The Canadian Taxpayers Federation was here in Calgary on their six week, nine province tour with the Debt Clock to raise public awareness on Canada’s growing debt.
The clock displays the total federal debt by the second and by person and right now, we’re at our highest levels of debt in history. I had a chance to catch up with the Federal Director of the CTF, Aaron Wudrick and he broke down the numbers for me.
He says that Canada is over $625 billion in debt - $150 billion further in debt than we saw under the former Conservative government. And if you can believe it, we’re also paying $3.3 million in interest per day on already accumulated debt.
The Liberals have no plan in place to cut spending but do plan to run an unknown number of deficit budgets.
The way to curb the spending, as Alberta Director of the CTF Paige MacPherson says, is to balance the budget. Her take is that we need to balance the budget in order to dig ourselves out of the hole and start repaying what’s already been accumulated, that the federal government should take measures to stop corporate welfare and complete a spending review to cut unnecessary costs.
Canada is at the highest levels of debt in history with no plans of stopping the spending spree. Liberal spending is so out of control that we will see the federal debt increase to $718 billion by 2020. That’s actually $20,000 per every Canadian citizen, which is absolutely outrageous.
Depending on where you live, that could be a combined federal and provincial debt load per person of over $41,000.
As Aaron and Paige suggest, the only way to fix things and become debt free is to stop that clock.