Canada's debt expected to hit $600-billion this weekend
680 News
OTTAWA, Ont. - As of 11:19 p.m. Saturday, Canada's federal debt
will hit $600-billion, and some groups are calling on the feds to stop
the debt digging.
In 2008, the Harper government ended the trend of chipping away at our debt, and over the past four years, has put Canada an additional $142.4-billion in the red.
"This is more than the entire combined budgets for unemployment insurance, maternity and parental benefits, child tax credit and the universal child tax benefit combined," said the Canadian Taxpayers Federation's Gregory Thomas.
He explained that the interest alone could fund significant social programs, while $600-billion could pay for the annual NHL budget for 187 years - even extending Sidney Crosby's contract for close to 70,000 years.
In addition, he said the government has yet to fulfill the promise of trimming the financial fat, and since the recession hit, the government has erased a decades worth of progress at reducing the red ink.
"How many programs has this government cut since taking office seven years ago? Katimavik - one useless program," he said. "Canada's national debt is now rising at a rate of $863.26 a second, $74.6-million a day."
Thomas is calling on the federal government to stop the deficit spending, balance the budgets and begin paying down the debt like they initially promised. If not, he said we are simply throwing our money down the drain and the situation will continue to decline over the next five years.
In 2008, the Harper government ended the trend of chipping away at our debt, and over the past four years, has put Canada an additional $142.4-billion in the red.
"This is more than the entire combined budgets for unemployment insurance, maternity and parental benefits, child tax credit and the universal child tax benefit combined," said the Canadian Taxpayers Federation's Gregory Thomas.
He explained that the interest alone could fund significant social programs, while $600-billion could pay for the annual NHL budget for 187 years - even extending Sidney Crosby's contract for close to 70,000 years.
In addition, he said the government has yet to fulfill the promise of trimming the financial fat, and since the recession hit, the government has erased a decades worth of progress at reducing the red ink.
"How many programs has this government cut since taking office seven years ago? Katimavik - one useless program," he said. "Canada's national debt is now rising at a rate of $863.26 a second, $74.6-million a day."
Thomas is calling on the federal government to stop the deficit spending, balance the budgets and begin paying down the debt like they initially promised. If not, he said we are simply throwing our money down the drain and the situation will continue to decline over the next five years.
4 comments:
Talk about fiscal cliffs , we are nearing the edge racking up another $74.6 mil of debt per day.
This is almost impossible for the working man to comprehend as he rakes in another couple hundred bucks a day if he or she is lucky.
Harper & his numbnuts sidekick Jim Flaherty keep telling us we are best of the industrialized countries.
Sweet mother of God , how bad must they be if we are the best.
Look out belowwwwwwww....
Dr Mike Popovich
Imagine, our so called trained economist Prime Minister has increased the federal debt (borne by taxpayers) by a whopping 25% in less than 6 years, all the while preaching to Canadians about consumers' need to curb borrowing.
Harper's incompetence is only surpassed by his hypocrisy.
Harper has ballooned the Canada Housing Trust balance sheet which is financed by foreigners like China etc.. . All for a Condo-nomics economy, which has placed Canada number one in the world as a leader in consumer debt ! Enjoy the Grey Cup have a few beers , reality starts Monday !
MC
Hey let’s not forget Harper & company blew billions of surplus even before the recession. Having Harper (Trained Economist – Trained Seal) in charge of the fiscal tiller has proved to be a recipe for disaster. You think Harper’s policies stink now, just wait for FiPPA, CNOOK/Nexen and other shit in the wings kicks in. It’s not the screwing you are getting, It’s the screwing you are going to get. Strong stable majority Conservative Government my ass, we have a dumb ass dictator running this show, all bow to our dear leader.
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