National debt due to choices

I refer to Russ Vinden’s Oct. 31 NEWS letter ‘Debt woes.’

I refer to Russ Vinden’s Oct. 31 NEWS letter ‘Debt woes.’

This must be the 10th or 12th letter he has written on the same subject. He suggests the national debt should be financed directly by The Bank of Canada rather than by the private sector.

Since reference to the banks’ most recent balance sheet indicates that it has no surplus money to lend, I think it’s high time Vinden explained how this can be done.

Furthermore, the size of the national debt is not so much due to who the government is borrowing from but why it is borrowing. The main reason is that we Canadians demand that more and more be spent on health care, education etc., than the income from taxes.

Concerning his remarks on the banks making money off government loans, it appears that he holds the common view that bank profits are exclusive and not in the public interest. However the fact is, bank shares are held by millions of Canadians, a great number of mutual funds and virtually every pension fund in the country including, the Canada Pension Plan. Bank profits in the form of dividends are therefor a benefit shared directly and indirectly by most Canadians in one form or another and particularly those retired.

Colin Bartlett

Parksville

Just Posted

Qualicum man sentenced for tying up, robbing another man

Gabriel Stephen Nelson robbed and assaulted travelling businessman in 2017

Parksville man ‘parks’ horse during liquor store pit stop

As long as animal wasn’t jaywalking, no problem, says city official

Parksville roundtable highlights need for affordable housing, recreation

Mayor Ed Mayne held facilitated event in January to hear visions for city, council

RDN to form new group to replace Northern committees

Recreation commissioners disappointed with the decision

Second delivery of building units for 222 Corfield in Parksville arrives March 21

Vehicles should expect intermittent single-lane alternating traffic

VIDEO: Can you believe it? This B.C. hill pulls cars backwards up a slope

Sir Isaac Newton had clearly never been to this Vernon anomaly when he discovered gravity

Canucks hang on for 7-4 win over Senators

Horvat nets 2 for Vancouver

European, Canadian regulators to do own review of Boeing jet

Air Canada plans to remove the Boeing 737 Max from its schedule at least through July 1

Prime minister defends Liberal budget measures as sales effort gets underway

Conservatives under Andrew Scheer say it’s a spree funded by borrowing against the future

Mayor meets with B.C. health minister on homeless taxi transfers

Two homeless people were discharged from Surrey Memorial and sent to a Chilliwack shelter

B.C. lottery winner being sued by co-workers

They claim he owes them $200,000 each, in a lawsuit filed in B.C. Supreme Court in Vancouver

Teacher reprimanded for conduct towards special needs student

Alan Stephen Berry told vice principal he did not have time to use positive strategies

‘Full worm super moon’ to illuminate B.C. skies on first day of spring

Spring has sprung, a moon named in honour of thawing soil marks final super moon until 2020

Having phone within sight while driving does not violate law: B.C. judge

The mere presence of a cell phone within sight of a driver is not enough for a conviction, judge says

Most Read