Friday, October 02, 2009

Fwd: National editorial praises Canadian Taxpayers Federation

---------- Forwarded message ----------
From: Canadian Taxpayers Federation <>
Date: Fri, Oct 2, 2009 at 5:27 PM
Subject: National editorial praises Canadian Taxpayers Federation

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National editorial praises CTF's warning on deficit spending

Hey: we're really excited to share the following editorial that appeared in Sun newspapers across Canada October 1st! We've got a long way to go before politicians get he message that deficit spending does not work; but the message is getting out there! Thanks for your support.

Seeing red over debt?

Canadian Taxpayers Federation says politicians painting too rosy a picture


A national taxpayers' group is sounding the alarm to man the dikes against a growing tidal wave of government debt that threatens to swamp the country in a sea of red ink.

The Canadian Taxpayers Federation suggests federal politicians of all stripes should give their heads a shake for government running up record deficits with no apparent end game.

Federation director Kevin Gaudet takes a slap at Prime Minister Stephen Harper for "boasting that Canadians need not worry about the massive debt being racked up -- Canada is better positioned than other nations to weather the storm."  

The taxpayers' watchdog takes an equally critical swing at Liberal Leader Michael Ignatieff who "deplores that the money isn't being spent fast enough."

Gaudet's main criticism is the Conservative government's painting a rosy picture of so much red on the national balance sheet is misleading.

For instance, the Harper government gloats that the current federal debt of about $500 billion, relative to the size of the overall economy, isn't any worse than most industrialized countries.

But add in all the debt of the provinces, territories and municipalities, and Canadian taxpayers are on the hook for close to $1 trillion, or roughly $33,000 for every man, woman and child in the country.

What does all that mean to the average Canadian family?

$50 billion

It means Canadians this year will pay somewhere around $50 billion in interest on the total debt so far accumulated by all levels of government.

That works out to an average interest charge of about $1,400 per person.

Put another way, a third of all the personal income tax collected by the feds this year would barely cover the interest payments on the national debt the Harper government says is nothing to worry about.

If all goes to current Conservative plan, the situation is only going to get a lot worse before it gets any better.

Since 2005, Canadian taxpayers have paid down about $37 billion of federal debt.

This year alone, the Harper government is projecting it will wipe out all those gains and then some.

Over the next four years, most analysts are predicting annual federal deficits could easily add $200 billion to the national debt, an overall increase of about 40%.

For nice round numbers, think about cutting cheques for a couple thousand bucks for each member of your family -- all just to pay the interest on public debt.

Unfortunately, the end of the recession and a return of the good times will also inevitably mean interest rates rising again, hitting taxpayers with even higher borrowing costs on all that public debt.

If all that doesn't ruin your day, the taxpayers' fed has another timely reminder: "Today's borrowing binge is taking place just before an inevitable budget crunch caused by pension and health care costs of an aging population."

But, hey. We're better off than most countries. Honest.

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