Why are debts, deficits and unfunded liabilities a problem and why do they matter to you?
Well, the economics is simple: governments go into deficit whenever they spend more money than they collect in revenues.
The debt is what you get when you add all those deficits together.
And right now, Canada’s federal and provincial governments are all spending more than they collect – way more. Last year the collective provincial debt totaled $531 billion; the federal debt hit $670 billion.
To make up for those massive budgetary short falls, governments are borrowing money hand over fist.
In fact, Canada’s national debt now stands at an incredible $1.2 trillion and counting.
To put the debt into perspective consider these stunning facts:
- Every day the debt grows by $51,232,876
- As a Canadian citizen your share of the national debt is over $34,000 and $154,000 after factoring in unfunded liabilities.
- The debt could pay the tuition of every student in Canada for 170 years
Even more worrisome, however, is our aging population. Once the demographic bulge, known as the “boomer generation,” starts to retire in large numbers, government spending will inevitably soar, as pensions, old age benefits and health care will all require more funding.
In other words, we could go broke.
Sadly, this bleak future doesn’t seem to matter to our short-sighted politicians, who can’t look beyond the next election. But it should matter to you; it should matter to everyone of your generation.
After all, you will pay the price tomorrow for the fiscal irresponsibility of today.
In short, your generation is screwed.
But it doesn’t have to be this way. You don’t have to quietly and mildly accept the fiscal burden this generation is creating.
You can speak out and stand up for your future; you can fight for your economic rights; you can let the politicians know you won’t let them steal your future.
One way to do that is to Join Generation Screwed.
We want to organize, mobilize and energize, young Canadians.
Armed with the facts, you can pressure politicians to do what’s right, so that the next generation will have the same opportunities and enjoy the same level of prosperity as this generation.
Join us. Make us stronger. Make a difference.
Check out the video below to learn more.