INDEPTH: BUDGET
Budget surplus 2003
Justin Thompson, CBC News Online | October 22, 2003
Finance Minister John Manley announced that Canada's budget surplus for the fiscal year 2002-2003 was a whopping $7 billion. The entire amount, he said, will go toward paying down the national debt – keeping it to a projected $510.6 billion by the end of the fiscal year. A noble decision, indeed. On the other hand, this is Canada's sixth straight budget surplus, and debt payments aren't the most exciting way to spend $7 billion. The CBC's Justin Thompson did some window-shopping to see what else Manley could blow the money on.
An embarrassment of riches?
Here's what $7 billion will buy:
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A one-time payment of $221.31 to every Canadian citizen.
Timbits
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- 58,333,333,300 Timbits ($0.12 apiece).
- 135,295,766 of "the most luxurious (Canadian flags) available" at Canadian Tire ($51.74 apiece after tax).
- Every team in the NHL ($6.4 billion), not including player salaries.
- 23,728,813 hand pumps, each capable of providing an entire village with water, according to UNICEF ($295 apiece).
- Another 2,046 senators for 30 years (assuming they don't get tired of their $114,000 base salary and vote themselves a raise).
Canada's national identity card
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- Canada's national identity card plan (according to an Oct. 2003 Commons committee report)
- The National Bank of Canada (Canada's sixth-largest)
- 13,589 Saleen S7 supercars, worth $515,099.75 apiece. *Freight, admin., lic. and taxes not included.
- 140 Bombardier Challenger 604 jets at $50 million apiece, the price the Chrétien government paid for two such jets in 2002.
Photo courtesy: Canadian Pacific Railway
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(For those who are a little more shrewd, the money would buy 256 used Challengers, although they would be the 2001 model).
- The Canadian Pacific Railway, with a share price value of $5,505,253,093 on October 22, 2003. That would leave enough to buy the Canadian NHL teams for a little over $1 billion.
- The 7 most valuable franchises in the NFL (you'll have to secure a loan for the remaining 25).
Gordon Lightfoot
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- 320,512,821 Gordon Lightfoot Greatest Hits albums (at $21.84 after tax from HMV)
Or just an embarrassment?
As much as $7 billion is, it's chump change compared with:
- Annual interest charges on the debt – $37.2 billion (2002-2003)
- The $15 billion cash infusion called for by the Romanow Report on health care (2002).
- The net worth of Kenneth Thomson and family – $18 billion
- The net worth of Bill Gates – $53 billion
- The price of a single Nimitz-class nuclear aircraft carrier. According to the U.S. navy, each one costs $30 billion over its lifetime to acquire, operate, support and deactivate. That doesn't include aircraft.
- Happiness - priceless
^TOP
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