resource based commodities, though world market and prices remain low, will eventually find its way, perhaps through the Orient Express to the People's Republic of China, India or Japan. No matter how, revenue for the government will be right back to where it was, those restarts in job creation, capital innovation and increased economic input will rebuild the federal tax base, allowing more room to budget after the deficit and then debt begin being repaid off and retired out via a specially planned premium, charge or tax in the future to get to surplus by the fiscal year of 2016-17 and end the debt by the fiscal year of 2021-22. No matter what and despite the fiscal cuts and economic cornering found in the next budget, all current projections and prognostications show a likely $150 billion jump off the Precambrian Shielded fiscal cliff for Canadians will not be a collective fall of the nation, rather will be a bungeejump that may take awhile getting back up after the bounce of a lifetime, but the Dominion still will survive.