Thursday, November 19, 2009

Federal Debt Passes Half Trillion Dollar Mark

$15,000 Owed By Every Man, Woman and Child

OTTAWA: The Canadian Taxpayers Federation (CTF) held a press conference on Parliament Hill today to raise the alarm that the federal debt will climb past a half trillion dollars - $500,000,000,000.00 on Sunday, November 22nd, at 10:56:53 p.m. The size and speed of growth of the federal debt may be seen at www.debtclock.ca.

CTF Federal Director, Kevin Gaudet said, “Canadians need a deficit action plan now. The mountainous debt problem amounts to fiscal child abuse as both current and future generations will have to pay it off”.

After 11 years of surpluses, federal politicians have taken Canada back into deficit, projecting to add no less than $170-billion more to the debt by 2014-15.

At the press conference the CTF revealed a novelty cheque from future taxpayers to the current government in the amount of $500 billion, as future taxpayers will be paying off the over-spending by the government of today. This amounts to $14,880.39 for each man, woman, and child in Canada.

The federal government is currently borrowing $1,772.58 per second due to its $55.9 billion projected deficit.

Comment: Add to that the provincial debt and your local taxes and you really have to wonder just how affluent we really are in this country. Are we enjoying a high standard of living only because we are spending future generations money without asking them?

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