iThe Debt

"Well, according to Statistics Canada figures, the problem of government debt is reflected in the Federal Deficit. Which is to say that, in 2010, Canadians paid $165 million a day on public debt interest."

"What are you talking about? That's an ENORMOUS amount of money!"

"Yes. Actually, the portion of that carried by the people of Ontario was $64 million a day, or about $5 per day for every man, woman and child, or $20 a day for a family of four..."


"What does that really mean?"

"...It means that this money is not available for other uses. Our governments use these huge costs to justify cutbacks and wage freezes. Prime Minister Harper wants to reduce the federal deficit in order to reduce the debt servicing charges, but doing that will take money out of the economy and make the recession worse..."

"Well, I guess that's just the way it is. After all, we have to reduce the deficit- right?"

"Not necessarily..."



"I don't believe you!"

"The figures are easily verified.

Go to this link on Statistics Canada. Table 1.3-1,
down to the SECOND table,
locate heading 'Interest on the public debt',
and you'll see there that interest on the
public debt in 2010 amounted to $60,210 millions or $165 millions per day."

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