This article was last updated on April 16, 2022
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The Canadian Taxpayers Federation is observing that after 11:19 p.m. on Saturday, the total federal debt of Canada is going to a huge $600-billion, and now they are begging the feds to stop the debt digging.
Noticeably, the Harper government finished the trend of chipping away debts in 2008, and over the past four years since, Canada has still been lumped with additional $142.4-billion in debts. Gregory Thomas of Canadian Taxpayers Federation pointed out that “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.”
He elaborated that the interest alone call easily fund numerous social programs, and $600-billion is equivalent to the expenses of the annual NHL budget for 187 years. Furthermore, Thomas notified that time has come for the government to fulfill its promises of trimming the finances, as since the recession hit, the government has erased a decade worth of progress at reducing the red ink.
Thomas questioned “how many programs has this government cut since taking office seven years ago? Katimavik – one useless program.” He alleged that “Canada’s national debt is now rising at a rate of $863.26 a second, $74.6-million a day.” Thomas has asked the federal government to stop deficit spending, balance the budgets and begin paying down the debt like they initially promised. He also threatened that if it did not happen, the situation will continue to decline over the next five years.
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