CTF clock shows federal debt at $625-billion
Posted Jun 14, 2016 11:20 am.
This article is more than 5 years old.
The clock is ticking on Canadian debt.
After five years in the garage, The Canadian Taxpayers’ Federation is taking its debt clock on a tour across the country, making a stop in Calgary Tuesday.
Our federal debt stands at more than $625-billion, and it goes up by about $1,000 a second.
That works out to more than $17,000 for each man, woman and child.
CTF Federal Director Aaron Wudrick says the most common reaction to the clock is shock.
“I think most Canadians are aware we have some debt, but they are astonished at the figure, and so we encourage Canadians to talk to their members of parliament, and ask them what the plan is to get back to balance, and stop this debt from spiralling upward,” he said.
He says ultimately, this is money our children and grandchildren will have to pay back.
“In the same way that we say we have to preserve the environment for future generations, I think it’s only reasonable to ask the same question about keeping our books balanced,” Wudrick said.
However, in terms of where we stand compared to our G7 partners, Canada’s debt ratio is right in the middle.
