As of this Thursday March 2nd 2017, at 12:24AM, Federal government revenues no longer cover expenditures. At a rate of $866 million per day, this leaves future generations liable for an extra $25.1 billion deficit, on top of our existing $600 billion debt. Enough is enough!
To mark the occasion, Generation Screwed campus coordinators across the country will be hosting various awareness events. As for our movement as a whole, we have started a crowdfunding campaign (Link here) to ask Canadians if they really want to pay for all of those extra expenditures.
As the debt continues to grow larger and larger every day, so too do our interest payments. Last year alone, interest payments on the debt accounted for over 10% of all federal government revenues. This is money we cannot use towards funding roads, education programs, healthcare or tax cuts; it is money that is wasted every year, just to keep the debt at the exact same level.
We are at a crossroads. We can keep spending like drunken sailors, as we currently do, and end up with a $1.5 trillion debt by 2051. Or we can work together; get the budget back to balance and start paying down this debt. It is both possible, and feasible. If we put just $1 per Canadian per day towards debt repayment, we will be debt free by 2050.
Within the same timeline, we can have two very different futures. The choice is ours.