In Canada and throughout the world, people are demanding that their leaders provide more and more services even in the midst of tough financial times. But this kind of spending has consequences. Public debt is fast-becoming the number one problem facing many countries in the world today. Consider these figures:That's also the approximate cost of public school education per child per year. Private schools tend to do better jobs at lower price. Switching to voucher system, (instead of allowing all-pervasive public sector to expand further,) could save taxpayers billions of dollars. And that's just one of the examples.
When numbers are in the billions and trillions it is hard to put it in perspective. It helps to stop looking at the big figure and instead look at how much a public expense will cost you personally. For example, Ontario’s plan to fund full day and junior kindergarten is projected to cost about $1.8 billion. If that money were given directly to parents instead, it would work out to about $10,000 per child.
- Canadian household debt is over $1.4 trillion (averaging $41,740 for every person)
- Our federal government debt climbed over $500 billion this year.
- In the past year alone, our federal government had a budget deficit of $47 Billion
- Canada (you and I) pays $84 million per day on interest payments for our debt.
Thursday, June 17, 2010
The welcoming attitude towards government - offered freebies turns out to be quite costly: