There are three numbers that are critical to understanding government debt. One is the annual deficit or surplus. When we left government in 2015, the annual budget was balanced. Since then, Justin Trudeau has deliberately chosen to run deficits. This year’s deficit is 20 billion dollars and Trudeau has no intention of balancing his spending.
The second number is the national debt which is basically the total of all our annual deficits minus the assets that Canada holds. That number is now around 700 billion dollars, and it is growing rapidly because of Justin Trudeau and Bill Morneau’s spending.
There is a third number that gets little attention but is increasingly-important, and that is what is called our market debt. This is the money that we actually owe, that has to be paid off; the money that Canadians have to pay interest on.
For the first time in March 2018, Canada’s market debt passed 1 trillion dollars. And it is going to continue to rise – more and more debt is being accumulated, especially on young people – the children, the teenagers and the twenty year-olds who will have to pay for this for decades. At some point this has to stop.
David Anderson, MP