Canada’s federal debt will break the $600 billion mark by midnight on Saturday, Nov 24, according to the Canadian Taxpayers Federation. That amounts to a per-person debt of just over $17,000, according to globaltvbc.com.
“Canada’s national debt is now rising at rate of $863.26 a second,” said CTF national director Gregory Thomas.
While the Conservative government has made promises to reduce the national debt, Canada’s debt clock has since risen by $142 billion, the CTF says.
“Stephen Harper promised to balance the budget, and he promised to deliver tax relief to working Canadians, and that is what we’re urging him to do,” Thomas said.
CTF’s communications director in British Columbia Jordan Bateman said the implications will last for decades to come. “These aren’t mythical taxpayers down the road that will be paying this. This is our kids, our grandkids, our great grandkids who are going to inherit this tough financial situation that we’ve left them.”
While Canada’s debt may seem high, the situation is far worse in the United States, where the federal debt is now more than $16.3 trillion. That amounts to more than a $52,000 per-person debt.
“The United States is in a world of trouble… as we heard during their recent election – they could cut every penny of spending and still be running a deficit, thanks to all of the liabilities they have going forward,” Bateman added.
Earlier this month, Finance Minister Jim Flaherty released his fiscal update, pushing back Ottawa’s target for eliminating the deficit by one year.