Canada May Sell Some Government Assets to Raise Revenue to Pay Down Deficit
Saturday, March 6th, 2010
Canada continues to show why they've done so well while other countries have struggled during the economic crisis, as in another smart and bold move, the Canadian government is looking to divest itself of assets after a period of time of going over all its operations.
Finance Minister Jim Flaherty said he's been reviewing the overall operations of the government and in a move to cut the budget deficit of the country, could sell of assets sometime in 2010.
On the cbc.ca website, Flaherty stated: "There are some opportunities there for some privatizations of businesses that one questions why the government is in them anymore. So we'll look at those and I expect that in the next year we'll be able to make some announcements."
Flaherty clarified things a little more, adding, "It's actually an asset review. Why does the government own A or B or C? Why are we in that business? Do taxpayers really need to own this?"
Saying there would be information coming out in the near future, Flaherty didn't get into the specifics of what assets would be considered no longer needed by the government and what the government was expecting to receive from selling them.
It does show the need for all nations to take similar measures, as the people can no longer support the gigantic governments and their programs any longer. The budget deficits show that.
So the idea to cut back on spending and programs is a great step by the Canadian government, showing they have the will and wisdom to know they need to limit the size of government in order to be fiscally sound.
Article by Gary B
The views expressed are the subjective opinion of the article's author and not of FinancialAdvisory.com
Tags: budget deficit , canada business , canadian assets
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