The National Debt Clock Tour stopped in Weyburn this week, opening our eyes to our country's vast federal debt. This initiative was taken on by the Canadian Taxpayers Federation, a non-profit and non-partisan citizen advocacy organization dedicated to lower taxes, less waste and accountable government.
The national debt is currently $561.6 billion and rising, according to the debt clock, that's $16,550 per Canadian. This is why the Canadian Taxpayers Federation is urging Canadians to sign a petition demanding that the government reduce the debt.
At taxpayer.com the petition, addressed to Prime Minister Steven Harper, partially states, "After 11 straight years of federal government surplus and debt reduction, 2008-09 saw the Canadian government return to spending more than it earns - deficit financing. In 2011, the government will have added back to the debt in less than three years, more than the $105 billion it paid off during years of surpluses.
In 1990, 38 cents out of every dollar sent to Ottawa was used to pay the annual interest on our federal debt. Today, that is down to 14 cents. Why would we want to go back?"
The federal government is borrowing $124 million every day and shelling out another $87 million a day for interest. These high interest payments leave less money for government programs and push taxes higher, but are these not the very reasons the government got into this mess in the first place?
Stimulus spending, which has seen roughly $60 billion spent on infrastructure, reducing personal income tax, creating jobs, and protecting business and industry most affected by the economic turndown of 2009, has had many benefits. Without this stimulus spending, Weyburn would not have seen the government grants that made it possible to renovate our rinks and build a new outdoor pool.
Compared to our "economic superpower" neighbours to the south, Canada fared the recession pretty well. But we all know the importance of reducing debt and keeping interest payments at bay, due to our own personal debts, such as credit cards and mortgages. We can't just sell the country when the payments get to high, like we can with our house, and heaven knows we don't want to see the country go into foreclosure!
I'm not saying we should all sign the petition. I'm counting on our elected officials to figure it out, that's why I voted for them. If they can't...well, that's the beauty of democracy, you can always vote for someone else!
