Funny but you ruined it with the politically correct mumbo jumbo disclaimer. The following is not funny. Advisory: Do not eat before or during this read:
Total Canadian Government Debt Stands at $2.5 Trillion
Each Canadian taxpayer owes $172,416 in federal, provincial, and local liabilities according to "Canadian Government Debt 2003: A Guide to the Indebtedness of Canada and the Provinces" released today by The Fraser Institute.
Federal, provincial, and local governments have accumulated $797 billion in direct debt and over $2.5 trillion in total government liabilities. Total liabilities include direct debt and programs that the government has committed to provide in perpetuity, such as Old Age Security (OAS), the Canada Pension Plan (CPP), and health care.
The study reveals that the net direct debt (liabilities minus assets) of all three levels of government fell from $851 billion to $797 billion between 1996/97 and 2000/01. However this is a small drop compared to the growth of our debt over the last decade: in 1990/91 Canada’s direct debt stood at $533 billion
“With this study we want to help the average Canadian understand the size, nature, and impact of public debt and other liabilities. Our most important message is that achieving and maintaining a balanced budget is only the first step towards fiscal responsibility. Debt reduction and the proper funding of obligations, such as Old Age Security, are also essential to Canada’s economic health,” says Jason Clemens, the Institute’s director of fiscal studies.
fraserinstitute.ca |
