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It’s Halloween in Canada, and nothing is more frightening this October than Canada’s federal debt. Canada currently holds $786 billion of federal debt, and it isn’t going anywhere unless some serious legislation is created. With Trudeau’s election promises, it looks like our debt is only going to grow in the meantime.
Due to this, The Post Millennial has compiled the spookiest debt facts, to get you in the mood for this Halloween.
We are born into debt
Every Canadian automatically owes $18,717 in federal debt as soon as they are born.
We get poorer every hour
Every hour, ordinary Canadians have to pay more and more to the federal government to bail the country out. As of writing this, Canada’s federal debt has increased by $2,260,273.93 this hour. This means our debt increases $54,246,575.34 every day.
The spooky interest
As though this wasn’t enough wasted money, Canadians have to pay an extra $26 billion on interest payments every year. This fiscal blackhole lies squarely on the taxpayer.
Our current government is bad at handling debt
The current government has no intention to fix our debt crisis. In 2016, Trudeau’s finance minister, Bill Morneau, created a plan that would increase the federal debt by $106.8 billion over the next four years. Today, we are suffering from the consequences of this.
We are getting old
Canada is ageing. A significant portion of our population is moving into retirement. With Canada’s current colossal debt, government services will increase, and our treasury may collapse. To avoid this, our politicians have to start thinking about solutions to our debt.