Finance Minister Jim Flaherty has abandoned any thoughts of eliminating Canada’s debt in the foreseeable future.

Flaherty acknowledged that the lingering effects of the recession have dashed any hope of erasing the debt by 2021.

“Obviously that target has been scratched,” Flaherty told reporters in Ottawa Wednesday, adding that no firm target will be picked until the government resumes posting annual surpluses — and that’s not expected to happen for three more years.

“Our priority now is on the deficit and to eliminate the deficit in the medium term. We’re still on track to do that,” he told reporters Wednesday.

“Once we do that . . . we’ll be able to plan a schedule for the elimination of federal public debt in Canada.”

The federal debt for 2011-12 stood at $582.2 billion, an increase of almost $125 billion since the recession hit Canada in 2007-08.

Flaherty’s pessimistic outlook was a far cry from the optimism he displayed in the 2007 budget when he promised to get rid of Canada’s net public debt by 2021 or sooner. The net debt represents all provincial and federal assets and liabilities.

The finance minister suggested it is the provincial debts, not the federal debt, dragging the country down.

“I hear internationally and so on from rating agencies and others some concerns about some of our provinces in particular. They see the fact that the federal government is solid in what we are doing . . . they are less confident . . . in some of the provinces,” he said.

Flaherty added he recently urged the provinces to “get on the right track,” adding, however, that all now have plans to get back to balanced budgets.

“We all have to implement our plans and we’re all in this together . . .,” he said.

Surprise, surprise ,government driving up the debt and the taxpayer have to pay for it.

Global Elites Thrown Out Of Iceland: Iceland Dismantles Corrupt Gov’t Then Arrests All Rothschild Bankers
GLOBAL ELITES THROWN OUT OF ICELAND: Iceland Dismantles Corrupt Gov’t Then Arrests All Rothschild Bankers

Since the 1900′s the vast majority of the American population has dreamed about saying “NO” to the Unconstitutional, corrupt, Rothschild/Rockefeller banking criminals, but no one has dared to do so. Why? If just half of our Nation, and the “1%”, who pay the majority of the taxes, just said NO MORE! Our Gov’t would literally change over night. Why is it so hard, for some people to understand, that by simply NOT giving your money, to large Corporations, who then send jobs, Intellectual Property, etc. offshore and promote anti-Constitutional rights… You will accomplish more, than if you used violence. In other words… RESEARCH WHERE YOU ARE SENDING EVERY SINGLE PENNY!!! Is that so hard? The truth of the matter is… No one, except the Icelanders, have to been the only culture on the planet to carry out this successfully. Not only have they been successful, at overthrowing the corrupt Gov’t, they’ve drafted a Constitution, that will stop this from happening ever again. That’s not the best part… The best part, is that they have arrested ALL Rothschild/Rockefeller banking puppets, responsible for the Country’s economic Chaos and meltdown.http://www.dailypaul.com/241194/global- ... ld-bankers