Canada’s scary debt problem: Federal, provincial debt to exceed $2.4 trillion this year, report finds
Source: Immediate-Link490
Canada’s scary debt problem: Federal, provincial debt to exceed $2.4 trillion this year, report finds
Source: Immediate-Link490
39 Comments
Le Canada est sapoud
Starting with a train that only a fraction of the population will ever use in their lifetime yet on a per capita basis cost each and every one of us 1000’s of dollars.
Ending with punitive net zero policies that will suck trillions from our economy, stifling growth and increasing the cost of EVERYTHING!
If you look at just federal it looks ok
Few if any g7 have such high dept with their equivalent provinces
Since its inception until 1974 the Bank of Canada lent money to Canadian governments, pretty much interest-free. Canada’s debt level remained very manageable despite building the transcanada and funding WWII. Supreme Court determined that returning the BoC to its mandated role is simply a matter of political will. Why not use this advantage in these trying times? (And don’t compare it to printing money out of thin bc this is exactly what private banks do when issuing loans. Difference is BoC mandate results in less interest, meaning less CAD in circulation, less inflation/devaluation.)
Anyone surprised? Their answer to the debt was mass immigration…
What they forgot is that a big chunk of that mass immigration are now taking up more services from the government without generating profits to the government…
And by immigrant I mean everyone coming in the country, refugees included.
but they keep harping on about how the net debt to gdp is a-ok
The budget will balance itself, interest rates are at historic lows, ModernMonetaryTheory..
Hey, we got exactly what we voted for.
We feel it everyday as a the value of the dollar devalues for daily goods and salaries stagnate. We are in stagflation and it will not get better anytime soon. Our quality of life will continue to decline. We are kind of like Argentina in its early days, once one of the richest countries in the world to a fast erosion of quality of life and stagflation
link to report?
Misleading Canadians on Canada’s debt compared to other G7 countries by not including provincial debt in the equation.
Yep….keep giving Billions to Ukraine and housing the large influx of false immigration claimants they brought in, all while Canadians are crying out for help with housing / HCOL
That’s far less than the US federal debt on a per capita basis.
It’s not even that scary. It’s so funny to see people freak about something that is really not as big of an issue as you think it is
> has nearly doubled from $1.24 trillion in 2007-08 to a projected $2.44 trillion this fiscal year,
I think this would be a lot more meaningful if they didn’t purposefully cherry pick the year right before the 2008 financial crisis.
Anybody miss the Rideau Cottage money printer?
Money printer go brrrrr. At the cost of anyones cash they saved for retirement devalues. Meanwhile we cant give the fiat away fast enough to maintain value.
We LOVE to talk about our *federal debt* levels, while we download Education and Healthcare to the Provinces.
So scary that no one even pretends talking about balanced budgets anymore.
The article provides a very selective picture here.
– Canada’s gross consolidated government debt (total government liabilities) around 107% of GDP
– Canada’s net debt (liabilities – assets) is around 8–18% of GDP
When you compare this against other G7 countries, Canada has 3rd smallest gross debt-to-GDP, and the smallest net debt-to-GDP ratio.
So it’s a big scary number, but guess what, every single G7 country has big scary numbers, and Canada is doing pretty good comparatively. The reality is, a big scary number doesn’t tell the whole story.
Whether this turns into a financial problem depends on economic growth, but the article doesn’t put it in that context.
Also important to note, we have a federal government that’s heavily focused on economic growth and diversifying trade interests, much more so than our previous government. This is a good thing.
now do municipal debt as share of economy.
I have a suspicion our most inefficient debt servicing is going to service rural environments when adjusted to per capita.
Edit: grammer
While the value of the money I earn is less and less every year because of a lot of government stupidity and Corporate Greed.
Not saying this is alright and that as a society and country we should aboslutely be looking on how to curb these ballooning debt levels. However, most G20 nations are in similar (some worse, some better) boat.
Canada being a resource and energy exporter should have us in a bit of a better situation.
as long as we grow our economy along side
“The budget will balance itself”
“Interest rates are at historic lows, Glen.”
It’d be nice when we stop gaslighting ourselves into thinking we have it better than every other g7 nation.
Just because our garbage doesn’t stink as bad as our neighbors garbage doesn’t mean we are doing better.
The government needs to stop spending outside the nation and focus on the wellbeing of our own citizens.
I was told that the budget will balance itself.
If your solution is spend less money, you’re going to feel the impacts of that. If your solution is raise taxes, your going to feel the impacts of that. There’s literally no way out of this trap without affecting the quality of lives of the people who live here. And no, kicking out all the immigrants isn’t going to do it. If debt servicing is your priority, What are YOU willing to do without?
Immigration what a wonderful idea. Liberals have destroyed Canada
Lies, damn lies, and statistics?
All while corporations keep bragging and posting record profits, maybe they need to be taxed more to fund our people?
Oh no I’m so scared
The mention of the debt problem reminds me of what 1 of tRUMP’s idiots said (on Fox news I think) when asked about Americans finacial suffering under tRUMP he responded Americans are doing great credit card usage is soaring.
British Columbia is officially making plans to start rationing power with Bill-31… buckle up kids, looks like Lebanon/Sri Lanka/Zimbabwe/Venezuela 2.0
Funny how the government expects me to keep my finances under control and pay debts but they can’t do the same. What a joke!
What’s the interest being paid?
Bet it wouldn’t be so scary if PP was PM… The it would be “investing for growth”…
A whopping 40% of Ontario’s entire debt, across all of its history, is due to just one government: Doug Ford. And what have we got for all the billions and billions of excessive spending these last 8 years? Ford has spent more in the last 8 years than in the 100 years before it, combined. You would think the roads in Ontario would be paved with gold. And yet, all we have is a decaying health care system, abysmal schools, underfunded and breaking services everywhere, a large and growing drug and homelessness epidemic, and encampments everywhere. Where did all of our money go?
All made by our brain rotted political parties over decades of brain rotted decisions.
That’s only $50,000 per Canadian, though. Better double the TFWs.