Going broke: Canada's debt continues to mount

OTTAWA - Canada is going broke.

Sure, we may not have riots in the streets like the ones Greece has experienced over the last year or so. True, the Harper government continues to tell Canadians that compared to many other countries we are doing much better. But that doesn't mean Canada is in great shape.

"We're the least ugly contestant in the beauty contest," said William Robson, president of the C.D. Howe Institute.

Robson is not the only one who sees Canada's national debt as a problem. Between the time Parliament broke for its summer recess and when MPs return late Monday morning, a total of $14 billion will have been added to our national debt.

That's only half the problem.

When most people speak of Canada's national debt, they speak only of the federal component, which according to Canadian Taxpayers Federation debt clock, will stand at roughly $543,022,147,241.02 at 11 a.m. when MPs re-enter the House of Commons. Add in the debt of the provinces, territories and cities and the total government debt across Canada stands at $1.1 trillion US.

Kevin Gaudet, federal director of the Canadian Taxpayers Federation, puts that 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. (more)