Blogs & Comment

Federal Debt Clock

The Canadian Taxpayers Federationhas re-launched its federal debt clock on www.debtclock.ca. As of tomorrow, April 1, 2009, the clock will start climbing by $1,069 per second, up from $35 per second incurred during the federal fiscal year ended March 31, 2009. At this rate, in one minute the debt will rise by $64,140. That’s enough to buy a Cadillac DTS every minute which equates to every man, woman and child in Hamilton, Ont. getting a new Caddie in one year. It also means that debt will rise by just over $1,000 per person during fiscal 2009-2010. After 11 years of surpluses the deficit should come in at $1.1 billion in 2008-2009 and $34 billion in 2009-2010. Compared to the United States, however, we’re misers. According to www.debtclock.com, US debt is rising by $3.73 billion per day or $43,171 per second, more than 40 times the rate here in Canada.