So, Canadians have been told that we’re the strongest economy in the world right now… that we have managed the best through the global meltdown. My response is summed up in the quip attributed to William Robson, president of the C.D. Howe Institute: “We’re the least ugly contestant in the beauty contest.”
Here’s a sobering fact about Canada’s national debt: Between the time Parliament broke for its summer recess and when MPs return in September, a total of $14 billion was added to our national debt. The Canadian Taxpayers Federation national government debt clock now stands at roughly $545 Billion. When you add in the debt of the provinces, territories and cities, the total government debt across Canada stands at $1.1 trillion US.
Kevin Gaudet, federal director of the Canadian Taxpayers Federation, puts this Trillion-plus figure in slightly more relatable terms: $32,506 US for every man, woman and child in this country, according to the Economist Magazine’s Intelligence Unit.
And Gaudet points out: “That puts us right behind Greece.”
Strongest economy? Our situation is nothing to cheer about.
