Governments throughout Canada are spending BILLIONS of your taxpayer dollars just to pay the interest on the debt they’ve built up over decades of spending.
A new Fraser Institute report, titled The Cost of Government Debt in Canada, reveals that Canadian governments spent $60.8 billion on debt interest payment in 2014-15, which is nearly as much as the $62.2 billion price tag for Kindergarten to Grade 12 education in Canada!
These interest payments leave very little money for other important areas of a region’s budget, including health care, education and transportation.
Federal and provincial debt has increased $451 billion since 2007 and is projected to reach $1.3 trillion by 2016.
Broken down, every Canadian owes $35,827.
Ontario alone will own a debt of $298 billion by the time 2016 wraps up, which is a 90% increase since 2007. The province’s annual debt interest payment will run at a massive $11.3 billion, which is 9% of total revenue.
What do you think our governments should do to tackle our increasing debt?