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wmsœ : Shepherd, M.P. Canadians on Spending Spree The Clarington/Côurtice Independent, Bowmanvillc, Saturday, January 20,1996 15 Expansion Given Approval hy OMR Oshawa Hospital Welcomes Cancer Treatment Centre While Canadians focus on government spending, it has gone relatively unnoticed that, as individuals, we arc spending way beyond our means. When the crunch came at the end of the 1980's, governments governments realized they couldn't continue spending money they didn't have. But statistics show, as consumers, many Canadians Canadians are still on a spending spree. Canadians were once regarded regarded as some of the world's top savers. Now they carry a debt - as percentage of disposable disposable income - of 92 per cent. In 1980 it was 50 per cent, it is still rising at an alarming rate. So what does this mean to the economy? There are a number of salient points. This debt is largely being carried by a younger generation. We all hear about how those under 24 believe their standard of living will be less than their parents. By pursuing higher levels of debt to finance their consumption, clearly this will be a self-fulfilling philosophy. philosophy. Carrying higher debts creates economic uncertainly in our communities and stress throughout the population as people scramble to make ends meet. People wonder why the housing market is in such a slump and why potential firsttime firsttime home buyers are not purchasing purchasing homes. Simply put, even with government-guaranteed government-guaranteed loans ' requiring requiring only five per cent down, the money is just not there as these potential buyers struggle with consumer-debt payments. Look at other areas in the economy. Canadians arc not purchasing as many cars per capita as the United States. Canadians Canadians are also buying cheaper cheaper cars because their disposable income has shrunk so much. Escalating personal bank ruptcies are one result of this, but that is only half the picture. Marriage breakdown, alcohol and drug abuse are the other problems society has to deal with. In the end many fall back on government support - that's you the taxpayers - which brings us back to the point of why it is the responsibility of government to arrest the consu- ' mer-driven disease afflicting young Canadians. The source of the affliction is Canada's financial institutions. institutions. The growth of credit card debt alone in the last four years has risen by 55 per cent. Why? Simply put, there is a greater greater return for banks in this area than in, say, loans to small business. Part of the problem small and medium-sized businesses businesses face is a direct result of lending institutions seeing loans to consumers as being more profitable than loans to them. I recently saw an ad promoting promoting a trip to Costa Rica for only $85 a month payable after the trip. Interest was at 15 per cent and all you really needed to go was a job. This is pure consumption and no continuing continuing benefits. I'm not begrudging people a trip south, if you can't afford it. What future potential of purchasing purchasing a home has been lost due to illogical consumer choice? Some urge government's rolcish't to tell'people how to ' spend. I disagree for the reasons reasons explained above. t Financial institutions use advertising budgets to create false demand. Isn't this the art of advertising. Educators are also at blame. Clearly, we've taught youth very little about credit financing. What to do? I've spoken with the Governor of the Bank of Canada. I believe it is time to restrict the growth of consu- MRP Says Omnibus Victim of "Media Hype" Durham East's MPP says "media hype" concerning the implications of Bill 26 has produced produced confusion among citizens. citizens. Bill 26 (sometimes referred to as the Omnibus Bill) provides provides the tools tç introduce the financial reforms outlined last November by the provincial government. In a news release last week, John O'Toole took aim at a number of "myths" connected with the debate over Bill 26. He said one of the myths was that the government introduced the legislation without debate. In fact, the introduction and first reading of any bill docs not include debate. O'Toole said it is also a myth that Bill 26 was the first Omnibus Omnibus Bill in Ontario. "The NDP had five omnibus bills," he said. One example was Bill 175, which amended 139 statutes in 14 ministries. "Bill 26 deals with spending reductions and changes to give ministries and our partners the tools to cope," he added. The MPP also rejected charges charges that there was no consultation consultation with the people of Ontario. "The June Bill election was all about making changes. Our agenda was developed after four years of consultation throughout Ontario, furthermore, furthermore, OMA, Health Councils, AMO and many organizations have been asking for these changes. What is' new is that we are doing what we promised," promised," he said. In response to charges that Bill 26 passes on costs to the taxpayer in the form of user fees or tax increases, O'Toole offered this observation: "Bill 26 gives the municipalities municipalities the tools to reduce costs, combine service priorities and re-think their spending. We cannot sustain government spending and taxation at any level. Even if your municipal government passes on the provincial provincial government reductions without changing the way they do business, the average impact impact on any household would be less than 50 cents per day." Durham East's MPP also stated stated the bill docs not impose a new "poll tax". ITe said it docs not give arbitrators the power to order layoffs and determine services, nor does it infringe on confidential medical files of patients. mcr credit by making it more difficult to obtain. The idea is to encourage savings, to give people the ability to own a home, to alleviate the number of bankruptcies and place fewer fewer demands on the social wel- fare system. It also means more lending to small businesses who create jobs so people can contribute in a meaningful way to the economy. The Ontario Municipal Board (OMB) has given a green light to plans for a new cancer treatment treatment centre and other expansion expansion at the Oshawa General Hospital. "We are very pleased that the OMB decision permits us to go ahead and activate the hospital's hospital's Master Plan," said Hospital Hospital Chair Bruce Mackey. The hospital's master plan was the subject of the OMB hearing. The plan includes a community cancer centre, emergency wing, new parking facilities and related construction. construction. "Building of the parking garage garage will be starling as soon as possible," said Mackey, Chair of the Board of Governors of Oshawa General Hospital. The chairman added that the OMB ruling will "enable us to .enter into further discussions with government officials and finalize the construction timetable." timetable." "The whole of the Durham Area has been awaiting this important announcement, so that Oshawa General Hospital can go ahead with the plans to implement the kind of medical service and care our community community deserves," said Mackey. The Durham community has already shown its support through pledges of $26 million towards the hospital project. Of that amount, $8 million has already been spent on internal renovations. 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