This country should know better than others the cost of unchecked debt. Because of government’s past excesses taxpayers are paying $86 million a day in interest payments on our debt.
Every household has a budget and every Canadian family has to live within its means.
The only difference between a household’s budget and that of government is the number of zeros. Families who live off their credit cards eventually end up broke because they can’t afford the monthly payments. It’s exactly the same for government.
All the talk of “temporary” this and “temporary” that is bunk. Without public pressure the country will spiral into prolonged deficits, crowd out private investment, permanently increase the size of government and ultimately increase taxes to pay for it all. Over the long term, it’s a form of fiscal child abuse – making those who have no say pay for services they never used.
In 1990, 38 cents of every dollar taken by Ottawa was spent just paying the annual interest on our federal debt. Thanks to increased tax revenues, lower interest rates and 11 straight years of debt repayment, that figure is down to 12 cents. Why would we want to go back?