Mark's "Rant" for November!

October 31, 2017

My question today for everyone is:

How do you feel about being in debt?

Actually, how would you feel if you were more than $39,000.00 in additional debt?

Well in fact, all of us are in debt for that amount and what did we get for this debt?

Not much!

 

Our Federal and Ontario Provincial governments have accumulated all of this debt and it keeps growing by the second at an alarming rate!

 

When they say they are presenting a “balanced budget” each Spring and our Finance Ministers wear new shoes for the “event” they in fact are not reducing debt, when they tell us it’s a “Balanced Budget” however by the next budget announcement is often about going over budget, where they usually find an excuse or explanation that it was something the previous government did to cause them to “blow away” their “balanced” budget! It’s never the existing government’s fault!

 

Keep this in mind:

Spending on interest payments consumes government revenues and leaves less money available for other important priorities such as spending on health care and education or tax relief.

Canadian governments (including local governments) collectively spent $62.8 billion on interest payments in 2015/16. That works out to 8.1% of their total revenue that year and $1,752 for each Canadian or $7,009 for a family of four. The total amount spent on interest payments is approximately equal to Canada’s total spending on public primary and secondary education ($63.9 billion, as of 2013/14, the last year for which we have finalized data) per the Frasor institute.

 

Canada's Federal Debt today (as of October 29, 2017) 

644,016,523,092.65

Your Share today

17,544.27

 

Ontario's Provincial Debt today

307,716,610,575.65

Your Share today

21,890.72

 

Please give this some thought when you go to vote in the next Provincial and Federal election, after all, it’s our money and our debt!

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