The Economy
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Canada's Twelve Most Wanted Answers to Prayer - October 2010 |
| CANADA'S TWELVE MOST WANTED ANSWERS TO PRAYER
THE ECONOMY Also, seek the peace and prosperity of the city to which i have carried you into exile. Pray to the LORD for it, because if it prospers, you too will prosper." Jeremiah 29:7 "It's the economy, stupid" was a phrase made popular by Clinton campaign strategist James Carville which focused attention on the economy being the most important issue in the nation. The Lord through Jeremiah tells us that the people of God are intimately involved with their community and must pray for its prosperity. Over the next few years it is going to be a challenge to maintain a strong and prosperous economy that has given many Canadians a very privileged lifestyle. We are so much part of a global network it seems that no one government can hope to be in control even of its own economy. Paul Krugman said in the New York Times that Canada was the 'hardware store' for the world! Our rocks and trees have been our export strength but if world consumption levels out we have a problem! In the current budget there is a planned deficit of $49.2 billion (21.2% of revenue) and our total debt is now over half a trillion dollars. David Walker, the US Comptroller General from 1998 to 2008 was convinced that the federal spending and debt is a greater threat than terrorism! Two years ago in Red Deer at the Generations Conference, Graham Daniels advised Christians to get out of debt and put money into 'tangibles', things that have real value that could survive a deep recession. The current Minister of Finance is Jim Flaherty. In the 2010/11 budget he seemed to use half of the planned deficit to cover important areas like: * Personal income tax relief ($3.2 bn) * Create and protect jobs ($4.0 bn) * Infrastructure stimulus to create jobs ($7.7 bn) * Help create 'economy of tomorrow' ($2.0 bn) * Support industries & Communities ($2.2 bn) * Unemployment benefits ($1.6 bn) * New Skills & Training ($1.0 bn) * Youth related spending ($0.1 bn) These are all important aspects and the Minister of Finance (whoever) needs much wisdom as with falling revenue you only have the unpleasant choices of increased debt, increased taxation or reducing public sector spending! Unemployment in Canada in August at 8.1 % actually revealed a disturbing trend from west to east; BC; AB; SK; MB; average = 6.0 % ON; QC; average = 8.5 % NB; NS; PEI; NF/L average = 11.2 % One blogger said: "As a Canadian I'm astounded that consumer/household debt in this country is well over a trillion dollars, that the national debt is just over 500 billion and the province of Ontario, where I reside is 25 billion in the red! " PRAY
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