The debt clock is ticking – and advocates for the Canadian Taxpayers federation want you to know.
The organization has been hauling a giant debt clock across the country – and it will arrive at Queens Park, Monday.
Ontario director at the CTF, Christine Van Geyn tells AM640’s John Oakley Show their trek began in Victoria, B.C. last month, in the hopes of bringing attention to the national debt.
Provincial debt continues to swell, currently hovering around $300-billion or $21,000 per person in Ontario. “We actually do have the largest debt in all of Canada in absolute terms.” Van Geyn said.
“In fact, we are also the largest sub-national borrower in the entire world so anything short of a country, we’re number one in terms of debt load.”
There is also concern considering we are currently in a low interest rate environment. “What do we do when interest rates go up?” Van Geyn asked. “If we have a one percent increase in rates, that would result in an additional $350-million a year in interest payments.”
Right now, Ontario is already shelling out more than $1-billion in interest payments alone.
“That’s a tremendous amount of money to spend on interest in a low interest rate environment.” Van Geyn Noted.
She says that money could be far better spent.
“Every dollar you spend on debt interest, is money that’s not going towards improved services, infrastructure or money you could just keep in your pocket.”